TikTok targets Brazilian market with dual fintech licence bid – report [Yahoo! Finance]
Alibaba Group Holding Limited American Depositary Shares each representing eight Ordinary share (BABA)
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Source: Yahoo! Finance
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 p
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BABA
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BABA
Sec Filings
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- BABA's page on the SEC website