SINGAPORE: Gaming and eCommerce firm Sea has opened its global headquarters for its digital financial services business in Singapore.
The company will use the headquarters (HQ) as a base to build a financial technology or fintech ecosystem in the region.
The firm also announced that the business, called SeaMoney, has been rebranded as Monee.
Monee is leasing 10 floors across 200,000 sq ft for the headquarters at Rochester Commons, a 17-storey building in one-north near Buona Vista.
About 1,000 finance professionals will be based there initially, although the space can accommodate up to 1,500 staff, Sea said.
The firm chose May 8 for the HQ’s official opening as it was this date 16 years ago that the company began in Singapore, operating as a gaming startup out of a rented shophouse near Maxwell Road.
Sea has since grown into a regional technology powerhouse with three core businesses – digital entertainment, eCommerce and digital payments and financial services.
Manpower Minister and Second Minister for Trade and Industry Tan See Leng, who was guest of honour at the opening ceremony, said he personally had benefited from the wide variety of online shopping options on Shopee, Sea’s eCommerce platform.
He took out his glasses and told the audience – to much laughter – that he bought an ultrasonic cleaning device for them on Shopee. “Hence, I could clean my glasses each day with this device.”
Retailers stand to benefit as well, as the Shopee platform gives them a springboard to access new regional markets, Tan added.
He noted how Sea’s initiatives tie in with Singapore’s efforts to take the digital finance industry to its “next growth peak”.
For instance, Monee is anchoring key innovation capabilities here with several centres of excellence that will focus on areas like product management, risk management and compliance, and anti-money laundering and fraud.
“Such capabilities are key in protecting our financial system from misuse, and in ensuring Singapore remains a trusted international financial centre and business hub,” Tan added.
As another example, MariBank, the digital banking arm of Monee, was the first digital bank in Singapore to roll out an overseas transfer service for retail and business users.
The service, which began on April 3, allows firms here to pay their invoices in 10 different currencies to suppliers from 13 countries. Similarly, individuals can transfer money easily overseas.
Tan noted: “As we look towards a new global economic order, it is ever more important that Singapore continues to nurture and anchor enterprises like Sea – one that reinforces our position as a hub for ideas, talent and investments, and opens up new opportunities for our economy and our people.”
Sea chairman and chief executive Forrest Li said Singapore’s government agencies have created a thriving ecosystem for tech and financial innovation, adding: “It is only with this strong home base that we are able to build a regional fintech ecosystem, which we hope can uplift communities across South-East Asia and beyond.”
As a next step towards greater financial connectivity, Monee will bring its digital banks across the region under a banking group based out of Singapore. The MariBank banking group already has MariBank Singapore and SeaBank Philippines. — The Straits Times/ANN
