TikTok To Make S’pore Asia’s HQ After US Ban, Will Create 200 More Jobs By 2023

TikTok To Invest Billions Of Dollars In Singapore By 2023

A popular app that moves the world to tears, laughter and righteous anger in viral mini-videos is setting its eyes to expand in Asia.

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The country that the TikTok app has its billion-dollar eyes on? Singapore.

Owned by Beijing-based company ByteDance, sources believe that the Chinese company plans on investing several billion dollars and create hundreds of jobs over the next 3 years in Singapore.

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Timely move for TikTok to plant deeper into Asia

According to South China Morning Post (SCMP), the business venture to make the city-state the ‘fort’ of TikTok in Asia comes as part of an expansion plan to gain a firmer foothold in the region.

On 30 Jun, India banned 59 apps, including TikTok & WeChat, after a tense border clash with neighbouring China.

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Since then, the world’s most highly valued start-up had to strategise another way to have a larger share of the social-media market in Asia.

The Beijing-based company has since applied for a licence to operate a digital bank and already has more than 200 job openings in Singapore — ranging from payments to e-commerce, and data privacy.

 

TikTok forced to sell US operations

ByteDance’s investment has come at a globally economic volatile time too.

The tech giant has been sparing in an on-going diplomatic row with the US, which exacerbated sharply in the past year due to Covid-19.

TikTok was subsequently forced to sell off its US operations under the order from President Donald Trump.

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Singapore’s advanced financial and legal systems draw MNCs

It is reported that ByteDance already has 400 employees working on technology, sales, and marketing in Singapore. The city-state is fast becoming a regional base for both Western and Chinese companies because of its developed financial and legal system.

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One Bloomberg analyst said,

Singapore is highly attractive to tech firms looking for a hub to address the Southeast Asian markets due to geographic proximity.

Post-Covid-19 socio-political stability in S’pore

Some of us may have taken our relatively stable socio-political situation for granted, until the economic repercussions of the Covid-19 struck in the last quarter.

But if multinational corporations still have the confidence to pump large investments into Singapore under such circumstances, we must press on & keep working towards a harmonious and progressive nation.

Featured images adapted from Google Maps.

Atalia Chua

Atalia is happily married to Min Yoongi. He just doesn't know it yet.

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