Beijing-based ByteDance, the owner of global short video hit TikTok, is taking steps to move into the online stock brokerage and wealth management business in Hong Kong, trademark registration documents show.

ByteDance utilized last December to register a trademark known as Songshu Zhengquan, which interprets to Squirrel Securities, in Hong Kong, town’s on-line mental property database reveals.

The trademark utility is being “examined”, in response to the database, and areas of enterprise it utilized for embody “computerized financial information services, stock trading, brokerage services, and stock exchange quotations.”

The enterprise remains to be in its infancy and ByteDance at present has only one full-time worker assigned to it, in response to an individual conversant in the state of affairs.

The firm has obtained a license however any official launch of the web stockbroker enterprise just isn’t imminent, the supply added, declining to be named as the data is not public.

The business is still in its infancy and ByteDance currently has just one full-time employee assigned to it, according to a person familiar with the situation.

The company has obtained a license but any official launch of the online stockbroker business is not imminent, the source added, declining to be named as the information isn’t public.

The company pulled its hit TikTok app out of Hong Kong in July after Beijing established a new national security law on the semi-autonomous city. It is also trying to avert a ban on TikTok in the United States and is in talks with Microsoft and Twitter to sell its business there.

Other sources said that ByteDance’s is prioritizing expansion into education technology and gaming, rather than financial technology. The firm pulled its hit TikTok app out of Hong Kong in July after Beijing established a brand new nationwide safety legislation on the semi-autonomous metropolis. It can also be attempting to avert a ban on TikTok within the United States and is in talk with Microsoft and Twitter to promote its enterprise there.

Source- Reuters