According to information from an insider, ByteDance plans to focus on the Singapore market and it will take the marketplace as a position for global expansion.
The insider revealed that ByteDance planned to invest billions of dollars in Singapore over the next three years and added hundreds of jobs. Meanwhile, the company has applied digital bank license in Singapore.
As one of the most valuable start-up companies in the world, ByteDance is striving to deepen its social media services in other Asian markets. With 650 million smartphone users and growing, Southeast Asia has been an important opportunity for the company.
It is said that ByteDance's development plan in Singapore includes building a data center, whose business will cover TikTok and enterprise software Lark.
At present, ByteDance has increased over 200 jobs in Singapore covering payment, e-commerce, and data privacy. The company currently has 400 employees in the country doing technical, sales, and marketing work.