GSTechnologies closes acquisition of PAYPT Finance

Fintech firm GSTechnologies Restricted (LON:GST) has accomplished the acquisition of your entire issued share capital of PAYPT Finance Ltd.

PAYPT Finance is a Canadian firm holding a Canadian Cash Companies Enterprise (MSB) licence. Completion of the Acquisition follows the receipt of approval from the Monetary Transactions and Experiences Evaluation Centre of Canada (FINTRAC). The MSB licence held by PAYPT encompasses a variety of monetary actions, together with: international alternate dealing; cryptoasset dealing; cash switch companies; and authorisations for the issuance of debit playing cards and IBANs.

Following the completion of the Acquisition PAYPT has been renamed to Angra International Ltd, as a part of the Group’s strategic intention for Angra to be remodeled right into a B2B-focused Neobank.

Angra International is being mixed with the Group’s present UK-based international alternate and fee companies firm, Angra Restricted, paving the way in which for the Group to launch a multi-currency e-wallet service, initially protecting Sterling, Euro, US Greenback, Canadian Greenback, Chinese language Yuan Renminbi and US Greenback Tether Token transactions.

Angra International expects to start out onboarding clients for this service from 1 September 2023 and it’ll allow Angra clients to securely retailer their funds inside Angra International enterprise accounts and facilitate seamless international alternate conversions and fund transfers via Angra’s established and dependable banking partnerships, akin to a traditional enterprise checking account, utilising expertise developed by the Group’s subsidiary in Singapore, GS Fintech Pte Ltd.

Tone Goh, Chairman of GST, commented:

“We’re delighted to have accomplished the acquisition of PAYPT, now renamed Angra International. The Acquisition will allow the Group to considerably increase its revolutionary choices as we search to offer a complete monetary service hub to all of our B2B clients.

We intend to start out onboarding clients to Angra International from the start of September, the following stage of the transformation of Angra right into a B2B Neobank offering next-generation digital cash options. I stay up for offering additional updates sooner or later as we proceed to progress.”