Afternoon30 May 2026 15:36
Chairman's Statement
I am pleased to present on behalf of the board of directors of GST (the "Board") the interim report of the Company for the six months ended 30 September 2025.
Operational review
Foreign Exchange and Payment Services - Angra Global
Angra Global operates under the AngraFX and Angra Global brand names and is a UK Financial Conduct Authority ("FCA") approved Authorised Payment Institution ("API"), as well as holding a Canadian Money Services Business ("MSB") licence.
Angra Global provides a multi-currency e-wallet service, currently covering Sterling, Euro, US Dollar, Canadian Dollar, Chinese Yuan Renminbi and US Dollar Tether Token transactions. This service enables Angra customers to securely store their funds within Angra Global business accounts and facilitate seamless foreign exchange conversions and fund transfers through Angra's established and reliable banking partnerships, akin to a conventional business bank account, utilising technology developed by the Group's subsidiary in Singapore, GS Fintech Pte Ltd. Additionally, the MSB licence enables Angra to issue Sterling local accounts and Euro SEPA IBAN accounts to its clients, thereby providing a comprehensive one-stop business banking solution.
During the Period Angra continued to refine its processes and ensure that the focus is only on business where an appropriate margin can be achieved. This has led to a short-term reduction in revenue, but Angra has now successfully transitioned from an 'old fashioned' fully manual banking system to a more technologically advanced system, positioning it very well for its planned growth and expansion.
To drive future growth Angra has hired a new business development manager. He has more than 20 years of experience in the remittance business and will, in particular, be tasked with expanding Angra's South American business. In this regard, Angra in process of establishing a Brazilian branch that the Company expects to be operational in Q1 2026.
Angra Limited in the UK is currently applying for an FCA Electronic Money Institution ("EMI") licence which will enable it to substantially increase its market offerings and services, including the ability to issue electronic money and provide payment services such as digital wallets and prepaid cards. Significant investment continued during the Period in connection with this application which continues to progress.
Just before the start of the Period, the Company entered into a legally binding sale and purchase agreement to acquire 100% of Metapay SP. Z.O.O ("Metapay"), a company incorporated in Poland. Metapay holds a Small Payment Institution (SPI) licence and is registered under the Polish Act on Payment Services with MIP260/2025 status. The acquisition of Metapay is in line with GST's strategy to enhance its footprint in domestic and cross border payment services across Europe. Completion of the Metapay acquisition remains subject to the necessary regulatory appro