Sea plans IPO for financial services arm Monee, memo says
The tech conglomerate will also launch an artificial intelligence enterprise platform business.
Singapore-based tech conglomerate Sea Limited is set to embark on a public listing for its financial services arm Monee, as per an internal memo dated October 20, according to Reuters. The memo, penned by the company's founder Forrest Li, revealed that the IPO would provide Monee with the "resources and the room to go further and faster than it can today."
Monee operates across Singapore, Indonesia, Malaysia, Thailand, Vietnam, the Philippines, Taiwan, and Brazil, offering various financial services including mobile wallets, payments processing, credit, and banking solutions. Sea did not immediately comment on the memo. The memo also announced the launch of an AI-first enterprise platform called Sea Cloud, marking the ninth anniversary of Sea's initial public listing in New York.
Li highlighted that the group's quarterly revenue has grown an astounding 80-fold over the same period, reaching a total of US$7.8 billion (S$10 billion).
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- Singapore tech giant Sea plans IPO for financial services arm Monee, memo says channelnewsasia.com
- Sea’s CEO says financial services arm Monee could go public, WSJ reports investing.com
- Sea plans IPO for financial services arm Monee: source techinasia.com
