ByteDance's TikTok will invest 126.8 billion baht ($3.76 billion) in Thailand in a data hosting service, the Thai investment board said on Wednesday. The Chinese firm's investment was made by its Singapore-based unit and would support activities of affiliated companies,

TikTok will invest 127 billion baht ($3.8 billion) in Thailand in a data hosting service, the Board of Investment said on Wednesday.

Social media platform TikTok won Thai government approval to invest $3.8 billion in data hosting services, as the Southeast Asian country pushes to become a hub for data centers and cloud services. Most Read from BloombergTrump's Federal Funding Pause Threatens State Financials NYC Subway’s Most Dangerous Stations Are on Lexington Ave.

TikTok, owned by ByteDance (BDNCE), is set to invest approximately $3.76 billion (126.8 billion baht) in a data hosting project in Thailand, according to the country's investment board. This investment aligns with TikTok's ongoing efforts to expand its operations and improve its technological capabilities,

ByteDance's TikTok will invest 126.8 billion baht ($3.76 billion) in Thailand in a data hosting service, the Thai investment board said on Wednesday.

TikTok Pte Ltd will support the activities of affiliated companies through its Thai digital infrastructure project.