Video-sharing social networking company TikTok said on Monday that it had submitted a proposal to the U.S. administration to resolve its "security concerns."
"We can confirm that we've submitted a proposal to the Treasury Department which we believe would resolve the Administration's security concerns," the Los Angeles-based company said in a short statement, adding this step would help to continue the company's operation in the future.
"This proposal would enable us to continue supporting our community of 100 million people in the U.S. who love TikTok for connection and entertainment, and the hundreds of thousands of small business owners and creators who rely upon TikTok to grow their livelihoods and build meaningful careers," the statement read.
Oracle, an American multinational computer technology corporation headquartered in California as well, confirmed in a statement on Monday that it had reached a deal with TikTok's Chinese parent, ByteDance, to be the latter's U.S. trusted partner.
Oracle, who has a 40-year track record providing secure technology solutions, said that it is part of the proposal submitted by ByteDance to the Treasury Department over the weekend.
The two companies' statements followed U.S. Treasury Secretary Steven Mnuchin's note during an interview with CNBC early Monday.
"We did get a proposal over the weekend that includes Oracle as the trusted technology partner, with Oracle making many representations for national security issues," Mnuchin said. "There is also a commitment to create TikTok Global as a U.S.-headquartered company with 20,000 new jobs."
None of them provided any details about the proposal.