Sea Group applies for full digital bank licence in Singapore

Photo: Sea Group

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.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.