TikTok has submitted a risk assessment report on its new app TikTok Lite to the European Commission, the company said on Tuesday, averting a possible fine.

The EU executive had on Monday given the ByteDance-owned company 24 hours to provide the report, saying it has concerns about TikTok Lite's reward programme and its potentially addictive nature to children.

It also singled out TikTok's failure to provide a risk assessment report on the new app before launching it in Spain and France this month.

The Commission said it was applying its Digital Services Act (DSA) which requires major online companies to do more to tackle illegal and harmful content on their platforms or risk fines of up to 6% of their global annual turnover.

"We have (submitted a report)," a TikTok spokesperson said.

The company has until Wednesday to present arguments on the reward programme which will determine whether the Commission will temporarily suspend the programme until it assesses whether it is safe for children.

An even bigger issue for the company is the Commission's decision to open an investigation into TikTok Lite's launch in France and Spain and whether this breached DSA rules.