Chinese tech giant Tencent confirmed opening a new Singapore office to be its Southeast Asia hub as it faces issues in the US and India.
Tencent announcement said it was “expanding its business presence in Singapore to support our growing business in Southeast Asia and beyond”. The company already has offices in Malaysia, Thailand, and Indonesia.
The plans to create a regional hub in Singapore had been fast-tracked due to the geopolitical tensions, Bloomberg News said. There are numerous international companies that have been setting up regional offices in Singapore. Observers think that the instability in Hong Kong – the country’s long-term rival – is causing a boost in attracting businesses.
Singapore leaders, most of whom are ethnic Chinese, have been careful with keeping good relations with both the US and China.