The official start: The establishment of the German entity GSB Gold Standard Corporation AG. Originally focused to connect gold and precious metal producing refinieries with suppliers and gold bullion dealers through the GSB GoldInternet Platform to enhance productivity, efficiency and lowering the costs in manifacturing, supply and delivering processes. GSB GoldInternet Platform became one of the leading platforms between these market participants in Asia, especially Hong Kong as the Number One of Far East Asian Gold hubs.
GSB invested significant funds to create and develop an ecosystem with the future goal also to connect the already implemented and convinced big players in the gold markets with retail, corporate and institutional clients. GSB hired at the peak of this innovation process more than 50 IT and Blockchain experts (operating on 3 continents and more than 10 countries) to create in workgroups that, what GSB is today – a Powerhouse. GSB‘s Management soon realised this new ecosystem would have the potential to release soon one of the most advanced Gold Business Platforms ever created – connecting all possible market participants. Starting with the supply chain of mining companies, gold dealers, refineries and enabling individuals and financial services providers to benefit of it; full transparent, in realtime at almost zero costs.
All work was done in 2014. The new blockchain technology has been implemented, dealers, refinieres, mining enterprises and the first institutional gold buyers and sellers were connected. The previous platform GSB GoldInternet has been replaced and all participants started to engage through the prototype IBBP (International Blockchain Business Platform). A six year long period with restricted accesses to the different modules within the IBBP platform began. Inefficient tools had been removed, others amended or went into further undergoing developments and optimizations.
After almost all components and features of the IBBP worked well and all required amendments had been arranged, it was time to think about how to onboard retail clients and to connect them to the ecosystem. Regulatory hurdles had to be taken into account and weighed up to whom and under what circumstances this platform was made available. GSB Gold Standard Corporation AG decided not to engage in the consulting, advise or onboarding process for individual and corporate clients, but to open the platform for the financial, already licensed, market participants who strictly follow the AML and KYC requirements their regulators impose on them.
But, in order to open the platform for unprecedented products in the fiduciary and management segment, GSB began to think about setting up its own custodian service and trust management company. These companies were supposed to cover product lines for private customers that could not be covered by any other connected financial service provider so far yet.
GSB gave exclusively the order to establish in a first-class jurisdiction a regulated Trust and Management Company for third party funds, assets and values. Sweden as one of the most reputable countries worldwide was announced to be the new home of GSB‘s own future Payment and Trust Management Provider. Parallel the preparations to establish a Private Financial Institution in an offshore Jurisdiction has been finalised. Through this financial service, GSB will be able to provide Merchant Services to all connected and fully verified participants within the IBBP ecosystem if desired and wanted.
In July 2020 the Swedish Project got finalised. GSB Gold Standard Pay KB has been successfully registered with the regulating / supervising institution: The Stockholm County Administrative Board. GSB Gold Standard Pay KB became a regulated Trust Management Company officially registered and supervised with the Swedish Companies Registration Office under Reg Number 969793-3522 as a Professional Trustee in accordance with the Money Laundering and Terrorist Financing Prevention Act 2017:630 (AML/CFT Compliance).
In the same month, the long awaited and prepared Bank has been authorized. GSB Gold Standard Bank Ltd, registration number HY00520034 incorporated in Fomboni - island of Mohéli - Comores Union since the 21st May 2020 became the newest member of the GSB Group with the A-Class banking license number B2020029. The official webpage will be relaeased in 11/2020. An official announcement including all regulatory details will be made to the public with the official website release.
GSB has also registered a new entity in the Republic of Kazakhstan. The company will enjoy an accreditation of the Regulator to be entitled to provide FX, Payment Processing /e-wallets and to conduct crypto currency services to the public. Especially GSB‘s Asian clients will enjoy smooth payment processing and services if they decide to open an account with the respective entity in Kazakhstan or through another connected financial provider.
IBBP platform underwent a complete makeover. Existing customers could use the platform so as before, but the onboarding of new partners came to a halt until all changes and optimizations had been finalized. The opening of the updated and amended IBBP Platform is to be expected for late 2023.