The global technology company GSTechnologies (GST) has appointed Mr Bai Zhencong, also known as Galvin Bai, as an Executive Director with effect from 1 March 2022.
Galvin Bai, who is a former employee of All Best Enterprise, a Singapore based regulated money transfer and exchange company, has over 15 years of experience in a variety of business development and process implementation roles, the technology provider told investors.
GSTechnologies said Galvin has “considerable experience” of the workflows and processes involved in payment and remittance businesses, including the implementation of Know Your Client (“KYC”) and Anti-Money Laundering (“AML”) processes.
Tone Goh, Chairman of GST, commented: “We are delighted that Galvin Bai is joining the GST board. Galvin has significant fintech experience, including in relation to regulated cross border payments and the implementation of KYC and AML processes. His knowledge and experience will be invaluable as we develop our blockchain-enabled neo banking business.”
Last week, GSTechnologies announced that it had received FCA approval for the change of control of the foreign exchange and payment services firm, Angra, an institution that conducts ‘fast, secure and low-cost foreign exchange business and payment services internationally.’
The change of control means that GSTechnologies can now bring its existing conditional agreement to acquire the whole of the issued share capital of Angra into completion.
The company announced back in October 2021 that it had entered into the conditional agreement to acquire Angra, which is an FCA- approved authorised payment institution.
The completion of the acquisition was conditional, inter alia, on final due diligence and also on GST obtaining approval from the FCA for the change of control of Angra, a regulated entity.
GST reported a ‘satisfactory’ conclusion of the due diligence exercise in November 2021 and today, following the change of control of Angra following FCA approval, the company is now proceeding with customary completion mechanics to formally complete the acquisition.
The completion of the acquisition will enable GST to utilise Angra ‘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.’
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