Chinese tech giant Tencent has chosen a co-working space in Singapore as its first office in the city-state.
Tencent, the owner of China’s top social messaging app WeChat, will occupy around 200 seats at OCBC Centre East in Raffles Place, the commercial hub in central Singapore. The co-working space amounts to approximately 10,000 square feet.
Tencent has stated in September that it would open an office in Singapore in the near future. In the meantime, this co-working space will run on a one-year lease, allowing the company more flexibility, and perhaps more time to scout for an ideal location before it officially opens its doors.
Singapore: Asia’s new tech hub
Singapore is fast becoming the new digital hub for tech giants in Asia. Political unrest in Hong Kong and tensions with the US and India has made the island state an attractive destination for Chinese tech hubs to springboard their operations in Southeast Asia.
Earlier this year, Zoom launched its first data center in Singapore. TikTok’s parent company ByteDance will also be investing billions to expand its operations in Singapore, and will be moving to a larger office space at One Raffles Quay, near Tencent’s co-working space at Raffles Place.
In May, E-commerce heavyweight Alibaba bought a 50% stake in AXA Tower located in Tanjong Pagar, aiming to rival Southeast Asia’s main e-commerce player Lazada.
Tencent’s entry will add to fierce tech competition in the country — but for Singapore’s economy, it is good news.
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Image credit: Blockchain News
