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.
