Beijing-based TikTok owner, ByteDance will be investing billions of dollars in Singapore as a part of its global expansion plans. The company will be looking to spend significantly on the South East Asian country and add lot of jobs in the next three.
Under pressure in the U.S., the company has been in the news for the sale of TikTok’s U.S. operations. ByteDance has also applied for a license to operate a digital bank in Singapore. Bloomberg has reported that ByteDance is looking to make Singapore its beachhead for the rest of Asia. The Beijing-based company has 400 employees working in Singapore already. The company also has around 200 openings at Singapore.
The move could be an important one as Chinese companies are facing opposition in the U.S. and other countries. Singapore’s strategic location and pro-business mindset could be beneficial for a company like ByteDance. The country has become an important location for China’s large tech companies like Tencent and Alibaba in recent times.
ByteDance joins a list of tech companies including Twitter, Zoom, and PayPal who are investing in Singapore this year.
Sony to launch updated PlayStation 5 with 6nm AMD processor next year
Singapore-based Trax Secures $640 Million is Series E
Singapore-Based Flash Coffee Raises $15 Million in Funding
Relativity Partners with KPMG, Now Hosts RelativityOne in Singapore
Singapore HealthTech Startup Mesh Bio Raises $1.8M in Seed Funding
© 2021 CIO Bulletin. All rights reserved.