"TikTok has applied for two licenses with the regulator. One would allow it to operate as an electronic money issuer, offering prepaid accounts for users to hold balances, receive funds and make payments within its app."
"The second license would make it a direct credit company, a kind of fintech that cannot take public deposits but can lend its own capital or act as a platform connecting borrowers and lenders."
"Brazil is one of TikTok's key usage markets, with data from Statista suggesting that the app has more than 90 million users in the region, making it the app's third-largest regional user population."
"The addition of financial services could enable TikTok to tap into this popularity, while also expanding its shopping push, which has been a key focus for the app's development."
TikTok is applying for financial services licenses in Brazil to integrate payments and banking-like services into its platform. The first license would allow it to operate as an electronic money issuer, enabling users to hold balances and make payments. The second license would permit TikTok to function as a direct credit company, facilitating lending without public deposits. With over 90 million users in Brazil, this move aims to leverage its popularity and expand its shopping capabilities, reflecting a broader trend in social media towards financial services.
Read at www.socialmediatoday.com
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