GSTechnologies Limited (LSE: GST), the fintech and information technology solutions company, is pleased to announce that the Financial Conduct Authority ("FCA") has approved the change of control of Angra Limited ("Angra"), a UK-based foreign exchange and payment services company, allowing the Company's agreement to acquire the whole of the issued share capital of Angra, as announced on 5 October 2021 (the "Acquisition"), to complete.
As completion of the Acquisition was only conditional on GST obtaining approval from the FCA for the change of control of Angra, a regulated entity, as announced on 1 November 2021, the Company will now proceed with customary completion mechanics in order to formally complete the Acquisition.
Angra, which operates under the AngraFX brand name, is an FCA approved Authorised Payment Institution ("API"), conducting fast, secure and low-cost foreign exchange business and payment services internationally. The completion of the Acquisition will enable GST to utilise Angra as the basis on which to build the UK arm of its planned blockchain-enabled neobanking business based on three initial use-cases: international money transfers, borderless accounts, and private stablecoin.
Tone Goh, Chairman of GST, commented: "We are very pleased to have received FCA approval for the change of control of Angra. Angra, based in London, will form a cornerstone for the development of our blockchain enabled neobanking business, providing an established, appropriately regulated, base on which to build our planned UK business.
"We are continuing to rapidly progress our fintech plans, in conjunction with our collaboration partner, Wise MPay, and I look forward to providing further updates in due course."
Enquiries:
The Company
Tone Goh, Executive Chairman
+65 6444 2988
Financial Adviser
VSA Capital Limited
+44 (0)20 3005 5000
Simon Barton / Pascal Wiese
Broker
ETX Capital
+44 (0)20 7392 1400
Tom Curran / Thomas Smith
Financial PR & Investor Relations
IFC Advisory Limited
Tim Metcalfe / Graham Herring / Florence Chandler
+44 20 (0) 3934 6630