More than one way to skin a Cat?21 Jan 2022 09:45
As taken from the prospectus, maybe GST anticipated delays with the FCA at the time of issuing the prospectus? Can't help but think that going via a European route will move things on until such time that FCA approval of Angra is either approved or further delayed or rejected.
'Strategy
With an API license, the Group will operate an online remittance portal (GSend) to enable customers to send cash including internationally. GSend will use corresponding agent networks and leverage on existing bank payment systems (e.g., UnionPay). Target customers for GSend are migrant workers and SMEs. GSend’s revenue model is to charge a transaction-based fee for example for example £4 + 0.5% of the transaction value).
The GS Money App is a borderless account (multicurrency e-wallet). The user pays a subscription fee on a monthly basis.
The Group intends to seek an authorized electronic money institution (“AEMI “) licence in the UK ....OR!..... an electronic money institution (“EMI”) licence in the EU or both which will empower the Group to offer a much broader scope of financial services to our customers. Customers will enjoy a full suite of stablecoin digital payment services, i.e. P2P payments, stored value facility, mobile payment, multi-currency wallets, etc. Following EMI regulations, the Company will also have the flexibility to add Fintech Cards, debit cards issued by Fintechs such as Monzo or Starling Bank, (by partnering with a bank), and integrating with Swift, and SEPA'
And then from the latest RNS
' In line with its stated strategy, the Company's principal business model for the GS Fintech subsidiaries remains to roll out GS Money based on three initial use-cases: international money transfers, borderless accounts, and private stablecoin. The Company believes the exchange will be a significant enabler for its GS Money stablecoin business. '
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