RE: £87.29k buy23 May 2023 08:19
GST remains focussed on its corporate strategy of operating a profitable information and communications technology (“ICT”) business, serving some of the most respected governmental and private organisations worldwide. This strategy includes seeking to enable and enhance the current Internet of Things (“IoT”) and ICT offerings through the application of new highly scalable disruptive technologies, in particular enterprise blockchain solutions and services.
Whilst the Company remains focussed on developing the existing business of its wholly owned subsidiary EMS Wiring Systems, the Company’s goal is to also focus on new higher growth synergistic business areas focussed on blockchain technology, particularly those applicable in the banking and wider financial services sector. The Company’s blockchain technology activities are being led by the Company’s executive directors, Jack Bai and Shayne Tan, with the support of the wider GST team. Additionally, the Company established earlier this year two wholly owned subsidiaries, GS Fintech Ltd, in UK, and GS Fintech Pte Ltd, in Singapore to facilitate its future plans.
Future plans
Through the collaboration between GST and Wise MPay, underpinned by the Agreement, the Company plans to launch a borderless neobanking platform providing next-generation digital money solutions. The Company’s neobanking platform, to be named GS Money, is intended to be made up of the following products:
1. GS Money protocol, a global money protocol for stable digital tokens built on the Coalculus blockchain platform. The GS Money protocol will be designed to enable companies (regulated money services business, payment processor and merchants) to launch new payment use cases and conduct the wholesale netting of payments between retail payment providers in a trusted and compliant manner.
2. GSend, a remittance gateway which is initially intended to be launched in the UK. The GSend electronic bank-to-bank transfer method will be supported by Wise MPay’s banking and financial institution partners, and overseas agent network, currently operating in over 18 countries and in over 20 currencies. GST are in the process of applying for an Authorised Payment Institution (API) licence in the UK to provide the required approval for this service.
3. GS Money App, a mobile neobank application offering fee-free cross border payments. This new payment service is intended to use regulated stablecoins and blockchain-based ‘bank accounts’ to instantly transfer value between US dollars, Sterling, Euros and Chinese Yuan via a mobile device without foreign exchange mark-ups or additional fees. Once launched, the GS Money App intends to operate as a European Electronic Money Institution (EMI) licenced service, subject to the appropriate approvals being received. The GS Money App will not follow a banking/lending business model and it will not be engaging in fractional reserve practices as unde