Popular Chinese-video sharing app TikTok on Saturday announced that it will partner with Oracle Corp and Walmart Inc to become a US based company.
"We are pleased that the proposal by TikTok, Oracle, and Walmart will resolve the security concerns of the US Administration and settle questions around TikTok's future in the US," said a spokewoman for TikTok, owned by China's Bytedance.
Oracle will be responsible for hosting all US user data and securing associated computer systems to ensure US national security requirements are fully satisfied, she added saying that a commercial partnership with Walmart is currently being worked on as well.
She further said the companies will maintain and expand TikTok's global headquarters in the US and create 25,000 jobs.
US President Donald Trump termed the deal as "fantastic".
"I have given the deal my blessing. If they get it done, that's great, if they don't that's ok too," he said.
Earlier on Friday, US ordered a ban on TikTok and WeChat from September 20, citing threats to national security.
The ban has now been delayed by one week.
