ByteDance plans $2.1 billion investment in Malaysia for AI, minister says

China’s ByteDance, parent of social media app TikTok, plans to invest around 10 billion ringgit ($2.13 billion) to set up an artificial intelligence hub in Malaysia, the country’s trade minister said on Friday.

As part of the deal, the latest in a number of global tech companies expanding into Southeast Asia, ByteDance will also expand its data center facilities in Malaysia’s Johor state through an additional 1.5 billion ringgit investment, Investment, Trade And Industry Minister Tengku Zafrul Aziz said.