![]() ![]() With office space at OCBC Centre East large enough to accommodate 200 employees, it has hired some 90 people locally - including data scientists, software engineers and product managers. The outfit is to support the growth of its business in Southeast Asia. In the case of Tencent, it announced plans to set up a Singapore office in September last year. ![]() Shoppers browsing home decor items and appliances at the newly opened Lazada store located in Raffles City, Singapore on 3 April 2021. In May last year, Alibaba acquired a 50% stake in AXA Tower in Singapore for S$840 million. Two years later, it pumped a further US$2 billion into the e-commerce platform. In 2016, Alibaba Group acquired Singapore-based Lazada for US$1 billion. The stake was later raised to 14.4%, making it the second largest shareholder in SingPost. Back in 2014, it acquired a 10.35% stake in mainboard-listed SingPost for S$312.5 million. Two years later, he was appointed general manager of Alibaba Cloud and tasked to develop new markets for the rest of Southeast Asia.īut Alibaba Group started investing in Singapore even before the establishment of Alibaba Cloud's RHQ. Dr Wang moved here from Alibaba's headquarters in Hangzhou, China in 2017. The company established its regional headquarters (RHQ) in Singapore in 2015. (SPH)Ī subsidiary of the Alibaba Group, Alibaba Cloud provides cloud-based services such as cloud computing, cloud servers, and artificial intelligence solutions. Dr Derek Wang, general manager of Alibaba Cloud, Singapore. These include the likes of China tech giants Alibaba, Tencent, and ByteDance, the parent firm of video-sharing app TikTok. ![]() "They are all heading to Singapore and Southeast Asia, and expanding is always a good thing."Īccording to data from Singapore's Economic Development Board, more than 80 of the world's top 100 software and services companies have a presence in Singapore. "I think it has become a trend for China tech companies to head overseas," said Dr Wang, in an interview with Lianhe Zaobao. ![]() Four years ago, when Derek Wang, general manager of Alibaba Cloud arrived in Singapore, he was among the company's first employees to be posted overseas, and only one of a handful of top executives from a China tech company to be posted here.īut these days, he meets more and more of his industry peers from China here. ![]()
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