Singapore tech giant Sea plans IPO for financial services arm Monee, memo says

SINGAPORE: Singapore-headquartered tech conglomerate Sea Limited is planning a public listing for its financial services arm Monee and will also launch an AI enterprise platform business, according to an internal memo sent on Tuesday (Oct 20).

Founder Forrest Li, in a memo to employees that was reviewed by Reuters, said he believed going public would give its financial payments and services business the "resources and the room to go further and faster than it can today”. 

The business operates in Singapore, Indonesia, Malaysia, Thailand, Vietnam, the Philippines, Taiwan, and Brazil and offers mobile wallets, payments processing, credit and banking services.

Sea did not immediately respond to a request for comment.

The memo said the tech group would also launch an AI-first enterprise platform named Sea Cloud. 

In the memo, which was sent on the ninth anniversary of the group’s public listing in New York, Lee said the quarterly revenue for the group had grown more than 80 times over that period to US$7.8 billion.