According to the reports, China-based ByteDance, owner of popular video sharing application TikTok, is planning to make Singapore it’s headquarters for the rest of Asia operations as part of the global expansion of the company.
ByteDance, the world’s richest start-up, is moving ahead with plans to deepen its social media services into Asia after setbacks in India, the UK and the US.
The plans in Singapore by ByteDance include setting up of a data center. Its operations include the enterprise software business TikTok and Lark, as per the reports.
The Beijing-based company wants to spend billions of dollars and add hundreds of jobs over the next three years to the city-state where it has applied for a license to operate a digital bank.
Currently, ByteDance has more than 200 job openings for various positions from payments to e-commerce and data privacy in the Singapore region. The company already has 400 employees, working in technology, sales and marketing in the city and state. Through the new initiation, more job opportunities are offered by them.
According to the analysts, “Singapore is highly attractive to tech firms looking for a hub to address the Southeast Asian markets due to geographic proximity,” and also added, “The workforce is highly educated, tech-savvy and multilingual.”
In China, ByteDance news aggregation application Toutiao and Tic TikTok’s Chinese twin Douyin are running. In total, its stable products have 1.5 billion active users per month. In 2019, ByteDance had a net profit of more than $3 billion with revenues of over $17 billion.
In India, TikTok is one of more than 100 Chinese-made consumer applications that were banned by the government over security concerns. SoftBank Group Corporation is exploring gathering a group of bidders for TikTok’s Indian assets.
The UK Government is likely to block TikTok from transferring local user details from the country. And the US president said that the deadline for the deal won’t be extended, as per the reports.
