ByteDance Explores Partnership With Singapore's Lee Business Family For Digital Banking License: Report

ByteDance is exploring a partnership with Singapore's influential Lee business family for its digital banking license in the country, the Financial Times reported Monday.

The Chinese internet technology company, best known as the owner of video social media app TikTok, is among the several major companies that are competing for five online financial services licenses to be awarded by the end of this year in Singapore.

Others in the fray include Alibaba Group Holding Ltd. BABA subsidiary Ant Financial, a joint venture between Singapore Telecommunications Ltd. SGAPY and southeast Asian ride-hailing giant Grab Holdings Inc., Chinese consumer electronics manufacturer Xiaomi Corp. XIACF, and gaming company Razer Inc. RAZFF.

The Lee family of OCBC bank's Lee Kong Chian is known among the most influential business families in the city-state, as noted by the Financial Times. It's known to have significant political ties in the country, although the family isn't directly related to the ruling Lee political family.