Sea Group to buy Indonesian insurance firm amid super-app battle

Sea Group plans to acquire an insurance company in Indonesia as the Singapore-based tech giant expands its financial services amid a regional super-app battle with Grab and GoTo, two people close to the matter told Financial Times.

Among Sea Group’s potential targets is Asuransi Mega Pratama. The insurance firm was acquired early this year by an entity owned by Andy Indigo, who is the nephew of Martua Sitorus, co-founder of Singapore-based Wilmar International.

While Grab and GoTo offer insurance to users and ride-hailing drivers through partners, Sea also allows insurers to sell policies on its ecommerce platform in select countries.

In April, state-owned Bank Negara Indonesia (BNI) offered Sea Group a 10% stake in Bank Mayora. Sea helped BNI transform Bank Mayora into a digital bank by providing services to develop its tech and business model.

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