We are so back. ByteDance’s Tiktok has reportedly agreed to invest in a unit of Indonesia’s GoTo Group. They’ll also cooperate with the firm for an online shopping service, according to a Bloomberg report.

Is it final? The companies have an informal agreement, but they’re still fine-tuning the details. And of course, the deal is still subject to regulatory approval, so the plan might not push through. 

• More details may come as soon as next week!

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🔎 The details

TikTok Shop stopped operations in Indonesia on October 4, after the government set new rules that banned them from facilitating e-commerce transactions. 

In late November, local media outlet Antara reported that Tiktok was in the process of obtaining an e-commerce license in Indonesia.

• TikTok was in talks with Tokopedia, Bukalapak, and an e-commerce platform of CT Corp, according to Cooperatives and Small and Medium Enterprises Minister Teten Masduki.

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🇮🇩 Big picture

Indonesia is the first and largest market for TikTok Shop, where they have 2M small vendors selling their products on the platform.

• CEO Shou Zi Chew also previously confirmed that the company would invest $10B in Indonesia for the next five years.

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🗓️ A tough year for TikTok

Following Indonesia’s restrictions, Malaysia is also looking to regulate TikTok and its e-commerce features. 

• The Philippines is also weighing in on banning TikTok for state security employees.