The parent company TikTok plans to become a bank


Chinese holding of BiteDans, the owner of the TicTec application, intends to obtain a virtual banking license in Singapore


ByteDance, known for its TicketLock social network, plans to expand its product line by adding banking services. To do this, the company applied for a license for electronic banking, which is issued by the Monetary Authority of Singapore, the country’s central bank, and the Department of State Financial Regulation of Singapore.

But this is not so easy. By the end of this year, Singapore plans to issue only five such licenses. Therefore, ByteDance will have to compete with other companies including Ant Financial (a division of Alibaba) and Xiaomi. In addition, the license may be limited to serving corporate customers and SMEs.

ByteDance is now valued at $ 75 billion. According to rumors, the company plans to join forces with the owners of Lease and the Chinese-Chinese Banking Corporation, one of the most influential corporations in Singapore. This partnership will definitely contribute to obtaining licenses.

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Digital banking is gaining popularity among financial services consumers in different parts of the world. According to the data, 46% of such users exclusively use digital channels to access financial services. It is expected that by 2021 one of the two consumers will use electronic devices to manage and control finances.

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According to the content financial Times

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