TikTok, owned by China’s ByteDance, has submitted applications to Brazil’s central bank for authorisation to operate in the country’s financial services sector, reported Reuters.
According to sources cited by the news agency, the social media platform is seeking approval for two types of licences.
One would enable it to act as an electronic money issuer, providing users with prepaid accounts to hold balances, receive payments, and make transactions within its mobile app.
The second licence would allow the company to operate as a direct credit firm.
Such firms are permitted to lend using their own capital or connect lenders with borrowers but cannot accept deposits from the public.
Securing these approvals would permit TikTok to introduce financial service offerings in Brazil.
When asked for comment, TikTok did not provide a response.
It remains uncertain whether the company intends to launch a wider range of financial services or focus on supporting e-commerce activities available on its platform.
Brazil’s central bank also refrained from commenting on the applications.
Public records indicate that ByteDance representatives, including global payments head Liao Baohua, recently met with central bank official Gabriel Galipolo in Brasilia.
ByteDance previously launched Douyin Pay on the Chinese version of TikTok in 2021, where it competes with local platforms such as Alipay and WeChat Pay.
In 2023, TikTok pursued a payments licence in Indonesia but was later restricted from directly handling payment transactions, leading the company to consider partnerships with local entities.
TikTok’s move follows its announcement late last year of plans to invest over 200 billion reais ($38.4bn) in a data centre in Brazil.
“TikTok targets Brazilian market with dual fintech licence bid – report ” was originally created and published by Electronic Payments International, a GlobalData owned brand.
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