ByteDance picks Singapore to be its headquarters for Asia.
TIKTOK OWNER TO SPEND BILLIONS IN SINGAPORE AFTER US BAN
The Business Times - September 12
Bytedance, the Chinese owner of video-sharing app TikTok, is planning to make Singapore its beachhead for the rest of Asia as part of its global expansion, according to people familiar with the matter.
The Beijing-based company is looking to spend several billion dollars and add hundreds of jobs over the next three years in the city-state, where it has applied for a licence to operate a digital bank, said the people, who asked not to be identified because of confidentiality.
The investment would come at a crucial time as the technology firm is forced to sell TikTok operations in the US under pressure by the Trump administration.
Rick Thomas, Executive Director and Head, Occupier Services:
Singapore is fast becoming a regional base for both Western and Chinese companies because of its comparative advantage in the technology sector, as well as its ease of doing business in its developed financial and legal system.
In particular, Singapore is attractive to tech firms looking for a hub to address the Southeast Asian markets as its general workforce is highly educated, tech savvy and multilingual.
