There are reports that ByteDance, the parent company of TikTok, has reached an agreement to invest in the business sector of the GoTo group in Indonesia. They are also preparing to collaborate on developing shopping services within the Tokopedia app. Details of this partnership are set to be officially disclosed in the near future.
It is anticipated that this agreement has been made in response to the ban of TikTok Shop in Indonesia since October 4th, as per the regulations that prohibit social media platforms from providing e-commerce services. This ban directly affects TikTok.
Despite the collaboration between ByteDance and GoTo, approval from regulatory authorities in Indonesia is still pending. Meanwhile, the market share of TikTok Shop, which has recently entered the Indonesian market, has increased to 5%.
TLDR: ByteDance, the parent company of TikTok, is set to invest in GoTo’s business in Indonesia and collaborate on developing shopping services within the Tokopedia app. This comes after TikTok Shop was banned in Indonesia, leading to a rise in market share for TikTok Shop in the country. Approval from Indonesian authorities is still pending for the partnership between ByteDance and GoTo.
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