TikTok Owner Bytedance Sets Up New S’pore Office At One Raffles Quay
Last month, it was reported that ByteDance – the owner of Chinese video-sharing app TikTok – is planning to make Singapore its foothold for the rest of Asia as part of its global expansion.
The Beijing-based company is looking to spend billions in Singapore and is also recruiting aggressively, as it plans to add hundreds of jobs over the next three years.
ByteDance is already present here in Singapore. They had set up their Singapore team in a WeWork coworking office in December 2018.
To aid its expansion plans, the tech giant has just signed a three-story rental agreement at One Raffles Quay, according to people familiar with the plan.
A bigger and better office
Covering over 60,000 square feet, the new ByteDance office is located in a prime location in Singapore’s central business district.
According to The Straits Times, the new office is undergoing renovations and employees are likely to move into it by the first quarter of next year.
The Chinese tech firm’s move coincides with the plans of other tech giants amid the U.S.-China tech race.
On the one hand, Tencent Holdings has also said it will choose Singapore as a foothold for Asia as it moves away from the United States and India.
Bigo – whose Likee and Bigo Live apps compete directly with TikTok – also announced it will move its servers from Hong Kong to Singapore.
The most valued start-up in the world
The Chinese tech startup is currently the world’s most valuable startup with US $ 140 billion (S $ 190.08 billion).
ByteDance is chaired by billionaire Zhang Yiming, who has a net worth of US $ 16.2 billion (S $ 22 billion), according to Forbes.
Following setbacks in India, the UK and the US, Bytedance will use this initiative to expand its social media services deeper into Asia.
It also plans to expand beyond TikTok and offers other products such as the professional messaging service Lark and the music streaming service Resso.
Featured Image Credit: Al Jazeera
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