TikTok Shopping Ambitions Face Blow as Indonesia Plans Curbs
- TikTok’s first and biggest e-commerce market to set new rules
- Shares of rival retailers Sea, GoTo gain as threat seen easing
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TikTok’s ambition to expand in online shopping is facing a major blow from new rules in Indonesia that are set to curb its operations in its biggest e-commerce market.
Indonesia is prohibiting social media companies from facilitating direct e-commerce payments on their platforms, Trade Minister Zulkifli Hasan said Monday. The move, directed at ByteDance Ltd.’s TikTok, means companies will only be able to advertise products but not conduct direct transactions.