Tencent Holdings, the renowned Chinese technology conglomerate, has reportedly announced that it has selected Singapore as its new regional hub as well as beachhead for the Asian market. Through this, the company has joined its rivals, ByteDance Ltd., and Alibaba Group Holding Ltd., as they look to consolidate their presence closer to China after experiencing major setbacks across India and the United States.

According to reliable sources, the Chinese conglomerate has been contemplating to construct its Asia regional hub in the Southeast Asian city-state. The company also plans to move a couple of its business operations out of China, as per reliable sources.

Tencent, while speaking about the decision, stated that along with the setting up of a new office in Singapore in order to support the growing company business across Southeast Asia and beyond, the company would also hire people for business and technology development.

The company’s recruiting site features a number of job openings, including posts for cloud computing, cross-border commerce, and esports.

The company has been reorienting its focus towards Southeast Asia and setting up an important battlefield in the region since the U.S. banned transactions with Tencent through an executive order, while the Indian government banned its smartphone games, Arena of Valor and PUBG Mobile.

Recently, ByteDance, a renowned Chinese internet firm and owner of TikTok, was reportedly planning to invest several billion dollars as well as employ hundreds of people across Singapore in the coming three year period. Similarly, the Alibaba Group is also said to be in negotiations to invest $3 billion in Grab, the Singapore-based ride-hailing giant.

Alibaba also invested over $4 billion to take complete control of Lazada, a Singapore based e-commerce platform that intends to serve 300 million people across Southeast Asia by the end of 2030.

Source credit: https://www.techinasia.com/chinas-tencent-set-regional-hub-singapore