There remains a bright future for Singapore as a global hub. We will continue to work closely with companies to anchor, hub, and grow their businesses out of Singapore, in a long-term and sustainable manner.
– Chan Chun Sing at the Standard Chartered ASEAN Series –
This represents opportunities for Singaporeans.
The investment which comes at a time when the technology firm is forced to tell TikTok operations in the US under pressure by the Trump administration is worth several billion dollars, Bloomberg said.
The Beijing-based company is pushing ahead with its plans to take its social media services deeper in Asia.
The move follows setbacks it suffered in the US and India where it has been banned.
“Singapore is highly attractive to tech firms looking for a hub to address the Southeast Asian markets due to geographic proximity,” Bloomberg Intelligence analyst Vey-Sern Ling was quoted as saying. “The workforce is highly educated, tech-savvy and multilingual.”
The company’s plans for Singapore will generate hundreds of jobs over the next three years. ByteDance decided last year to locate its regional headquarters in Singapore.
Bloomberg also reported that the company plans to set up a data centre here but a source told Reuters that ByteDance has yet to make a decision on this.
ByteDance is also leading a consortium that has applied for a digital-bank license from the Monetary Authority of Singapore. The consortium includes a private investment firm owned by a member of the Lee family that founded Oversea-Chinese Banking Corp, Bloomberg said.