Tiktok parent Bytedance is planning to invest several billion dollars in Singapore over the next three years and make the city-state its beachhead for the rest of Asia, Bloomberg reported Friday.

Details: The investment plans are part of Bytedance’s global expansion. They include the establishment of a data center and are expected to add hundreds of jobs in the country, according to the report.

  • Bytedance currently has 400 employees working on technology, sales, and marketing. It has more than 200 job openings in the country.
  • The company has applied for a license to operate a digital bank in Singapore. Digital wholesale banks will be allowed to take deposits from and provide banking services to small- and medium-sized companies and other non-retail customers.

Go deeper: TikTok Owner to Spend Billions in Singapore After US Ban – Bloomberg

Writing about semiconductors and telecommunications.