TikTok's parent mulls injecting billions into Singapore: report

It applied for a banking licence back in June.

ByteDance, the parent company of TikTok, is looking into spending billions in Singapore for its global expansion, reports Bloomberg.

The company is also looking to inject jobs in the Lion City, where it has applied for a banking licence, sources said. The investment would come at a crucial time as the firm is forced to sell its US TikTok operations due to pressure from the Trump administration.

Plans include the establishment of a data center, sources said. Its operations there include TikTok and Lark, an enterprise software business.

ByteDance currently has more than 200 job openings in Singapore, for positions in everything from payments to e-commerce and data privacy, according to its job referral site. The company already has 400 employees working on technology, sales and marketing in the Lion City, one of the people said.

Here's more from Bloomberg.