ByteDance, the company behind social media giant TikTok, has just established a tech subsidiary in Fujian province whose business scope includes artificial intelligence and IoT applications.
Beijing Jiyun Hudong Keji Co., Ltd. (北京吉云互动科技有限公司), a fully-owned subsidiary of ByteDance, recently established Fujian Jizhun Hudong Keji Co., Ltd. (福建极准互动科技有限公司), a company with registered capital of 30 million yuan, according to data from Qichacha.
Fujian Jizhun’s legal representative is Li Tong (李彤) – also a senior supervisor at ByteDance, while the company’s business scope includes computer system services, artificial intelligence public data platforms, offline data processing services, IoT services and software outsourcing services.
Amidst major controversy over TikTok in the US that has seen the Trump administration seek to compel the social media platform’s sale to American companies, ByteDance has recently stepped up its efforts to expand its presence in the Asian finance and fintech sectors.
ByteDance has reportedly applied for five financial licenses in Hong Kong and a virtual banking license in Singapore, while in early September it obtained a payments license for its Toutiao news platform via the acquisition of a Wuhan-based fintech enterprise.