TikTok owner to spend billions in Singapore after US ban

The Beijing-based company is looking to spend several billion dollars and add hundreds of jobs over the next three years in the city-state, where it has applied for a license to operate a digital bank, said the people, who asked not to be identified because of confidentiality. The investment would come at a crucial time as the technology firm is forced to sell TikTok operations in the U.S. under pressure by the Trump administration.

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 city-state, one of the people said.Southeast Asia is rapidly evolving into a critical location for China’s largest tech corporations from Alibaba to Tencent in the face of growing hostility from the U.S.

U.S. DeadlineAsia is a growth area for the company, especially when it is increasingly likely to miss the U.S. government’s deadline for the sale of its TikTok U.S. operations. President Donald Trump said Thursday he won’t extend his Sept. 15 deadline for the deal.

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