JAKARTA – Indonesia has banned e-commerce transactions on social media platforms, the trade minister said on Wednesday , in a blow to short video app TikTok, which is doubling down on Southeast Asia's biggest economy to boost its e-commerce business.
TikTok, owned by China's ByteDance, has 125 million active monthly users in Indonesia and has been looking to translate the large user base into a major e-commerce revenue source. He warned of letting social media become an e-commerce platform, shop, and bank all at the same time. Research firm BMI said TikTok would be the only business affected by the transaction ban and the move was unlikely to harm the digital marketplace industry's growth.
Indonesia is among the few markets where TikTok has launched TikTok Shop, as it seeks to leverage its large user base in the country.
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