According to Monetary Authority of Singapore, the digital full bank license to Sea marks the first such license to be awarded in Singapore
Sea to acquire Digital Full Bank License in Singapore. (Credit: Sea Limited.)
Singapore-based consumer internet company Sea has been selected by the Monetary Authority of Singapore, for the award of a license to operate a digital full bank in the country.
According to the Singapore’s central bank, the digital full bank license to Sea marks the first such license to be awarded in Singapore
Sea chairman and group chief executive officer Forrest Li said: “Sea’s mission is to better the lives of consumers and small businesses through technology, and we are honoured to be selected by the Monetary Authority of Singapore for the award of a digital full bank license and to have the opportunity to offer digital banking services addressing the underserved financial needs of young consumers and SMEs in Singapore.
Sea is deeply integrated into Singapore’s digital economy
Sea is deeply integrated into Singapore’s digital economy with young consumers and SMEs, through its three platforms, including Shopee, Garena, and SeaMoney.
The company said that its digital bank will build on insights on the needs of the users from across Sea’s digital ecosystem to innovate processes, products, and services.
Also, the bank is expected to support the growth of Singapore’s digital economy by eliminating the barricades to the access of financial services through technology.
Established in 2009, Sea operates in three core businesses across digital entertainment, e-commerce, along with digital payments and financial services, including Garena, Shopee, and SeaMoney.
Garena is a global online games developer and publisher, Shopee is a large-scale e-commerce platform in Southeast Asia and Taiwan, while SeaMoney is a digital payments and financial services provider in Southeast Asia.
Li said added: “We are thankful to the Monetary Authority of Singapore for entrusting Sea with this important responsibility of broadening access to the opportunities of digitalisation.
“As a proudly homegrown company, we look forward to further contributing to the long-term development of our nation’s digital economy, creating more employment opportunities in Singapore, and empowering our whole community to thrive in the digital era.”