Left Menu
Development News Edition

ByteDance to invest billions, recruit hundreds in Singapore in 3 years -source

The city-state is likely to become more attractive to companies seeking a neutral ground amid rising tensions between the United States and China, according to analysts. The investment comes as ByteDance is being forced to sell TikTok's U.S. assets under pressure from the Trump administration, which has cited potential national security risk due to the vast amount of private data the app is compiling on U.S. consumers.

Reuters | Updated: 11-09-2020 12:03 IST | Created: 11-09-2020 11:48 IST
ByteDance to invest billions, recruit hundreds in Singapore in 3 years -source
Representative image Image Credit: Twitter (@BytedanceTalk)

ByteDance, the owner of popular short-video app TikTok, is planning to invest billions of dollars and recruit hundreds of employees in Singapore over the next three years, a person familiar with the matter told Reuters on Friday. The company's plans about setting up a new data centre in the city-state is untrue, the source said, adding that the Beijing-based firm had stepped up the purchase of cloud-computing servers in Singapore to backup U.S. data for contingency.

Separately, a company source said TikTok had moved some engineers to Singapore from China, starting this year. Bloomberg earlier reported https://bloom.bg/2RfslmZ that ByteDance was planning to make Singapore its beachhead for the rest of Asia as part of its global expansion.

Singapore has been ramping up efforts over the last few years to attract tech firms and investors. The COVID-19 pandemic has hit the global trade and transport hub hard, accelerating the need to reinvent itself. The city-state is likely to become more attractive to companies seeking a neutral ground amid rising tensions between the United States and China, according to analysts.

The investment comes as ByteDance is being forced to sell TikTok's U.S. assets under pressure from the Trump administration, which has cited potential national security risk due to the vast amount of private data the app is compiling on U.S. consumers. According to a Bloomberg report on Thursday, the company is likely to miss the Sept. 20 deadline imposed by U.S. President Donald Trump for the sale of assets as new Chinese regulations have complicated deal talks with bidders Microsoft Corp and Oracle Corp.


TRENDING

OPINION / BLOG / INTERVIEW

Uganda COVID-19 response: Was off to a good start but reopening dwindled prospects

Uganda has shown success in using health information to enhance efficiency of disease surveillance, reporting and monitoring. The success, however, has critical challenges confronting it as the country resumes normal activities....

New farm bills in India: Focusing on farms or farmers?

... ...

Kenya’s COVID-19 response: Chaos amid lack of information

Confusing numbers and scanty information on how effective curfews and lockdowns have been in breaking transmission have amplified coordination and planning challenges in Kenyas response to COVID-19. Without accurate data, it is impossible t...

Farkhad Akhmedov: Calculating the price of impunity from the law

In insistences such as the battle over the Luna, Akhmedov has resorted to extreme legal machinations to subvert the High Courts decision and keep his assets from being seized. ...

Videos

Latest News

U.S. envoy to Jamaica insults Twitter critics - 'you drink that cheap stuff'

The U.S. ambassador to Jamaica exchanged insults with people on Twitter who accused him of interfering in the countrys internal affairs, telling one he used too much marijuana and another that you drink that cheap stuff.The exchanges on Tue...

Pakistan revises COVID-19 curbs to tackle second wave

Pakistan announced revised coronavirus restrictions on Wednesday, in view of the increasing number of daily infections as part of a second virus wave sweeping across the country. The National Command and Operations Centre NCOC has announced...

Video of thousands attending Dussehra ceremony in Kharagpur goes viral on social media

Flouting COVID-19 safety protocols, thousands of people gathered at a ground in Kharagpur in Paschim Medinipur district during the annual Dussehra ceremony with the video of the event going viral on social media in past two days. The Dusseh...

South Delhi to get e-cycle sharing system: SDMC panel chief

People in south Delhi areas will soon be able to avail e-cycle sharing system as the standing committee of its civic body on Wednesday approved a proposal for the project. South Delhi Municipal Corporation gave the nod to the proposal in it...

Give Feedback