SEA receives his Fintech Arm in Monee, a “beautiful” name for an increasingly important business

SeaPopular E-Commerce Platform Shopee, he is marking his 16th anniversary with a “beautiful” receiving his financial service arm, the fastest segment of his business.

The Fintech Division of the Technology Giant, formerly known as “Seamoney”, will now get a much shorter title: Monee. The Division Dividad will supervise the two digital banks of the technology company (Maribank in Singapore and Seaanbank in Indonesia and the Philippines) with their payments and loans.

“We have chosen the name of Monee because it is simple, sympathetic and, like the sea, easy to write and pronounce,” said Forrest on Thursday Li, founder and CEO of SEA. The new brand also aligns with the existing E -commerce brand of Sea, Shopee.

Mar, no. 20 at South -East Asian 500started as a games company. In 2015, the company launched Shopee. E -commerce now constitutes most SEA revenue, with Shopee, which generates almost three -quarters of the revenue of $ 16.8 billion Sea in its most recent exercise.

However, Fintech is becoming a growing part of the SEA business. The revenue of digital financial services reached $ 2.4 billion last year, 34.6%. In the last three months of last year, SEA’s financial services revenue grew by 55.2% year -on -year to reach $ 733.3 million, the fastest growing segment of this period.

The Sea generates income from loans to consumers and small and medium -sized businesses. As of December 31, 2024, the main consumers and outstanding loans amounted to $ 5.1 billion, 63.9% year -on -year.

On Thursday, he told her how Fintech has been for a long time for SEA business. Even during its start as a game publisher, SEA created its own payment network to allow users to buy items in the game. This resulted in Airpay’s 2014 launch, a general -purpose and then Shopeepay, a wallet e integrated with its e -commerce platform. Sea later launched digital banking applications in Indonesia, Philippines and Singapore.

The young and friendly population of Mobiles of Southeast Asia is more open to interacting with a digital financial platform. The least developed economies in the region also have important populations for banking, providing a path for players such as SEA to intervene with digital banks.

The fellow of Technology Platform GRAB has also moved to financial services, which has become a segment of rapid growth income for the Singapore Platform.

These technology platforms touch data from consumer -oriented business users, such as e -commerce, travel and delivery of food to evaluate the risk of non -banking and underground populations that are usually not used for traditional financial institutions.

At the launch of Monee on Thursday, the second Minister of Commerce and Industry in Singapore said that the value of the digital payment transaction in the south -East Asian reached 1.1 trillion dollars last year and will double by 2030. Digital loans will also grow up to about $ 2030, up to $ 70 million last year.

This story originally presented to Fortune.com

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