Business
Completion of the Acquisition of PAYPT Finance Ltd
Completion of the Acquisition of PAYPT Finance Ltd.
About this update from Gstechnologies Ltd.
[{"type":"text","content":"\n\n15 August 2023\nGSTechnologies Limited\n(\"GST\" or the \"Company\" or the \"Group\")\nCompletion of the Acquisition of PAYPT Finance Ltd\n \nGSTechnologies Limited (LSE: GST), the fintech company, is pleased to announce that, further to the Company's announcement on 20 July 2023, that the Company has completed the acquisition of the entire issued share capital of PAYPT Finance Ltd (\"PAYPT\"), a Canadian company holding a Canadian Money Services Business (\"MSB\") licence (the \"Acquisition\"). Completion of the Acquisition follows the receipt of approval from the Financial Transactions and Reports Analysis Centre of Canada (\"FINTRAC\"), the regulatory authority overseeing financial transactions in Canada, for the change of control.\nThe MSB licence held by PAYPT encompasses a range of financial activities, including: foreign exchange dealing; cryptoasset dealing; money transfer services; and authorisations for the issuance of debit cards and IBANs.\nFollowing the completion of the Acquisition PAYPT has been renamed to Angra Global Ltd (\"Angra Global\"), as part of the Group's strategic intention for Angra to be transformed into a B2B-focused Neobank.\nAngra Global is being combined with the Group's existing UK-based foreign exchange and payment services company, Angra Limited (\"Angra\"), paving the way for the Group to launch a multi-currency e-wallet service, initially covering Sterling, Euro, US Dollar, Canadian Dollar, Chinese Yuan Renminbi and US Dollar Tether Token transactions. Angra Global expects to start onboarding customers for this service from 1 September 2023 and it will enable 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.\nAdditionally, the MSB licence will enable Angra to issue Sterling local accounts and Euro SEPA IBAN accounts to its clients, thereby providing a comprehensive one-stop business banking solution.\nAligned with its overarching strategy, the Group aims to accelerate Angra's revenue while simultaneously bolstering the Angra team to expand its B2B Neobank operations beyond the ...