TikTok,update Archives the social media platform owned by Chinese tech giant ByteDance, is currently engaging in preliminary discussions with Indonesian regulators to secure a payments license in the country, according to an August 4 report from Reuters. TikTok is in talks with Indonesia’s central bank and its application is being viewed positively, two sources familiar with the matter told Reuters. A spokesperson for TikTok confirmed the discussions on August 4, emphasizing that securing an Indonesian payments license would be beneficial for local creators and sellers on TikTok. Currently, the popular social platform has 125 million Indonesian monthly active users. In 2022, Indonesia saw nearly $52 billion worth of e-commerce transactions, with TikTok accounting for 5% of that figure, mainly through live-streaming, according to Reuters, citing data from consultancy Momentum Works. In June of this year, TikTok’s CEO, Shou Zi Chew, announced plans to invest billions of dollars in Indonesia and the broader Southeast Asian region. [Reuters]
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