Sea Limited, one of the leading consumer internet companies in Southeast Asia, today announced that it has applied for a Digital Full Bank License in Singapore.
The digital bank will focus on addressing the unmet needs of millennials and SMEs, with a mission to better the lives of individuals and businesses in Singapore with financial services through technology, Sea said in a statement.
Sea intends to innovate processes, products, and services that will improve lives of individuals and SMEs by reducing the barriers to accessing financial services through technology.
“Sea has a truly unique position at the heart of Singapore’s digital ecosystem. We believe this will enable us to make a real and lasting impact in support of Singapore’s growth as a global financial centre and the development of its digital economy as a whole,” said Forrest Li, Chairman and Group CEO of Sea.
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Sea was founded in Singapore in 2009. In 2017, it listed on the New York Stock Exchange. Today, it has a market capitalisation of more than S$25 billion as of December 31, 2019.
Besides Shopee (e-commerce marketplace) and Garena (online game developer and publisher), Sea runs SeaMoney, a digital financial services network in Southeast Asia. SeaMoney’s offerings include e-wallet services, payment processing, micro-lending, and related digital financial services and products. These services and products are offered in various markets in Southeast Asia under AirPay, ShopeePay, Shopee PayLater, and other related brands.
A number of companies from across Asia have recently applied for a Digital Full Bank Licence in Singapore, including Grab, Razer, Ant Financial, and Beyond Consortium.
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