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ByteDance to invest billions, hire hundreds in Singapore in 3 yrs: Report

A company source said TikTok had moved some engineers to Singapore from China, starting this year

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ByteDance | Singapore

Reuters 

bytedance, tiktok

By Yingzhi Yang and Aishwarya Nair

(Reuters) - ByteDance, the owner of popular short-video app TikTok, is planning to invest billions of dollars and recruit hundreds of employees in 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 to backup U.S. data for contingency.

Separately, a company source said TikTok had moved some engineers to from China, starting this year.

Bloomberg earlier reported https://bloom.bg/2RfslmZ that was planning to make Singapore its beachhead for the rest of Asia as part of its global expansion.

The news was first reported by Bloomberg earlier on Friday.

The investment comes as 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.

 

(Reporting by Aishwarya Nair in Bengaluru and Yingzhi Yang in Beijing, Editing by Sherry Jacob-Phillips and Anil D'Silva)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Fri, September 11 2020. 11:58 IST
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