AGENCIES, Beijing: Chineses video-sharing social networking company TikTok has said that it has submitted a proposal to the US administration that “would resolve the Administration’s security concerns,” China’s Xinhua News Agency reported on Tuesday.
The news comes after US Treasury Secretary Steven Mnuchin said on Monday that the Trump administration will review a proposal received over the weekend from Oracle Corp to make TikTok a US-headquartered company this week.
The plan Secretary Mnuchin talked about involves viewing Oracle as a “trusted technology partner” to TikTok, similar to the role China’s Guizhou-Cloud Big Data Company plays in its relationship with Apple Inc., which came about out of the latter’s need to meet data compliance in China.
The details of TikTok’s proposal have not yet been revealed and September 20 is the final deadline for the deal. Meanwhile, the potential Microsoft takeover has been ruled out.