BYTEDANCE’S TikTok will pour “billions of dollars” into South-east Asia over the next few years, said chief executive officer Chew Shou Zi.

While the exact figure was undisclosed, it includes a US$12.2 million investment to support more than 120,000 small and medium-sized businesses, entrepreneurs and youth over the next three years.

Speaking at the first TikTok South-east Asia Impact Forum in Jakarta on Thursday (Jun 15), Chew outlined the three main pillars that the funds will support – e-commerce, education and community.

The short-video app has grown into more than just an entertainment platform in the last few years.

“Dancing and singing are still important and they hold their charm, but we’re witnessing other verticals… skyrocketing on our platform globally,” said Chew, citing examples such as education and small businesses.

Driving the rise of social commerce, TikTok facilitated US$4.4 billion in online transactions in 2022, though it still lags far behind traditional e-commerce leaders.

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The app now hosts 15 million small businesses in South-east Asia, Chew noted.

Part of the US$12.2 million investment will go towards boosting these businesses, especially those in rural areas. Initiatives include cash grants, digital skills training, advertising credits and plans to establish internet connectivity in nine rural villages in Indonesia.

The investment will also support education programmes in upskilling and environmental awareness, as well as community-building initiatives to drive youth entrepreneurship across Asean.

TikTok announced a partnership with the Asean Foundation to provide 20 youth-led social enterprises with training, mentorship and up to US$320,000 in seed grants.

This was among the five memorandums of understanding that TikTok inked with various South-east Asian government bodies and non-profit organisations at the event.