Social media platform TikTok, controlled by China's ByteDance, is seeking approval from the Brazilian central bank to operate as a lending and payments fintech. The company has applied for two licenses, one for an "electronic money issuer" and another for a direct credit company. The second for a "direct credit company" that cannot take public deposits but can lend its own capital or act as a platform connecting borrowers and lenders. The move is part of TikTok's regional expansion plans after it announced it would invest over 200 billion reais ($38.4 billion) in a data center in the country.