- Sea applies for Thai digital banking license
- Company expands fintech operations across Southeast Asia
- Competition intensifies in Thailand’s emerging digital banking sector
From Singapore to Thailand – Sea’s Next Move
Sea, the Singaporean tech powerhouse, has set its sights on Thailand’s digital banking sector. The company, known for Shopee and Garena, recently applied for a virtual bank license in Thailand, partnering with Bangkok Bank, BTS Group, Saha Group, and Thailand Post.
This move follows Sea’s successful digital banking ventures in Singapore, Indonesia, and the Philippines.
Fintech Fuels Sea’s Growth
Sea’s financial services arm, SeaMoney, has become a significant growth driver for the company. In 2023, the digital financial services segment, including digital banks, saw a 44% revenue increase, reaching $1.8 billion.
The segment also turned profitable, posting a $550 million adjusted EBITDA, up from a loss the previous year.
Fierce Competition in Thai Digital Banking
The race for Thailand’s digital banking licenses is heating up. Five parties have applied, including rumored bids from conglomerate Charoen Pokphand Group and partnerships involving Krungthai Bank and SCBX.
The Bank of Thailand plans to announce winners by mid-2025, ushering in a new era of digital financial services in the country.
