Sea starts enterprise cloud foray while eyeing a fintech arm IPO
The company plans to offer cloud services to businesses around the world, under a new arm called Sea Cloud
Enterprise cloud service provider Sea is launching a new cloud division called Sea Cloud, and is considering spinning out its financial services subsidiary Monee to go public, in an effort to accelerate growth and boost its stock price. CEO Forrest Li wrote in a staff memo that the move follows the ninth anniversary of Sea's listing on the stock market.
Sea is competing against major cloud providers like Amazon Web Services and Alibaba in the global market. The company's shares have fallen over 30% this year due to the competitive pressures it faces from rivals such as ByteDance's TikTok Shop and Alibaba's Lazada, as well as its ambition to expand in the rapidly growing Southeast Asian market.
Li has previously pledged to focus on AI to take Sea towards a trillion-dollar valuation. The company has already integrated AI into its operations and launched new AI applications. In addition to its cloud and fintech ambitions, Sea is also looking to expand its Shopee online commerce platform into Brazil.
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