Chinese company ByteDance-owned social media platform TikTok has applied to Brazil’s central bank for a fintech license. Citing two sources directly involved, Reuters reported the development. Through the application, the company seeks to obtain licenses as an electronic money issuer and a direct credit company.
According to the sources, if granted the electronic money issuer license, TikTok will be able to open prepaid accounts within its app, allowing users to deposit money, receive payments, and conduct transactions. On the other hand, if it secures the direct credit company license, TikTok will be able to offer lending services either using its own capital or by connecting borrowers with lenders.
ByteDance’s Global Payments Head Liao Baohua met with Brazil’s central bank chief Gabriel Galipolo on Tuesday (31 March). If the application is approved, TikTok will be able to offer financial services in Brazil similar to Nubank, which is currently the country’s largest digital bank.
Brazil is one of the world’s leading markets for social media usage. By the end of 2025, TikTok had 131 million users aged 18 and above in the country, representing 80 percent of the total adult population.
TikTok had previously applied for a payment license in Indonesia, but the application was rejected. Later, at the end of 2023, the company enabled transactions through a partnership with a local firm. In China, ByteDance launched Douyin Pay in 2021, which competes with Alipay and WeChat Pay.
DBTech/BMT/OR
