GSTechnologies Ltd Update on Wise MPay Collaboration (9443T)
30 November 2021 - 6:00PM
UK Regulatory
TIDMGST
RNS Number : 9443T
GSTechnologies Ltd
30 November 2021
30 November 2021
GSTechnologies Limited
("GST" or the "Company" or the "Group")
Update on Wise MPay Collaboration
Launch of the GS Money protocol on the Coalculus platform
GSTechnologies Limited (LSE: GST), the fintech and information
technology solutions company, is pleased to provide an update
regarding the progress of the Company's collaboration agreement
with Wise MPay Pte Ltd ("Wise MPay").
As announced on 28 May 2021, GST entered into a collaboration
agreement with Wise MPay, the Singaporean blockchain payment
solutions provider, under which Wise MPay is providing the Company
with software and services to facilitate the Company's plans to
develop a neobanking platform to provide next-generation digital
money solutions.
GST is pleased to report that it has now successfully tested all
four of the enterprise chains provided by Wise MPay (representing
four digital currencies pegged to the US Dollar, the Pound, the
Euro, and the Yuan), together with implementing a mainnet upgrade
on the Coalculus platform, provided by Wise MPay. This marks the
launch of the GS Money protocol. GST, through its wholly owned GS
Fintech subsidiaries, will maintain its role as the sole issuer of
GS Money digital currencies.
The four digital currencies are strictly pegged to the US
Dollar, the Pound, the Euro and the Yuan which will allow GST to
carry out transactions immediately through blockchain ledgers,
which can be used in place of wire transfers that generally take
several days to complete. The four enterprise chains work alongside
one another to form a decentralised and highly efficient
multicurrency cross border payment system for digital transactions
that utilise the Coalculus blockchain ledger technology.
Additionally, each enterprise chain's total supply will allow GST
to issue up to 10 billion digital currency units.
With the launch of the GS Money protocol, this blockchain
technology is now available to GST and its future clients. The
Company intends to deploy GS Money shortly in limited cross-border
payment trials, and then gradually roll out GSMoney for commercial
operations in the coming months.
The future roll-out of GS Money is intended to be focused on
three initial use-cases:
International Money Transfers : GS Money will initially be used
in restricted cross-border payment testing before being gradually
expanded to include commercial activities.
Borderless accounts: GS Money will be integrated into a GST
borderless account payment service. This borderless account will
allow customers to retain many digital currencies, but the biggest
advantage is that they may be converted at the prevailing exchange
rate and in any currency, with minimal, transparent fees.
Private Stablecoin: Ultimately it is intended that GS Money will
also be focussed on private stablecoin. The objective is to
establish public trust, maintain stability, and enable claims
backed by reserves. By establishing a private stablecoin ecosystem,
GST intends to encourage market players to allow transactions to
settle in GS Money digital currencies, as well as be integrated
into various other payment services.
Tone Goh, Chairman of GST, commented : "I am delighted with the
progress that has been made from our collaboration with Wise MPay.
The completion of the testing of the four enterprise chains and the
launch of the GSMoney protocol is a major milestone for the
Company. We are now focussed on the initial cross-border payment
trials of GSMoney and the completion of the acquisition of Angra. I
look forward to providing further updates in due course as we seek
to rapidly build a blockchain enabled neobanking business."
Enquiries:
The Company
Tone Goh, Executive Chairman +65 6444 2988
F inancial Adviser
+44 (0)20 3005
VSA Capital Limited 5000
Simon Barton / Pascal Wiese
Financial PR & Investor Relations
IFC Advisory Limited
Tim Metcalfe / Graham Herring / Florence +44 20 (0) 3934
Chandler 6630
For more information please see:
https://gstechnologies.co.uk/
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