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Business News: The day before a federal ban was to go into effect against the popular video app TikTok the Chinese-owned platform announced on Saturday , that  it had prepared a deal with Oracle as its US technology provider and Walmart as a commercial partner.

“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”,AFP reported from spokeswoman for TikTok.

TikTok Confirms Deal With Oracle, Walmart For US Business - The Wall Post
File Pic ( TikTok Confirms Deal With Oracle, Walmart For US Business )

She further said that Oracle will become the “trusted technology provider, responsible for hosting all US user data and securing associated computer systems to ensure US national security requirements are fully satisfied.

“We are currently working with Walmart on a commercial partnership as well.”

According to her companies will “maintain and expand” TikTok’s global headquarters in the US and create 25,000 new jobs.

Earlier, US President Trump called this deal as fantastic.