TikTok’s E-Commerce Ambitions Dealt Blow as Indonesia Adds Curbs
- TikTok’s first and biggest e-commerce market sets new rules
- Local companies including GoTo’s Tokopedia seen benefiting
Indonesia is the first and largest market for TikTok Shop.
Photographer: Ore Huiying/BloombergThis article is for subscribers only.
Sea Ltd. gained a further 5% after Indonesia introduced sweeping regulations that will curb arch-foe TikTok’s efforts in Southeast Asia’s biggest e-commerce arena.
Singapore-based Sea, whose Shopee dominates regional online commerce, has gained more than 17% or $3.4 billion of market value since Jakarta officials first outlined rules this week prohibiting social commerce companies from facilitating direct e-commerce payments on their platforms.