GSTechnologies Ltd (LSE: GST), the integrated information and communication technology infrastructure solutions provider, has provided an update on the Company’s corporate strategy following the recent additional appointments to the Company’s board and the incorporation of GS Fintech in the UK and Singapore.
GST remains focussed on its corporate strategy of operating a profitable information and communications technology business, serving some of the most respected governmental and private organisations worldwide. This strategy includes seeking to enable and enhance the current Internet of Things and ICT offerings through the application of new highly scalable disruptive technologies, in particular enterprise blockchain solutions and services.
Whilst the Company remains focussed on developing the existing business of its wholly owned subsidiary EMS Wiring Systems, the Company’s goal is to also focus on new higher growth synergistic business areas focussed on blockchain technology, particularly those applicable in the banking and wider financial services sector. The board believes that pioneering next-generation digital money solutions based on blockchain technology will provide the Company with the opportunity to enhance its current offering and enable it to offer differentiated cutting edge technology solutions to a bigger client base.
The Company’s blockchain technology activities are being led by the recently appointed executive directors, Jack Bai and Shayne Tan, with the support of the wider GST team. It is intended that the Company will utilise the Coalculus blockchain platform, a public-permissioned decentralised network, together with their related company, Wise MPay, through the Company entering into appropriate agreements in due course.
Additionally, the Company’s wholly owned subsidiary GS Fintech Ltd, in UK, intends to shortly file an application with the Financial Conduct Authority to be granted an Authorised Payment Institution (“API”) licence. Should an API licence be granted it will provide the Company with the rights to connect to established payment gateways and commence a remittance business in the UK, which the Company intends to underpin by blockchain technology and its existing capabilities.
It is the intention that the Company’s recently established wholly owned subsidiary, GS Fintech Pte Ltd, in Singapore, will be responsible for running blockchain nodes and will in due course launch a multi-currency, multi-chain cross border payment network and further develop fintech applications for use by both GST’s current client base, which already includes a number of leading companies in the financial services sector, and new potential customers.
Tone Goh, Chairman of GST, commented: “Following the appointment of Jack Bai and Shayne Tan to the GST board we have been working on refining our strategy for the future development of GST.
‘We have the goal of significantly enhancing our current offering through the application of blockchain technology and we believe that we are very well placed to do this, building on the existing capabilities of GST together with the new directors. I look forward to making further announcements as we progress and I believe that 2021 will be a transformational year for GST.”
