RE: UNLESS YOU KNOW DIFFERENT21 Dec 2025 12:01
CONT.
approvals, a process that is ongoing, and completion is now expected to occur in Q1 2026. Post-completion, it is the Company's intention that Metapay will be renamed as Angra Limited Z.O.O. and, coupled with the grant of the EMI licence, is expected to facilitate a material expansion in both the service offerings and geographical reach of Angra Global.
In addition, further complementary acquisitions are being investigated to accelerate Angra Global's growth and provide additional licences and infrastructure internationally.
Digital Assets - GS20 Exchange and Bake
The Group's GS Fintech UAB business is a holder of a Crypto Currency Exchange Licence, registered in Lithuania, and launched the Company's GS20 crypto asset exchange in November 2022. On 1 January 2025, GS Fintech UAB acquired the business and assets from Cake Pte Ltd and Cake DeFi UAB (together "CAKE") for an undisclosed cash consideration. The acquisition comprised a leading cryptocurrency investment platform, Bake. The acquisition of the Bake platform was a significant step for GST and the GS20 Exchange and Bake's crypto asset operations have now been combined into one single operating entity, GS Fintech UAB, with the backend systems between Bake and the GS20 Exchange also being fully consolidated.
GS Fintech UAB continues to actively advance its compliance framework in alignment with the European Union's MiCA regulations and appointed Lithuania-based Agne Penikienė as CEO of GS Fintech UAB, together with forming a new management board, in the Period. In September 2025 a MiCA license application was submitted to the Bank of Lithuania. Post submission, the Company has responded to follow-up questions, primarily focused on GST and its corporate ownership structure, and we are optimistic the licence will be granted in due course.
Various enhancements have been made to the product and service offering to the Group's digital asset customers. This has included the launch of a savings product enabling users to grow their crypto holdings and earn real-time rewards. This has gained significant traction since launch, with strong adoption across the active user base.
The Group has also been adding to its offering via partnerships. This has included Circle Alliance Membership, where Bake joined the Penikienėle Alliance, bringing fully MiCA-compliant USDC and EURC stablecoins to the Group's 800,000+ users and further strengthening our regulated stablecoin offering. In addition, in partnership with licensed EMI, Nuvei UAB, direct SEPA EUR deposits and withdrawals have been successfully rolled out to every Bake wallet, alongside 24/7 buying and selling of cryptocurrencies for Euro.
I am pleased with the progress that our Digital Asset operations have made in the Period and I believe they are well positioned for significant further growth in 2026.
Semnet
The Group acquired 66.66% of the share capital of Semnet Pte Ltd ("Semnet"), a cybersecurity company based i