Jan 09, 2023 10:58 AM (GMT+8) · EqualOcean
JPMorgan Chase has been working with ByteDance to help develop its payment technology. According to Sensor Tower, global users spent USD 3.4 billion on TikTok in 2022, up from USD 2 billion the previous year. In the U.S. alone, that figure more than tripled to USD 670 million. ByteDance hired J.P. Morgan to streamline these transactions, improve the way payments are sent and received, and create a centralised bank account for more than a dozen of ByteDance's products, including TikTok and Douyin. In addition, ByteDance has hired several J.P. Morgan executives for its global payments team to lead its larger fin-tech expansion.