Chinese technology group ByteDance, which is behind the creation of a youth social network TikTok wants to purchase a license for virtual banking business in Singapore as a means for receiving a digital Finance.
ByteDance, Beijing technology group, is considering to add banking services to its lineup of products and services. Now the company wants to purchase a license for digital currency in Singapore, reports Cointelegraph.
ByteDance is likely to compete with several Asian technical giants including Alibaba and Ant Financial, Alibaba leader, and e-leader Xiaomi for receiving one of the five virtual banking licenses for content that the monetary authority of Singapore is going to issue within this year.
There is information that the company has applied to receive one of three wholesale banking licenses. This may mean that the license might be limited to servicing corporate clients and small and medium enterprises.
Despite the fact that the capitalization ByteDance is estimated at $75 billion and has a high rating in the secondary market, the company is considering the possibility of merging with the Lees, one of the most influential Singaporean corporate families and owners Oversea-Chinese Banking Corporation. Hoping that this partnership will increase the chances of winning the contest.
The official announcement was not yet. ByteDance not offers digital Bank in mainland China. In most virtual financial services were dominated by Wechat Tencent and Alibaba Alipay. ByteDance previously considered the application for a license to digital Bank in Hong Kong. In the past it was also noted that this may be the service of e-Commerce.
On the website Coinews we wrote that the blockchain got a new batch of support from China in the form of signing of an agreement on joint development with the Central Bank of Hong Kong.
Portal “Coinews” informed that a former official of the people’s Bank of China said that the country has completed the development of the architecture of the backend of their digital currency.
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