It will set up centres of excellence in product management, artificial intelligence and anti-money laundering
[SINGAPORE] Sea’s digital financial services arm has rebranded from SeaMoney to Monee, an umbrella segment for all of Sea’s digital financial services.
This was announced on Thursday (May 8) as part of the new office opening of Sea’s digital financial services headquarters at Rochester Commons. Monee will be the main occupant of the CapitaLand property, taking up 10 of the 17 floors.
The two digital banks, MariBank in Singapore and SeaBank in Indonesia and the Philippines, as well as payment and loan services, will also be part of the Monee segment of Sea. Some highlights of the digital financial services include more than S$1 billion in MariBank’s Mari Invest SavePlus Fund, making it one of the largest Singapore dollar money market funds in in the Republic.
Sea’s chief executive Forrest Li said: “Today, with over 26 million active credit users, our loan book has grown to over US$5 billion – a reflection of the scale of the unmet demand that we are serving.
A digital banking group has also been launched under MariBank.
Monee will be establishing centres of excellence in product management, artificial intelligence and anti-money laundering in its new headquarters. The office will accommodate 1,000 employees, with a capacity of up to 1,500.
In a speech at the office opening, Manpower Minister and Second Trade and Industry Minister Tan See Leng said: “These centres of excellences deepen Singapore’s expertise in domains that will take on greater importance in the industry, as nefarious activities become more sophisticated.”
He added that Sea has achieved early successes in tapping the market potential in digital finance.
“Their experience is one which is worth taking a leaf from, especially for home-grown companies looking to grow in our thriving financial services industry,” he said.
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