Nintendo has established a local entity in Singapore and is also considering doing so in Thailand, aiming to accelerate its business in Southeast Asia, the company announced on Tuesday.

This marks the first time the gaming console and software giant has established a subsidiary in Southeast Asia. The new entity, Nintendo Singapore, with a capital stock of 8 million Singapore dollars ($6.2 million), was incorporated on Friday.

In June, Nintendo launched its latest video game console, the Nintendo Switch 2, in Singapore, Thailand and the Philippines, seeing them as potential growth markets following traditional gaming console markets like Japan, the U.S., and Europe.

Nintendo's spokesperson said, "We will promote sales and other operations while continuing to cooperate with our existing local distributors."