Chinese-owned video platform TikTok says it will halt its online retail operation in Indonesia to comply with the country’s decision to ban e-commerce transactions on social media platforms.
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The Indonesian government announced the new regulation, which prohibits social media companies from facilitating sales of products on their platforms, on Sept. 28 in a bid to protect small businesses from e-commerce competition, accusing the popular apps and websites of predatory pricing. “Our priority is to remain compliant with local laws and regulations,” said the statement released Tuesday on its website.
A week before the ban was announced, Southeast Asia’s largest wholesale market, Tanah Abang, came under inspection. Sellers at the market in the capital, Jakarta, were experiencing a more than 50% loss of profits because they could not compete with imported products sold online at much lower prices, according to Minister of Cooperatives and Small and Medium Enterprises Teten Masduki.
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