ByteDance is in talks to join forces with Singapore’s influential Lee business family, as the Chinese technology group looks to expand into banking for the first time.
The company has bid for a digital bank licence in the city-state and is negotiating a tie-up with an investment group linked to the Lees, said three people with knowledge of the situation.
ByteDance is best known for its short-video app TikTok, but like many other technology companies, the Beijing-based group has been trying to make a move into financial services.
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