Sea plans IPO for financial services arm Monee, memo says

A lanyard showing logos of Southeast Asian e-commerce and gaming group Sea Ltd is pictured at their office in Singapore, March 5, 2021.

A lanyard showing logos of Southeast Asian e-commerce and gaming group Sea Ltd is pictured at their office in Singapore, March 5, 2021. (REUTERS/Edgar Su)


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(Corrects spelling of founder's name in second and sixth ​paragraphs to Li, not Lee)

SINGAPORE, Oct 20 (Reuters) - Singapore-headquartered tech conglomerate Sea Limited is ‌planning a public listing for its financial services arm ⁠Monee and will ​also launch an AI ⁠enterprise platform business, according to an ‌internal memo sent ‌on Tuesday.

Founder Forrest Li, in a memo ⁠to employees that ⁠was reviewed by Reuters, said he believed going public would give its financial payments and services business the "resources and the room to go further and faster than it ‌can today".

The business operates ​in Singapore, Indonesia, Malaysia, Thailand, Vietnam, the Philippines, Taiwan, and Brazil and offers mobile wallets, payments processing, credit, and banking services.

Sea did not immediately respond to a request for comment.

The memo said the tech ​group would also launch an AI-first enterprise ‌platform named ‌Sea ⁠Cloud.

In the memo, which was sent on the ninth anniversary of the group's public listing in New York, Li said the quarterly revenue ‌for the group ​had grown more than ‌80 times over ⁠that ​period to $7.8 billion.

(Reporting by Fanny Potkin; Editing by Martin ​Petty)

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