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ByteDance, GoTo to team up to save Indonesian TikTok Shop: report
Chinese super app TikTok has agreed to invest in a unit of tech giant GoTo and cooperate on an online shopping platform to save the Indonesian TikTok Shop.
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The TikTok logo is pictured outside the company's United States head office in Culver City, California, the US, Sept. 15, 2020. (Reuters/Mike Blake)
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hinese super app TikTok has agreed to invest in a unit of homegrown tech giant GoTo and cooperate on an online shopping platform to save the Indonesian TikTok Shop, according to a Bloomberg report.
According to the report, TikTok has agreed to work with GoTo’s e-commerce arm Tokopedia across several areas rather than compete directly with the Indonesian platform, with both companies aiming to disclose the details of the agreement next week.
While the two firms have reached an informal agreement, the final details of that alliance are getting settled and could change before the announcement, Bloomberg also reported. It added that the pact was still subject to regulatory approval and could still fall through.
“Unfortunately, we cannot comment for now,” TikTok Indonesia head of communications Anggini Setiawan told The Jakarta Post on Tuesday in response to a request for confirmation.
Representatives of GoTo and the Trade Ministry did not immediately respond to requests for comment.
Read also: TikTok to invest billions of dollars in Southeast Asia to boost e-commerce
An investment in Tokopedia will be a first of its kind for TikTok, the rapidly growing arm of ByteDance’s video service that is making inroads into online shopping, from the United States to Europe.
