Last checked at 
(Sharecast News) - Financial technology company GSTechnologies announced the appointment of its existing executive director Bai GuoJin, or 'Jack Bai', as its new chief executive officer on Tuesday, with immediate effect.
The London-listed firm said Bai, who joined its board in January, had more than 30 years of experience in software development in the financial and telecommunication industries.
It described him as a successful technology entrepreneur, who had built and exited a number of companies, including in fintech and payment solutions.
Bai is a co-founder of Wise MPay, the company's collaboration partner, and led the development of the 'Coalculus' blockchain technology.
Since joining GSTechnologies, he had been leading the group's blockchain technology activities and its plans to launch a borderless neobanking platform providing next-generation digital money solutions.
"Jack has been leading our blockchain technology activities since his appointment at the beginning of the year and we believe it is the opportune time to appoint him to the role of CEO to take GST to the next level of growth and development," said chairman Tone Goh.
"We have made significant further progress with our fintech plans since the announcement of the fundraising at the beginning of September.
"We are focussed on both completing the recently announced acquisition of Angra and establishing a significant business from the stablecoin network and applications that we are developing from our collaboration with Wise MPay."
At 1610 BST, shares in GSTechnologies were up 43.72% at 1.66p.
18 Jul 2022 12:05
IN BRIEF: GSTechnologies sells subsidiary EMS to its chair Raphael Teo
GSTechnologies Ltd - Milton Keynes, England-based fintech and information technology company - Enters into a binding agreement to sell its subsidiary EMS Wiring Systems Pte Ltd to EMS's chair, Teo Chiah Chiu Raphael. The consideration payable by Raphael Teo comprises the return of 60.0 million GST shares. At last Friday's closing mid-price of 1.09 pence per share, the consideration shares are valued at GBP654,000 and represent roughly 3.9% of its share capital. Explains that the disposal will enable it to remove a loss-making, non-cores subsidiary and to focus its efforts on building a blockchain-enabled neo-banking business.
Read more