Bytedance, the parent company of TikTok, is setting up in Luxembourg. After a rocky road in Ireland, the Chinese social media giant has chosen the Grand Duchy to establish its new European base. The aim? To obtain a valuable electronic payment licence in order to develop its financial services.
By setting up in Luxembourg, renowned for its financial stability and attractive regulatory environment, the company aims to consolidate its position in the European market. The Grand Duchy, which is already home to a number of major fintech players, offers an environment that is conducive to innovation and growth.
ByteDance’s financial results are more than promising. According to Bloomberg, the company’s profits have jumped by almost 60% in 2023, overtaking its main Chinese competitors. This dazzling growth is due in particular to the phenomenal success of TikTok, which now has more than 1.6 billion active users worldwide.
Obtaining an electronic payment licence is no mean feat. ByteDance will have to comply with the strict anti-money laundering and anti-terrorist financing requirements of Luxembourg’s Commission de Surveillance du Secteur Financier (CSSF).
