TikTok has applied for two licenses with the regulator. One would allow it to operate as an "electronic money issuer," offering prepaid ​accounts for users to hold balances, receive funds and make payments within ​its app. The second license would make it a "direct credit company," a kind ⁠of fintech that cannot take public deposits but can lend its own capital ​or act as a platform connecting borrowers and lenders.