GSTechnologies (LON: GST) confirmed on Friday that it has now completed the establishment of its new wholly-owned subsidiary in Singapore, GS Fintech PTE Ltd.
The integrated information and communication technology firm said the establishment of the subsidiary is in line with its strategy going forward.
Last week the company announced the launch of another wholly-owned subsidiary in the UK, GS Fintech Ltd, which it said was the first stage in its planned establishment of a blockchain focussed business unit.
“GS Fintech PTE. Ltd has now been completed to help facilitate the Company's planned expansion into blockchain related technologies and services, together with the Company's recently established UK subsidiary,” GSTechnologies said.
The company’s chairman, Tone Goh, commented: “As previously announced, the establishment of GS Fintech Singapore forms part of the first stage in our planned expansion into areas utilising blockchain technology following the recent appointments of Jack Bai and Shayne Tan to the Company's board and the establishment of a similar subsidiary based in the UK. “
GSTechnologies shares are trading 18% higher on Friday at 3.02p.