Jakarta Reuters —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. Indonesia Deputy Trade Minister Jerry Sambuaga earlier this month named TikTok’s live streaming features as an example of people selling goods on social media. E-commerce transactions in Indonesia amounted to nearly $52 billion last year and of that, 5% took place on TikTok, according to data from consultancy Momentum Works.

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Persons: TikTok, China’s ByteDance, “, Zulkifli Hasan, Zulkifli, Jerry Sambuaga, Sea’s Shopee, Fahmi, ” Organizations: Jakarta Reuters —, Indonesia Trade, Wednesday, Reuters, Indonesia Deputy Trade, Research, BMI, Momentum Works Locations: Jakarta, Jakarta Reuters — Indonesia, Southeast Asia, Indonesia, Shop, TikTok, Europe, United States