Tiktok Seeks Brazil Fintech License to Offer Credit

Printed TikTok logos are seen in this illustration taken February 15, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

Social media platform TikTok, controlled by China’s ByteDance, is seeking approval from the Brazilian central bank to operate as a lending and payments fintech, according to two people with direct knowledge of the matter.

The sources, who requested anonymity because the plans are confidential, said 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.

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by Reuters

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