Technologies

TikTok CEO Testifies Before Congress: Here Are Some of the Key Moments

Lawmakers grilled CEO Shou Chew about ties to China and what the app is doing to protect young people.

TikTok CEO Shou Chew on Thursday faced skeptical lawmakers in the US Congress to try to fend off calls to ban the hugely popular video app.

«There are more than 150 million Americans who love our platform, and we know we have a responsibility to protect them,» Chew said in remarks prepared for his appearance before the House Energy and Commerce Committee.

Earlier this month, the Biden administration demanded that ByteDance, the app’s Chinese parent company, sell its stake in the app or face a possible ban. Officials are concerned TikTok could be forced to share US user data with the Chinese government, posing a national security threat. In December, US lawmakers banned the app from government devices. Other countries, including Canada, EU member states and Taiwan, have taken similar steps.

Lawmakers on Thursday repeatedly questioned Chew about ByteDance’s ties to the Chinese government, expressing doubt TikTok would be able to protect US users’ data. They also alleged that TikTok could be used by the Chinese government to influence public opinion in the US.

Though the main thrust of the hearing focused on alleged ties to China, lawmakers also touched on other concerns, including data collection and protecting teens and young people from harmful content on TikTok.

Following the hearing, TikTok spokesperson Brooke Oberwetter said the hearing was «dominated by political grandstanding» and failed to address industry-wide issues.

«Also not mentioned today by members of the Committee: the livelihoods of the 5 million businesses on TikTok or the First Amendment implications of banning a platform loved by 150 million Americans,» said Oberwetter.

Here are some of the most interesting comments from the hearing:

Committee Chair Rep. Cathy McMorris Rodgers, in her opening statement: «Mr. Chew, you are here because the American people need the truth about the threat TikTok poses to our national and personal security. TikTok collects nearly every data point imaginable, from people’s location to what they type and copy, biometric data and more. … TikTok surveils us all. And the Chinese Communist Party is able to use this as a tool to manipulate America as a whole. We do not trust TikTok will ever embrace American values.»

She continued: «TikTok has repeatedly chosen a path for more control, more surveillance and more manipulation. Your platform should be banned. I expect today you’ll say anything to avoid this outcome.»

Chew, in his opening statement: «We have heard important concerns about the potential for unwanted foreign access to US data and potential manipulation of the TikTok US ecosystem. We have addressed them with real action. … That’s what we’ve been doing for the last two years, building what amounts to a firewall that seals off protected US user data from unauthorized foreign access. The bottom line is this: American data, stored on American soil, by an American company, overseen by American personnel. We call this initiative Project Texas.»

Chew, on legacy US data: «We have legacy US data sitting in our servers in Virginia and in Singapore. We’re deleting those and we expect that to be complete this year. When that is done, all protected US data will be under the protection of US law and under the control of the US led security team. This eliminates the concern that some of you have shared with me that TikTok user data can be subject to Chinese law.»

Rep. Buddy Carter, on harmful viral videos like the Milk Crate challenge: «Why is it that TikTok consistently fails to identify and moderate these kinds of harmful videos? Why is it that you allow this to go on? We’ve already heard … from parents who are here with us who have lost children.»

Chew responds: «This is a real industry challenge and we’re working on our…»

Carter: «No, no, it’s not industry. This is TikTok. We’re talking about TikTok. We’re talking about why is it that you can’t control this. … Tell me why this goes on.»

Rep. Darren Soto, on ByteDance ownership: «Mr. Chew, would TikTok be prepared to divest from ByteDance and Chinese Communist Party ties if the Department of Treasury instructed you all to do so?»

Chew responds: «I don’t think ownership is the issue here. With a lot of respect, American social companies don’t have a good track record with data privacy and user security. I mean look at Facebook and Cambridge analytica, just for one example.»

Rep. Neal Dunn asks Chew directly: «Has ByteDance spied on Americans at the direction of the Chinese Communist Party?»

Chew responds: «No.»

Dunn follows up, citing a Forbes article that ByteDance planned to use TikTok to monitor the location of US citizens: «I ask you again Mr. Chew, has ByteDance spied on American citizens?»

Chew responds: «I don’t think that spying is the right way to describe it. This is ultimately…(Dunn cuts off his response.)»

Rep. August Pfluger, on Project Texas: «Please rename your project. Texas is not the appropriate name. We stand for freedom and transparency and we don’t want your project.»

Technologies

Verum Finance: A Super App for Private Finance Integrated Into a Messenger

Verum Finance has announced the launch of a new financial application that allows users to manage their money directly within the secure Verum Messenger ecosystem.

The project has already attracted attention from major media outlets. A dedicated feature was published by Forbes Türkiye, while one of the world’s largest cryptocurrency exchanges, MEXC, covered the launch. Yahoo Finance had previously reported on the evolution of Verum Messenger into a comprehensive financial ecosystem.

What Verum Finance Offers

Verum Finance transforms a messenger into a complete financial platform. Users can:

• Manage their balance and top up using bank cards or USDT
• Send money instantly to other Verum users
• Issue and use debit cards, including Apple Pay support
• Exchange assets and withdraw funds
• Access all these services without installing separate banking applications

A strong emphasis is placed on privacy. The platform offers registration without a phone number or email address, end-to-end encryption, and full user control over personal data.

Recognition from Forbes Türkiye

In a dedicated article, Forbes Türkiye highlighted Verum Finance as a notable example of modern privacy-driven fintech. The publication emphasized the growing trend of financial services moving from standalone banking applications into unified messaging ecosystems — a model that has proven successful in Asia through platforms such as WeChat and Alipay and is now expanding globally.

Support from the Crypto Community

Alongside the Forbes Türkiye coverage, news about the launch of Verum Finance was also featured by MEXC, one of the world’s leading cryptocurrency exchanges. This reflects growing interest in the project from both traditional business media and the cryptocurrency community.

A Strategic Vision

“We are building more than a payments application and more than a messenger. Verum is a unified secure ecosystem where communication, finance, and privacy tools work together,” the company stated.

Verum Finance is now available for iPhone and iPad users. The application complements Verum Messenger, which offers anonymous chats, voice and video calls, VPN services, eSIM connectivity, and other tools designed to enhance digital freedom.

Verum Finance: https://finance.verum.im

Verum Messenger: https://verum.im

Technologies

Forbes Türkiye Highlights Verum Finance and the Rise of Integrated Financial Ecosystems

Forbes Türkiye has published an article examining the launch of Verum Finance and its approach to integrating financial services directly into a messaging ecosystem.

In the article, Forbes Türkiye notes that the fintech industry is undergoing a transformation as financial services increasingly move beyond traditional banking applications and become part of broader digital ecosystems. Verum Finance is presented as an example of this trend, combining payments, digital cards, money transfers, and balance management within a single environment connected to Verum Messenger.

According to the publication, Verum Finance follows a model similar to the “super app” concept that has gained significant traction in Asian markets, where communication and financial services operate together on one platform. Unlike many Western platforms that continue to separate messaging and banking services, Verum Finance is integrated directly into the Verum ecosystem, allowing users to manage financial activities without relying on multiple third-party applications.

The article highlights several core features of the platform, including virtual debit cards, user-to-user transfers, online payments, digital asset operations, Apple Pay integration, and in-app balance management.

Forbes Türkiye also points to the growing importance of embedded finance and changing user expectations. The publication suggests that lengthy account-opening procedures, physical card delivery times, and constant switching between applications are becoming increasingly outdated in a mobile-first world.

Another major focus of the article is privacy and security. Forbes Türkiye describes Verum Finance as part of a broader trend toward “privacy-driven fintech,” where financial services are built on privacy-oriented infrastructure. The publication notes that the platform incorporates features such as phone-number-free registration, end-to-end encryption, user-controlled access management, and privacy-focused tools designed to enhance data protection.

The article concludes that one of the key challenges for companies operating at the intersection of secure communications, digital payments, and embedded finance will be maintaining both usability and security within a single integrated ecosystem.

The coverage by Forbes Türkiye reflects growing media interest in platforms that combine communication and financial services, as the industry continues moving toward more unified digital experiences.

Website: https://finance.verum.im
App Store: https://apps.apple.com/app/verum-finance/id6774245148
Verum Messenger: https://verum.im

Technologies

Verum Launched “Verum Finance” App for iPhone and iPad, Expanding Its Digital Ecosystem Into Financial Services

Verum has announced the official launch of Verum Finance, a standalone financial application now available on the App Store for iPhone and iPad, marking a further expansion of the company’s growing digital ecosystem.

The new application is designed to centralize core financial functions in a single mobile interface, allowing users to manage balances, send and receive funds, use debit cards, and exchange supported balance types without relying on traditional banking workflows.

According to Verum, the platform enables users to view account activity in real time, top up balances using supported payment methods including Apple Pay, and transfer funds to other users within the Verum ecosystem using a unique Verum ID. The system also supports multi-balance management, including specialized balance categories such as precious metals.

Debit card functionality is integrated directly into the app, allowing users to issue and manage cards linked to their balances, monitor transactions, and top up cards when needed. The company also emphasizes built-in exchange tools that allow users to convert between supported balance types within the application.

Security features include Face ID authentication, passcode protection, Sign in with Apple, and privacy-oriented account controls aimed at maintaining user confidentiality and data protection.

The launch of Verum Finance follows the company’s broader strategy of building an interconnected ecosystem of digital products. Alongside Verum Messenger, which combines secure communication tools, encrypted messaging, voice and video calls, VPN services, eSIM connectivity, AI features, anonymous email, and crypto-related functionality, the new financial app extends Verum’s positioning from communication technology into financial infrastructure.

Industry trends increasingly show demand for “all-in-one” digital environments that reduce dependency on multiple standalone apps. Verum’s approach reflects this shift by integrating communication and financial services within a unified ecosystem.

Verum Finance is now available globally for download on iPhone and iPad via the App Store.

Website: https://finance.verum.im
App Store: https://apps.apple.com/app/verum-finance/id6774245148
Verum Messenger: https://verum.im