TikTok’s ambition to expand in online shopping is facing a major blow from new rules in Indonesia that are set to curb its operations in its biggest e-commerce market.Indonesia is prohibiting social media companies from facilitating direct e-commerce payments on their platforms, Trade Minister Zulkifli Hasan said Monday. The move, directed at ByteDance Ltd.’s TikTok, means companies will only be able to advertise products but not conduct direct transactions.The rule is part of newly tightened trade regulations that could be introduced as soon as Tuesday by the Ministry of Trade. The policy seeks to keep Indonesia’s 64.2 million micro, small and…
