IN 2015, gaming company Garena raised eyebrows when it launched an e-commerce platform called Shopee. Amid cut-throat competition, Shopee stunned everyone by rising through the ranks in just a few years to become a top e-commerce player in the region.

Now, another upstart has taken the spotlight. Social media app TikTok, known for its viral dance trends, quietly launched its e-commerce arm two years ago. Its gross merchandise value has already grown from US$600 million in 2021 to US$4.4 billion in 2022, according to one report’s estimates.

TikTok plans to double down on this emerging foothold and pour billions of dollars more into various sectors of South-east Asia over the next few years. It’s starting with US$12.2 million to support more than 120,000 small and medium-sized businesses, entrepreneurs and youth.