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The Chinese technology group behind TikTok wants to enter the financial world

June 17, 2020

ByteDance, the Beijing-based multinational technology group behind Tiktok, wants to expand its range of products and services to include banking. He is currently trying to obtain a license for digital banks in Singapore, the Financial Times reported on June 15.

The competition is tough

ByteDance is likely to compete with some of the Asian technology giants, including Alibaba’s leader in finance and electronics, Xiaomi, for one of five virtual banking licenses that the Singapore Monetary Authority will issue soon. later this year.

The news was released citing sources familiar with the matter The company has applied for one of three wholesale banking licenses. This could indicate that the license may only be limited to corporate, small and medium business customers.

Looking for an alliance

The Chinese technology group behind TikTok wants to enter the financial worldThe Chinese technology group behind TikTok wants to enter the financial world

Although ByteDance is valued at around $ 75 billion and does even better in the secondary market, The company considered merging with Lees, one of the most influential corporate families in Singapore and also the owners of the Oversea-Chinese Banking Corporation. This partnership is expected to increase the chances that their offer will be successful, the report said.

No official announcement has been made yet. Cointelegraph contacted ByteDance for comment, but received no response at the time of this release. This article will be updated as soon as we get an answer.

FT confirmed that ByteDance does not want to offer a digital bank in mainland ChinaWith most virtual financial services dominated by Wechat from Tencent and Alipay from Alibaba, ByteDance would have previously considered applying for a license for a Hong Kong digital bank. This indicates that they may have tried to access e-commerce services in the past.

As Cointelegraph previously reported, Alipay wanted to go beyond payments and target both retailers and service providers in China with mini-programs. Banks could also integrate blockchain technology to expand their services. The fintech career in Asia is starting to grow rapidly.