Chinese tech group behind TikTok seeks to expand reach with a move into financial services by joining forces with Singapore’s influential Lee business family. The MAS is set to issue five virtual banking licenses by the end of the year.
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ByteDance bids for Singapore banking license
The company has bid for a digital bank license in the city-state and is negotiating a tie-up with an investment group linked to the Lees, said three people with knowledge of the situation. The Monetary Authority of Singapore is set to issue five virtual banking licenses by the end of the year, for which ByteDance will compete with a number of other Asian technology companies including Alibaba’s Ant Financial and smartphone maker Xiaomi.
