Source: Bytedance is bidding for five digital banking licenses in Singapore with Alibaba, Xiaomi and others

On June 15, foreign media reported that Bytedance is in talks with Singapore's influential Lee family to expand its extensive business beyond services into local banking.

Bytedance has started bidding for a digital banking licence in Singapore and is in talks with an investment group linked to the Lee family, sources said. The Li family is understood to be one of the founding families of OCBC Bank. Bytedance has been trying to break into financial services. The Monetary Authority of Singapore will issue five virtual banking licences by the end of the year and Bytedance will compete with a number of other Asian technology companies, including Alibaba's Ant Financial and smartphone maker Xiaomi.

Bytedance has not publicly confirmed its involvement in the Singapore digital banking process. A representative of the Lee Foundation said it could not comment. Ocbc declined to comment.

Bytedance applied for one of three wholesale banking licences issued by Singapore, meaning it would be limited to serving corporate customers, including small and medium-sized enterprises, according to people familiar with the matter. (netease technology)

The original address: http://tech.163.com/20/0615/18/FF6BU8AT00097U7R.html

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