Sea Group, an $18-billion Southeast Asian company with operations in gaming and e-commerce, has submitted its application for Singapore’s full bank digital licence.
The NYSE-listed company joins a growing list of candidates who have confirmed their applications in the last week, which include Grab-Singtel, a Razer-led consortium and the Beyond consortium backed by Ron Sim’s V3 Group.
Sea Group is the sole applicant under the full bank licence category so far.
On the other hand, those who applied for the wholesale bank licence to date are: the iFast Corp-led consortium, Sheng Ye Capital-led consortium, AMTD-led consortium and Ant Financial.
According to a statement, Sea Group said it plans to meet the unmet needs of Singapore’s millennials and small and medium enterprises (SMEs). The NYSE-listed company added that it plans to leverage its technology, data and corporate governance structure to better serve these underserved segments.
Forrest Li, Chairman and Group Chief Executive Officer of Sea, said: “Our mission has always been to better lives of people and businesses of our region through technology, and we have a strong track record of building world-class multi-billion dollar digital businesses inspired by this mission.”
Li added that the company also has “unrivaled insight” into the needs and wants of millennials and SMEs through its units: Garena (gaming), Shopee (e-commerce) and SeaMoney (financial services).
“As the largest US-listed internet company from Southeast Asia, we already have hard-wired in our operations the rigorous standards of corporate governance that will be essential to running a successful digital bank,” added Li.
The Monetary Authority of Singapore (MAS) has closed applications and will announce the successful candidates for its two full digital bank and three wholesale bank licences in mid-2020.