London-listed financial technology company RC365 Holding PLC (LSE:RCGH) has incorporated a new, wholly owned subsidiary in Malaysia by the name of RC365 Solutions SDN.
RC365 Solutions is set to centralise the IT operations of the parent company and its subsidiaries, while bringing about cost efficiency and operational enhancement.
Once fully operational, the new subsidiary, RC365 Solutions, will replace the IT services performed by an outsource provider in China and is estimated to save 40% of these annual IT operational costs.
The new subsidiary will also assist in the development of the RC3.0 app.
As part of setting up operations, the board is actively seeking to set up an office in Malaysia.
RC365 noted that the company will be well positioned in Malaysia, a country with a growing economy and many of the working population having the ability to speak Mandarin, Cantonese or English, as RC365 continues to expand in the ASEAN (Association of Southeast Asian Nations) market.
"We are thrilled to establish RC365 Solutions in Malaysia and to expand in ASEAN territories. We look forward to securing an office in Malaysia to grow the company's presence in the region and secure new customers," said Chi Kit Law (Michael), executive director and chief executive of RC365.