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Hi readers,
Some important birthdays in my life are coming up soon so Shopee has been so helpful with gift-buying.
For a penny pincher like me, the SeaBank, ShopeePay, and SPayLater exclusive deals are tempting. But I ended up only using the regular vouchers – for now at least.
No upfront costs and seamless integration with my bank account? Not for me, I don’t trust myself with that kind of buying power. But understandably, a lot of users appreciate these features.
Revenue from SeaMoney grew 35% year on year in 2024. This was enough to push it to become Sea Group’s second-largest arm revenue-wise, pushing digital entertainment unit Garena aside. The growth was quick too, as SeaMoney’s revenue last year doubled compared to 2022.
This isn’t to say Garena has not been doing well; after all, it’s still Sea Group’s most profitable unit. Garena’s bookings and adjusted earnings went up in 2024, as daily average users rose during the year.
Now, there’s a number of options that Sea Group can take, including share buybacks and acquisitions. Whatever path it chooses, we’ll let you know.
— Miguel Cordon, journalist at Tech in Asia
Top stories this week
Image credit: Timmy Loen
1️. Sea Group’s financial health in 7 charts
These charts offer a snapshot of how Sea Group, the company behind Garena, Shopee, and SeaMoney, is faring.
2. Shopee, loan growth fuel Sea Group’s 2nd profitable year
Shopee’s gross merchandise value breached the US$100 billion mark in 2024.
3. SEA’s AI players target end users as DeepSeek stifles LLMs
The opportunity now lies in making end products, not competing with tech giants’ foundational models, industry insiders say.
4. Indonesian startups’ struggles pose dilemma for Danantara
The country’s startups sorely need a fresh funding source. But fraud and other issues may push the sovereign fund elsewhere.
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