TikTok to make beachhead in S’pore

BYTEDANCE Ltd, the Chinese owner of video-sharing app TikTok, is planning to make Singapore its beachhead for the rest of Asia as part of its global expansion, according to people familiar with the matter.

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 licence to operate a digital bank, said the people, who asked not to be identified because of confidentiality.