Besides Bytedance and Alibaba, Chinese tech giant Tencent Holdings is also making inroads into Singapore.
Tencent, which is also WeChat’s parent company, is setting up its regional hub in Singapore as it expands further into Southeast Asia (SEA) and shifts some of its business operations out of China.
Singapore is particularly attractive as a regional base for tech companies across the world, with its advanced financial system, low tax, sophisticated digital infrastructure and highly educated workforce, as well as being a ‘neutral’ country.
Founded in 1998 by an entrepreneur named Ma Huateng, Tencent is said to be the biggest rival of Alibaba Group, the largest e-commerce company in China.
In contrast to Alibaba or Bytedance, Tencent has had a smaller footprint in SEA.
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