ByteDance, a Beijing-based multinational technology group behind Tiktok, is seeking to expand its product and service line. According to the Financial Times, on June 15, Singapore acquired a digital banking license.

The competition is tough
ByteDance is likely to compete with many other Asian tech giants, including Xiaomi and Alibaba’s chief financial and electronic chief, to receive one of five virtual banking franchises to be issued by the Monetary Authority of Singapore later this year.

The news was reported by reference to sources familiar with the case when a company applied for one of three wholesale banking licenses. This may indicate that the license may be restricted to customer service to SMEs.

In search of an alliance
Although ByteDance is valued at $ 75 billion and outpaces aftermarket, it is reported that the company is considering joining forces with Lees, one of the most powerful families and owners of China Overseas Chinese Banking Corporation. The report said he hoped the partnership would increase the chances of winning the competition.

No official announcement has been issued yet. Cintelegraph resorted to ByteDance for comment, but received no response from the press. This article will be updated if an answer is reached.

FT confirmed that ByteDance does not offer a digital bank in China. Wechat Tencent and Alipay Alibaba dominate most virtual financial services. ByteDance was considering applying for a digital banking license in Hong Kong earlier. In the past, it was suggested that you use e-commerce services.

As mentioned by Cointelegraph earlier, Alipay wanted to bypass payments and attract sellers and service providers in China with tools. Banks can also integrate blockchain technology to increase banking services. The financial technology race in Asia is growing rapidly.