ByteDance, a Chinese multinational company, and owner of video-sharing app TikTok is currently striving to establish its foothold in Singapore as the company is planning to expand its business in Asia. ByteDance is planning to spend several billion dollars and has decided to add hundreds of jobs in the coming three years.
Sources disclosed that the company also has applied for a license to run a digital bank. The investment decision came soon after the ByteDance is forced to sell its TikTok operations in the US or it will get banned. President Donald Trump said on Thursday that he will not extend the fast-approaching deadline he set for ByteDance to sell its TikTok Operations or have it banned.
Earlier in July, Trump announced that he will ban TikTok operations in the US. He declared in an executive order that there is valid evidence that ByteDance might take actions that are dangerous for the national security of the US. ByteDance is also planning to establish a data center in Singapore. People familiar with the matter disclosed that the operations of ByteDance Inc, in Singapore, include TikTok and Lark, an enterprise software business.
The Beijing-based company is continuously striving to establish its business deeper into Asia after facing difficulties in India, the US, and the UK. In India, TikTok is among the hundred Chinese-made apps that are banned in India for security reasons. In the US, TikTok has already received the deadline to sell its operations, or otherwise, it will be banned.
UK government has imposed restrictions on the activities of TikTok. PM Boris’s chief of staff Eddie Lister has earlier revealed by conducting a review that TikTok doesn’t cause a big security threat but may still ask the government to stops the company from moving users’ data out of the country.
ByteDance has recently announced 200 new jobs in Singapore for positions in everything from payments to e-commerce and data privacy. Singapore is a highly attractive place for the tech firm and many companies are looking forward to work from there to address the Southeast Asian markets needs.