Social media platform TikTok is reportedly seeking approval from the Brazilian central bank for financial services licences that would allow it to operate as an electronic money and credit company.
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Quoting two ‌sources, Reuters reports that TikTok has applied for two licences with the regulator. One would allow it to operate as an ‘electronic money issuer’, offering prepaid ​accounts for users to hold balances, receive funds and make payments within ​its app.
The second licence would make it a ‘direct credit company’ enabling it to lend its own capital ​or act as a platform connecting borrowers and lenders.
If approved, the move would allow ​TikTok to offer a suite of basic financial services to Brazilians, running a playbook popularized by Nubank, the country’s largest digital bank.
Both TikTok and the Brazillian central bank declined to comment on the report.