Beijing (PingWest)—Chinese tech behemoth Tencent has picked Singapore as its regional hub for Southeast Asia, Bloomberg reported, citing people familiar with the matter.
Management at Tencent, the largest social media and gaming company in China, had been discussing Singapore as a potential regional hub, and geopolitical tensions accelerated its plans, said the report.
People familiar with the matter said Tencent has been considering moving certain business operations, including international game publishing, out of its home country.
Since September 20, US President Donald Trump has banned American entities from dealing with Tencent’s super app WeChat, while the company's hit games PUBG Mobile and Arena of Valor are banned in India.
In a statement, Tencent said that it will open a new office in Singapore to "support our growing business in South-east Asia and beyond", in addition to current ones in Malaysia, Indonesia and Thailand. It is recruiting for various positions including tech and business development, the company said, without offering details.
Tencent currently has dozens of job openings in Singapore for businesses including cross-border commerce, cloud computing and e-sports, according to its hiring site.
As political tensions have shaken Hong Kong’s status as a financial center and certain countries’ distrust of China has increased, Singapore has gained new appeal as a base for Chinese companies.
ByteDance, the owner of popular short-video app TikTok, is also reportedly planning to make Singapore its beachhead for the rest of Asia as part of its global expansion. Last week, the company said it projected to invest billions of dollars and recruit hundreds of employees in Singapore in the next three years.