ByteDancecompany behind TikTok, recently applied for a new trademark for "TikTok Payment". The international classification covers 36 categories of “Financial Property Management”, which are currently awaiting approval.
Notably, this news comes after the company indirectly won a payment license back in September 2020 when it bought UIPay to expand its own electronic payment capabilities in China. At the time, the company said the acquisition would help improve its user experience through other payment methods and would also serve users of other ByteDance products and services.
Additionally, back in June 2020, the company behind the popular short video sharing app also managed to obtain three financial licenses for payments and insurance to third parties through acquisitions and other means. Most likely, they were intended to develop and launch its own payment system, which will most likely be the first in its home country, China.
Since the beginning of the year, ByteDance is also hiring employees around the world to expand its team, which will be responsible for building a network and platform that can provide cross-border payment solutions. According to the report ReutersThe company has even applied for digital banking licenses in countries like Singapore.
