ByteDance, the Chinese tech giant that controls TikTok, is in talks with Brazil's Central Bank to operate as a financial institution in the country, Reuters reported. The company has applied for two licenses:
One to operate as an electronic money issuer — allowing users to hold balances, make payments and transfer funds within the app;
And another to function as a direct credit company, a type of fintech that lends its own capital or connects borrowers with lenders.
A delegation of 11 ByteDance executives, including the company's global payments chief, Liao Baohua, and global compliance director Victoria Edison, met with Central Bank Chairman Gabriel Galípolo in Brasília on Tuesday. The company was accompanied by lawyers from Pinheiro Neto, Brazil's largest corporate law firm.
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