Chinese tech firm ByteDance guns for digibank licence in Singapore: sources

CHINA'S ByteDance Technology, which owns the popular video-sharing app TikTok, is said to have applied for a wholesale digital banking licence in Singapore, BT understands.

This comes as the firm - said to be world's largest tech startup with a reported valuation of more than US$75 billion as at 2018 - had earlier signalled intentions to edge into financial services.

The South China Morning Post (SCMP) reported that in late 2018, the firm had filed for trademarks in China, including one that was categorised under the business of insurance and financial services. One trademark was reportedly known as Zijiefu, which is meant as a payments service.