Coming back to your point on some of these advantages, focusing on financing and affordability with the proprietary SPayLater offer. Do you see that as a structural advantage, or if TikTok did a very good job there, would that level the playing field on that aspect?

I really do think it's a structural advantage. I've been trying to crack that nut for three years, and the banking regulations in Indonesia are so tight. It's difficult to get a Buy Now Pay Later license. On my platform, we have a sister company focused on payments with a Buy Now Pay Later license. But unlocking credit terms to be competitive with Shopee PayLater or extending eligibility for more users is slow and not easy.

Coming back to your point on some of these advantages, focusing on financing and affordability with the proprietary SPayLater offer. Do you see that as a structural advantage, or if TikTok did a very good job there, would that level the playing field on that aspect?

Unless you acquire or partner with a bank that has a Buy Now Pay Later license, it's hard to work with a third party. There are many third parties in the market, like Atome and Akulaku. These third-party BNPL companies are incentivized to keep their NPLs low, creating tension when we ask them to ease credit terms or expand the eligible user base. It's difficult to scale affordability options if you rely on a third party. TikTok would face this challenge in Indonesia.