ByteDance, the Beijing-based multinational tech group behind Tiktok, is trying into including banking to its line of services and products. It’s presently bidding for a digital financial institution licence in Singapore, according to the Monetary Instances on June 15.
Competitors is stiff
ByteDance is more likely to compete with a couple of 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 challenge later this yr.
The information reported whereas citing sources conversant in the matter that the corporate has utilized for one of many three wholesale financial institution licences. It may point out that the licence may be restricted to serving company purchasers and small and medium enterprises.
Searching for 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, considered one of Singapore’s most influential company households and the house owners of Oversea-Chinese language Banking Company. It hopes that the partnership would enhance its likelihood 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 will likely be up to date ought to a response are available in.
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 is perhaps tapping into e-commerce providers.
As Cointelegraph reported beforehand, Alipay needed to transcend funds and appeal to retailers and repair suppliers in China with mini applications. Banks could also integrate blockchain expertise to extend banking providers. The fintech race in Asia is rising quickly.