15 October 2024
GSTechnologies
Limited
("GST", the
"Company" or the "Group")
Corporate
Update
GSTechnologies Limited (LSE: GST), the
fintech company, is pleased to provide an update on recent
developments at the Company as it continues to make significant
progress on developing a borderless neobanking platform providing
next-generation digital money solutions, both organically and
through complementary acquisitions. This is being undertaken
under the Company's GS Money banner primarily through the Group's
GS20 Exchange and Angra Global businesses.
Angra
Global
Angra Global, operating under the
AngraFX and Angra Global brand names, has experienced substantial
revenue growth over the past six months. This growth has been
closely linked to a significant rise in client volumes, reflecting
the Group's strategic focus on expanding its operations and sales
teams. By increasing headcount in these critical areas, Angra
has effectively bolstered its service delivery capabilities,
allowing the company to meet heightened demand while maintaining
high service standards.
In addition to operational
improvements, Angra is actively targeting over 2,000 UK-based Small
Payment Institutions ("SPIs") as part of its growth strategy.
This targeted approach aims to build a larger UK-focused client
base for the company. Through these efforts, Angra is seeking to
enhance its footprint in the UK market, capitalizing on rising
demand for reliable and efficient foreign exchange services among
SPIs.
GS20
Exchange
The GS20 Exchange continues to attract
increasing interest from high-net-worth individuals and corporate
clients, leading to a steady rise in account openings. This
positive trend aligns with the GST Board's expectations for the
exchange's growth within the crypto asset market. It is
expected that 2025 will be a pivotal year for the sector, and the
GS20 Exchange is well-positioned to benefit substantially from this
favourable market outlook.
Operationally, the GS20 Exchange has
recently engaged Noewe UAB, a Lithuania-based professional services
firm. This partnership aims to align GS Fintech UAB's financial
year-end reporting with the Group's 31 March year-end.
Additionally, Noewe UAB will provide guidance on regulatory
compliance expectations through 2024 and 2025, which will be
invaluable in ensuring regulatory adherence is maintained and
supporting GS Fintech UAB's ongoing growth.
Semnet
Following the completion of the
acquisition of a 67% stake in Semnet Pte Ltd ("Semnet"), a
cybersecurity company based in Singapore, on 29 February 2024,
Semnet has been focused on its core operations in cybersecurity and
hardware across the ASEAN region, together with providing support
to the Group's other businesses. Semnet has been performing
ahead of GST's expectations at the time of the acquisition and
given the wider opportunities that Semnet is seeing, GST, in
conjunction with Semnet's minority shareholders, are exploring
options for the future of the business.
The Company is therefore pleased to
announce the signing of a non-binding Memorandum of Understanding
("MOU") with Trident Global Capital Pte Ltd ("TGC"), led by its
director, Soon Huat Lim, who also serves as the CEO of
Nasdaq-listed Trident Digital Tech Holdings Ltd
(NASDAQ:TDTH). The MOU outlines TGC's proposed role in
guiding and assisting Semnet through strategic preparations for a
potential listing on NASDAQ in the US. This includes TGC
establishing a Cayman Islands-based holding company to manage
Semnet's potential combination with other businesses, potential
listing on NASDAQ and IPO-related expenses. Through this
vehicle, TGC intends to raise up to US$15 million to facilitate a
potential listing, in addition to any equity consideration for
Semnet. Over the next three months, GST and TGC will work
toward finalising a formal agreement, underscoring the importance
of this partnership for both entities. Further updates will
be announced as appropriate.
The Group remains committed to
creating value across its various businesses and looks forward to
providing further updates as the various strategic initiatives are
progressed.
Enquiries:
The Company
Tone Goh, Executive
Chairman
+65 6444 2988
Financial
Adviser
VSA Capital Limited
+44 (0)20 3005 5000
Simon Barton / Thomas
Jackson
Broker
CMC Markets
+44 (0)20 3003 8632
Douglas Crippen
Financial PR & Investor
Relations
IFC
Advisory Limited
Tim Metcalfe / Graham Herring /
Florence Chandler
+44 20 (0) 3934 6630