JAKARTA: Chinese-owned short video app TikTok on Monday announced a $1.5 billion investment in GoTo group in a deal that would allow it to restart its online shop in Indonesia, the companies said in a statement. Under the deal, TikTok Shop will be merged into GoTo's Tokopedia, and TikTok will have a controlling stake in that entity. "TikTok, Tokopedia and GoTo will transform Indonesia's e-commerce sector, creating millions of new job opportunities over the next five years." That came days after Southeast Asia's largest economy banned sales on social media to protect millions of small businesses. Indonesia's e-commerce market is dominated by platforms such as Tokopedia, Shopee and Lazada but TikTok Shop gained a significant market share since launching in 2021.

Source: Manila Times December 12, 2023 06:17 UTC