Photo credit: SeaMoney
SeaMoney, the financial arm of Sea Group, has laid off a number of employees in Indonesia.
In a statement to Tech in Asia, a SeaMoney spokesperson said the reduction affected “a small number of roles on one team.” The move is also part of the company’s “regular review of business operations” to maximize efficiency.
SeaMoney did not specify the exact number of retrenched employees, but it said that all were given a 14-working-day notice period in accordance with Indonesian regulations.
In the first quarter of 2023, Sea Group recorded its second straight profitable quarter with US$87.3 million in net income. During the period, SeaMoney posted US$412.8 million in revenue, up 75% year on year.
In Indonesia, SeaMoney’s offerings include ShopeePay (payments), SPayLater (BNPL), and SeaBank (digital banking).
In March, Sea Group founder and CEO Forrest Li said there would be no more “large-scale changes” ahead for the company, which retrenched about 7,000 staff throughout 2022.
See also: Making sense of Grab’s surprising U-turn from ‘no layoffs’ stance
Editing by Thu Huong Le and Eileen C. Ang
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