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ByteDance Invests Billions In Singapore Over the Next Three Years

September 11, 2020 7:13 pm

Beijing (PingWest)- Beijing-based ByteDance, the owner of short-video app TikTok, plans to invest billions of dollars and recruit hundreds of employees in Singapore after making a decision to base its Southeast Asia regional headquarters there, Reuter reported Friday, citing a person familiar with the matter said.

ByteDance will speed several billion dollars and add hundreds of jobs over the next three years in the city-state

ByteDance is currently looking to hire more than 200 Singapore-based positions, according to its job portal, the new position also include Thai and Vietnamese speakers, which show ByteDance’s efforts to expand into the region.

ByteDance already has 400 employees working on technology, sales and marketing in the city-state.

Separately, a company source added that TikTok had moved some engineers to Singapore from China, starting this year.

The move to expand in Singapore come at the time when TikTok was banned in India and ByteDance is being force to sell TikTok’s U.S. assets under the pressure from the Trump administration.

According to a Bloomberg report on Thursday, ByteDance is likely to miss Sept.20 deadline imposed by the Trump administration for the sale of TikTok’s U.S. assets as China’s new tech export controls have complicated deal talks with bidders Microsoft Corp and Oracle Corp.

ByteDance, which is controlled by Zhang Yiming, has always been seeking to expand its business in Southeast that has 650 million smartphone-population. The company’s major rival Alibaba and Tencent have already made deep inroads into the region.

In May, Alibaba has acquired a majority stake in Singapore’s AXA tower as the Chinese e-commerce giant further ramped up its push into south-east Asia.

Like many other Chinese companies, Alibaba has made Singapore the center for their expansion into South-east Asia. Prior the purchases of Axa Tower, Alibaba has taken control of Southeast largest e-commerce platform Lazada after boosting its stake in the company to 83% in 2017. Alibaba is also the second-largest shareholder of logistic company Singapore Post.