LONDON, UK: GSTechnologies Limited (LSE: GST), the fintech and information technology solutions company, announced the Financial Conduct Authority (FCA) has approved the change of control of Angra Limited, a UK-based foreign exchange and payment services company.
This allows the company’s agreement to acquire the whole of the issued share capital of Angra, as announced on 5 October 2021, to complete.
As completion of the aquisition was only conditional on GST obtaining approval from the FCA for the change of control of Angra, a regulated entity, as announced on 1 November 2021, the Company will now proceed with customary completion mechanics in order to formally complete the Acquisition.
Angra, which operates under the AngraFX brand name, is an FCA approved Authorised Payment Institution (“API”), conducting fast, secure and low-cost foreign exchange business and payment services internationally.
The completion of the Acquisition will enable GST to utilise Angra Limited as the basis on which to build the UK arm of its planned blockchain-enabled neobanking business based on three initial use-cases: international money transfers, borderless accounts, and private stablecoin.
Tone Goh, Chairman of GST, commented: “We are very pleased to have received FCA approval for the change of control of Angra. Angra, based in London, will form a cornerstone for the development of our blockchain enabled neobanking business, providing an established, appropriately regulated, base on which to build our planned UK business.
“We are continuing to rapidly progress our fintech plans, in conjunction with our collaboration partner, Wise MPay, and I look forward to providing further updates in due course.”