ByteDance, the Beijing-based international tech group behind Tiktok, is wanting into including banking to its line of services and products. It is presently bidding for a digital commercial enterprise institution licence in Singapore, in line with the Financial Times on June 15.
Competition is stiff
ByteDance is more likely to vie with a number of different Asian tech giants together with Alibaba's Ant Financial and digital chief Xiaomi to acquire one of many 5 digital banking licences that the Monetary Authority of Singapore is abbent on problem later this 12 months.
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The information according whereas citing sources accustomed to the matter that the corporate has used for one of many three wholesale commercial enterprise institution licences. It point out that the licence could be restricted to serving company shoppers and small and medium enterprises.
Looking for an alliance
Although ByteDance is valued at $75 billion and performs even large inside the secondary market, the corporate has accordingly thought of becoming a member of forces with the Lees, one altogether Singapore's most powerful company households and the house owners of Oversea-Chinese Banking Corporation. It hopes that the partnership would enhance its chance of no-hit the bid, says the report.
No official announcement has been made but. Cointelegraph has reached bent on ByteDance for feedback yet had not detected again as of press time. This clause will probably be up up to now ought to a response are available.
FT confirmed that ByteDance doesn't provide a digital commercial enterprise institution in mainland China. Most digital monetary system system companies are dominated by Tencent's Wechat and Alibaba's Alipay. ByteDance thought of making use of for a digital commercial enterprise institution license in Hong Kong beforehand. It has in addition indicated antecedent to now that it could be tapping into e-commerce companies.
As Cointelegraph according beforehand, Alipay wished to transcend monetary system system imagination and lure retailers and repair suppliers in China with mini packages. Banks power in addition combineblockchain expertise to extend banking companies. The fintech race in Asia is rising quickly.
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