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TikTok has agreed to invest in a subsidiary of Indonesian GoTo Group and plans to cooperate in online shopping services.
According to people familiar with the matter, the two companies will cooperate in several areas to avoid direct competition. Details of the collaboration are expected to be announced next week, but have not yet been finalized and are subject to regulatory approval.
This is TikTok’s first investment in the field of online shopping. Previously, the Indonesian government required TikTok to separate its shopping functions, which frustrated its competition with Sea Ltd. and Tokopedia.
Although TikTok has suspended its online shopping function, this investment provides new opportunities for it to enter this field.
(Source: Oriental Daily Picture source: freepik)
