Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
GSTechnologies (LON: GST) shares are rallying on Friday after the company announced a collaboration agreement with Wise MPay, a Singaporean blockchain payment solution provider.
Wise MPay will provide GSTechnologies with software and services to facilitate its plans to “develop new higher-growth synergistic business areas focussed on blockchain technology, particularly those applicable in the banking and wider financial services sector.”
The agreement follows on from the MoU between the two companies announced in April.
GSTechnologies has previously established a Singapore subsidiary and plans to focus on new higher growth synergistic business areas focussed on blockchain technology.
The collaboration will see the two firms launch a borderless neo banking platform. The company's neo banking platform is to be named GS Money.
It will be made up of GS Money protocol, a global money protocol for stable digital tokens built on the Coalculus blockchain platform, GSend, a remittance gateway which is initially intended to be launched in the UK, and GS Money App, a mobile neo bank application offering fee-free cross border payments.
Wise MPay will supply several standard and bespoke software packages, which include software to enable GST to establish a remittance portal (GSend), an eWallet app (GS Money), Know Your Client (KYC) administration and an encryption engine.
Additionally, Wise MPay will supply four enterprise blockchain consensus nodes with 25 million stake tokens based on the Coalculus blockchain platform.
Wise MPay will also provide ongoing support and training.
GSTechnologies will pay Wise MPay via the issue of 100,000,000 new ordinary shares.
“I am delighted that we have agreed terms with Wise MPay to provide the required software and support to enable the establishment of our planned borderless neobanking platform providing next-generation digital money solutions,” said Tone Goh, Chairman of GST.
GSTechnologies share price is currently up 10.35% at 1.6p after rising as high as 1.7p earlier in the session.
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