Sea weighs Monee IPO as it launches Sea Cloud AI business
What's new: The Singapore group also plans to sell cloud services globally after rebuilding its in-house platform for AI tools.
Sea is considering a public listing for its financial services arm Monee while starting a new enterprise cloud unit called Sea Cloud, according to an internal memo from founder Forrest Li. Li wrote that an IPO could give Monee more room and capital to expand as a standalone business. Monee operates across Singapore, Indonesia, Malaysia, Thailand, Vietnam, the Philippines, Taiwan and Brazil, offering wallets, payments, credit and banking services. Sea Cloud will market cloud services to companies worldwide after Sea spent two years rebuilding its internal platform to support AI applications. The move opens a new front for Sea as it faces tougher competition in e-commerce from TikTok Shop, Lazada, Shein and Temu.