ByteDance, the Beijing-based multinational tech group behind Tiktok, is looking into adding banking to its line of products and services. It is currently bidding for a digital bank licence in Singapore, according to the Financial Times on June 15.
ByteDance is likely to compete with a few other Asian tech giants including Alibaba’s Ant Financial and electronic leader Xiaomi (OTC:XIACF) to obtain one of the five virtual banking licences that the Monetary Authority of Singapore is about to issue later this year.