GSTechnologies Ltd (LON:GST), the integrated information and communication technology infrastructure solutions provider, is pleased to provide an update on the Company’s latest developments, including the signing of a Memorandum of Understanding with Wise MPay Pte Ltd with a view to enhancing it’s blockchain and new technology development capabilities.
In order to facilitate the Company’s plans to focus on new higher growth synergistic business areas focussed on blockchain technology, particularly those applicable in the banking and wider financial services sector, the Company intends to jointly manage and contribute to the Coalculus blockchain platform together with its related company, Wise MPay, the Singaporean blockchain payment solution provider.
As a first step in formalising the relationship between GST and Wise MPay (together the “Parties”), the Parties have entered into an MOU setting out the proposed relationship between them and the proposed deliverables, which include the setup of four consensus nodes that come with 25 million stake tokens each, for transaction validation purposes on the Coalculus network, and the technology integration of remittance gateways to 18 countries. Completion of the arrangements is subject to the Parties entering into definitive agreements. Further announcements will be made as appropriate.
Tone Goh, Chairman of GST, commented: “I am pleased to report that we continue to make good progress towards our goal of significantly enhancing our current offering through the application of blockchain technology. Agreeing terms with Wise MPay is a significant step and we look forward to working with them and entering into a definitive agreement in due course. These are exciting times for GST as we endeavour to be at the forefront of the next wave of financial services and I look forward to making further announcements as we progress.”