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Singapore-based Forise International expands to blockchain consulting

Chain, Blockchain.wsyperek/Pixabay

Tue, 23 Jul 2019, 03:47 am UTC

Forise International Limited is a Singapore-based investment holding firm that recently announced its expansion into blockchain consultancy with its subsidiary. Tianjin Forise Corporation Management Consultancy Limited (Tianjin WFOE) secured the contract in June and the client is a consultancy firm that is based in Beijing, China.

In the press release detailing the new contract, it was noted how Tianjin WFOE will be providing consultancy services with regards to virtual currencies and commodities based on blockchain. This marks the first step by Forise International Limited into the new industry that it considers to be full of potential.

“In view of the growth and potential applications of blockchain digital currencies, digital utilities and digital securities, this contract marks as expansion of the Group’s business into an exciting industry,” the press release reads.

“None of the directors or controlling shareholders of the Company have any interest, direct or indirect, in this contract save for their shareholding in the Company.”

This makes Forise International Limited one of many traditional financial establishments to have begun venturing into blockchain territory with the promise of future profits. Along with this new development, however, is another announcement by the company on the matter of Christopher Chong’s resignation.

As the lead independent director of Forise International Limited, Chong was the audit committee chair and a nominating and remuneration committee member. His resignation is attributed to health concerns, Business Times reports, but he will not be leaving the company entirely. He will still remain in a consulting capacity until such a time as his replacement is appointed.

It was also noted how Chong will stay in his current position just until the results of the Q2 performance are released. This was meant to showcase more confidence in the company since his departure prior to the release of the results could send the wrong message to clients and investors.

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