GoTo, TikTok compliance with Indonesia's trade regulation nears 100%, says GoTo CEO

Credit: REUTERS/DADO RUVIC

Adds quote in paragraph 3, details

JAKARTA, Feb 28 (Reuters) - Indonesian tech firm GoTo GOTO.JKwill in 1.5 months be 100% compliant with the country's trade ministry regulation that bans in-app transactions on social media, its CEO said on Wednesday.

Short video app TikTok, owned by Chinese company ByteDance, acquired in December majority shares in GoTo's e-commerce unit Tokopedia after the government banned transactions on its TikTok Shop e-commerce unit. It did not immediately respond to a request for comment.

"Integration process is going well. All parties continue to communicate with the related ministries and as far as we know the process is nearing completion," CEO Patrick Walujo said in an online briefing.

Following December's deal, TikTok has reopened its e-commerce services, which are provided by Tokopedia. Last week, Indonesian minister for small and medium enterprises Teten Masduki said TikTok has yet to comply with the regulation.

(Reporting by Stefanno Sulaiman and Stanley Widianto; Editing by Kanupriya Kapoor)

((Widianto.Stanley@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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