The fintech could accommodate a new giant of the tech, TikTok, and its more than 630 million users.
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In Singapore, they are now three to covet the next five bank licences that will be issued by the Monetary Authority of Singapore (MAS). Three giants of the tech, including the fintech Ant Financial (Alibaba), Xiaomi, and TikTok. The application of sharing video, which has more than 630 million users across the world, is to be reported as the last giant in the date wish to expand its money services.
As the United States, with Google and Apple, the giant chinese have long coveted the banking market. Not a question, necessarily, make an offer online banking, but rather to provide various services in connection with the new digital tools : mobile payment, consumer credit. To this day, most of the services fintech available are offered by Alibaba (WeChat Pay and Alipay) and Tencent, but the house-mother of TikTok BytheDance could hit it hard.
To be able to start to deploy new banking services, BytheDance will still have to have the green light from the monetary authority of Singapore. Because to be able to operate and have its banking licence, the chinese group valued at $ 75 billion has decided not to make his request on their territory of origin.
According to the Financial Times, who was the first to report such information, BytheDance is currently benefiting from an agreement with the Lee family, which is at the head of the Oversea-Chinese Banking Corporation (the OCBC), one of the largest banks of the city island. The links of the mother house of TikTok with this family decided to carry his demand to Singapore rather than to Hong Kong, its original plan.
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BytheDance was born TikTok of a buyout of the Music application.ly, who had allowed him to recover tens of millions of users in November 2017 (redemption in the amount of 850 million euros). Three years later, the chinese giant has kept the same strategy and continues to invest in startups that it will permit the offer of new services.
Last may 19, a new investment had already put a flea in the ear about the group’s ambitions on financial services. The mother house of TikTok had invested $ 6 million into the startup financial Lingxi, which is concerned with the development of technologies of artificial intelligence to financial services. It was a round table in A series for the young startup, and the first step towards fintech for TikTok.
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