ByteDance invests billions in Singapore for three years

On Friday, ByteDance announced that it plans to invest billions of dollars and recruit hundreds of employees in Singapore.

The Chinese multinational internet technology company said that it would base its Southeast Asia regional headquarters in Singapore.

ByteDance stated that the three-year plan began in 2019. The company purchased servers in global trade and internet hubs in Singapore to back up its U.S. data.

ByteDance was forced by U.S. President Donald Trump last month to sell TikTok’s U.S. assets to avoid a ban in the country.

The Trump administration cited a potential national security risk due to the vast amount of private data collected by the short video app Tiktok.

In response, TikTok said that it only stores all U.S. user data in the United States.

ByteDance announced last year that it would start developing its regional headquarters in Singapore to attract more tech companies and investors.