ByteDance, the Beijing-based multinational tech group behind Tiktok, is trying into including banking to its line of services. It's at present bidd
ByteDance, the Beijing-based multinational tech group behind Tiktok, is trying into including banking to its line of services. It’s at present bidding for a digital financial institution licence in Singapore, based on the Monetary Instances on June 15.
Competitors is stiff
ByteDance is more likely to compete with just a few different Asian tech giants together with Alibaba’s Ant Monetary and digital chief Xiaomi to acquire one of many 5 digital banking licences that the Financial Authority of Singapore is about to difficulty later this yr.
The information reported whereas citing sources accustomed to the matter that the corporate has utilized for one of many three wholesale financial institution licences. It might point out that the licence might be restricted to serving company shoppers and small and medium enterprises.
In search of an alliance
Though ByteDance is valued at $75 billion and performs even greater within the secondary market, the corporate has reportedly thought-about becoming a member of forces with the Lees, certainly one of Singapore’s most influential company households and the homeowners of Oversea-Chinese language Banking Company. It hopes that the partnership would enhance its probability of profitable the bid, says the report.
No official announcement has been made but. Cointelegraph has reached out to ByteDance for feedback however had not heard again as of press time. This text might be up to date ought to a response are available.
FT confirmed that ByteDance doesn’t supply a digital financial institution in mainland China. Most digital monetary providers are dominated by Tencent’s Wechat and Alibaba’s Alipay. ByteDance thought-about making use of for a digital financial institution license in Hong Kong beforehand. It has additionally indicated up to now that it may be tapping into e-commerce providers.
As Cointelegraph reported beforehand, Alipay wished to transcend funds and appeal to retailers and repair suppliers in China with mini packages. Banks might additionally combine blockchain expertise to extend banking providers. The fintech race in Asia is rising quickly.