TikTok to invest US$1.5bil in Indonesia shop pact with GoTo Group

Another route: The entrance of Bank Indonesia headquarters in Jakarta. The agreement with GoTo is designed to address regulatory hurdles and let TikTok revive its online shopping service in South-East Asia’s largest retail arena. — Bloomberg

JAKARTA: ByteDance Ltd’s TikTok agrees to invest US$1.5bil in a joint venture with Indonesia’s GoTo Group, part of a pact that lets the Chinese company restart its shopping app in its biggest online retail market.

The social media giant will combine its Indonesian TikTok Shop business with GoTo’s eCommerce unit Tokopedia, the companies said in a statement yesterday.