GSTechnologies Limited (LON: GST), the fintech and information technology solutions company, has today provided an update regarding the progress of the Company’s collaboration agreement with Wise MPay Pte Ltd.
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 GSTechnologies, 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.”
