The GSTechnologies Ltd (LON: GST) share price surged 102% after announcing the acquisition of the entire issued share capital of PAYPT Finance Ltd, a Canadian company holding a Canadian Money Services Business (MSB) licence.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.
The acquisition could not have come at a better time for GST, which wants to transform into a B2B-focused Noebank. The MSB license allows PAYPT to process foreign exchange dealing; crypto asset dealing; money transfer services; and authorisations for issuing debit cards and IBANs.
Top Broker Recommendation
- eToro Top stock trading platform with 0% commission – Read our Review
- Admiral Markets More than 4500 stocks & ETFs available – Read our Review
- BlackBull 26,000+ Shares, Options, ETFs, Bonds, and other underlying assets – Read our Review
- IG Top-tier regulation – Read our Review
- XTB UK regulated by the FCA – Read our Review
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY
The takeover is subject to approval by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), the regulatory authority overseeing financial transactions in Canada. GST will rename PAYPT to Angra Global Ltd once FINTRAC approves the acquisition.
GST would combine Angra Global with its existing UK-based foreign exchange and payments services company, Angra Limited. The combination will help the group launch a multi-currency e-wallet service.
The e-wallet service will also allow 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.
The Angra Global business accounts will work like conventional business bank accounts. Furthermore, the MSB licence would enable Angra to issue its clients Sterling local and Euro SEPA IBAN accounts, thus providing a comprehensive one-stop business banking solution.
The acquisition is aligned with the Group’s primary aim of accelerating Angra’s revenue while simultaneously bolstering the Angra team to expand its B2B Neobank operations beyond the UK, serving companies of all sizes globally.
Tone Goh, Chairman of GST, commented: “Following the successful integration of Angra in the UK into GST's fintech operations, the Acquisition will enable the Group to significantly expand its innovative offerings as we seek to provide a comprehensive financial service hub to all of our B2B customers. The Acquisition marks a further significant milestone in our journey. We look forward to updating all stakeholders on the progress of this acquisition and the subsequent transformation of Angra into a B2B Neobank in due course.”
*This is not investment advice.
GSTechnologies (GST) share price.
The GSTechnologies (GST) share price surged 102% to trade at 0.99p, from Wednesday’s closing price of 0.49p.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.