ByteDance to invest billions, recruit hundreds in Singapore in 3 years: Source

ByteDance, the owner of popular short-video app TikTok, is planning to invest billions of dollars and recruit hundreds of employees in Singapore over the next three years, a person familiar with the matter told Reuters on Friday.

The company’s plans about setting up a new data centre in the city-state is untrue, the source said, adding that the Beijing-based firm had stepped up the purchase of cloud-computing servers in Singapore to backup U.S. data for contingency.

Separately, a company source said TikTok had moved some engineers to Singapore from China, starting this year.