In Southeast Asian internet battle, Sea's rise sends rivals scrambling

reuters2021-03-23

SINGAPORE (Reuters) - In front of an open-air Jakarta restaurant, delivery drivers clad in the orange colours of Southeast Asia tech group Sea Ltd wait for orders next to the green-jacketed riders of ...

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Comments

kuehlapis
2021-04-04
kuehlapis
putting it on my watchlist
lgnt
2021-04-02
lgnt
Potential. Like and comment pls
FuJie1010
2021-03-31
FuJie1010
Great company
Pat07
2021-03-23
Pat07
Is it a good buy?
boonhuat
2021-03-23
boonhuat
Coins
Ivanhojh
2021-03-23
Ivanhojh
Like and comment pls. Thank you.
- lgnt:
  Done
- Lty1098:
  Like n comment pls
- Mevy:
  Ok

Leave a comment

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Its share price has risen five-fold over the past year, giving the company a market capitalisation of $111 billion.\nNow Singapore-based Sea is muscling into food delivery and financial services in Indonesia, the world’s fourth-most-populous country, posing a new threat to regional rivals including ride-hailing and delivery unicorns Grab and GoJek.\nAt stake is a slice of the more than 400 million internet users in Southeast Asia’s digital economy, which is estimated to triple to $309 billion by 2025, according to a study by Google, Temasek and Bain & Company.\nTech giants including Tencent, a major investor in Sea, Alibaba, Google and Softbank Group Corp are big backers of Southeast Asia’s internet champions.\nSources say Sea’s aggressive expansion is one of the key sources driving merger discussions between Gojek and e-commerce platform Tokopedia. 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It went public in 2017 and has raised some $7 billion in share and debt sales, with early investor Tencent now holding about 20% of the stock.\nThat investor appetite, combined with a need to raise cash to match Sea’s muscle, is forcing rivals to seek public listings as quickly as they can, bankers and executives familiar with the matter say.\nSources say the Gojek-Tokopedia merger, which is likely to be finalised within weeks, will be followed by a listing in Jakarta in the second half of 2021, then a mega IPO in the United States targeted for 2022.\nGrab and Traveloka, for their part, are looking at speeding up the process by merging with special purpose acquisition companies, sources said. Bukalapak is planning the same, after a 2021 Jakarta IPO.\n“The market is pretty welcoming for tech stocks. It’s an opportunity for Grab if they are ready for it,” said Jixun Foo, a managing partner at GGV Capital, which has invested in Grab.\nCOLLISION COURSE\nSea’s success owes much to its online gaming business Garena, whose 2017 title Free Fire became the most downloaded game in the world over the past two years.\nIt’s using the cash from Garena to repeat its success in e-commerce, food delivery and financial services.\nIts Shopee division started off in 2015 as a platform for local sellers and soon gained traction with many merchants regionally. It has now overtaken both Lazada as the top e-commerce player in the region and Tokopedia as the leader in Indonesia, thanks in part to innovations such as adding social features to its service.\nBoth Gojek and Grab, which have pursued on-again, off-again merger talks with each other for years, believe they can ward off Sea’s move into food delivery thanks to well-honed logistics networks and early-mover advantages.\nBut they could be hard-pressed to match Sea’s subsidies: in Vietnam, Sea-owned food delivery service Now quietly dominates the sector, according to a January report by advisory firm Momentum Works.\nIn Indonesia, ShopeeFood is wooing vendors by touting its 80 million-strong user base and promising to subsidise steep discounting.\nThe next showdown will be in financial services.\nSea has bought Indonesian lender Bank BKE and has hired a veteran of China’s peer-to-peer platforms to head its “SeaMoney” banking efforts.\n“SeaMoney can become the Ant Financial of Southeast Asia,” said Daniel Jacobs, managing partner at emerging markets hedge fund Kora, a Sea shareholder.\n“After payments, they have the vision and will to grow into adjacent areas, from ‘buy now, pay later’ on the customer side to merchant credit and all sorts of financial services.”\nBut Gojek and Grab, both of which own part of Indonesian payment app OVO, have similar ambitions. And Sea and Grab are set to square off in Singapore, where both won coveted digital bank licences in December.\nGrab is backed by many investors including SoftBank Group and Mitsubishi UFJ Financial Group.\n“This is going to be a battle of the titans,” said Patrick Walujo, the co-founder of Indonesian private-equity firm Northstar Group and a Gojek investor.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":349062719,"gmtCreate":1617507140031,"gmtModify":1704700087846,"author":{"id":"3574029017802033","authorId":"3574029017802033","name":"kuehlapis","avatar":"https://static.tigerbbs.com/732ffeea71fc0732b84f029cc0e8263e","vip":1,"crmLevel":3,"crmLevelSwitch":0,"authorIdStr":"3574029017802033","idStr":"3574029017802033"},"htmlText":"putting it on my watchlist","listText":"putting it on my watchlist","text":"putting it on my watchlist","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/349062719","repostId":1180246810,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":340814718,"gmtCreate":1617371352134,"gmtModify":1704699264176,"author":{"id":"3575265409091533","authorId":"3575265409091533","name":"lgnt","avatar":"https://static.tigerbbs.com/1c510dc19933984119b9fc0dc1d30034","vip":1,"crmLevel":5,"crmLevelSwitch":0,"authorIdStr":"3575265409091533","idStr":"3575265409091533"},"htmlText":"Potential. Like and comment pls","listText":"Potential. Like and comment pls","text":"Potential. Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/340814718","repostId":1180246810,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":354789081,"gmtCreate":1617201223243,"gmtModify":1704697226431,"author":{"id":"3569319160707763","authorId":"3569319160707763","name":"FuJie1010","avatar":"https://static.tigerbbs.com/95099c51f8498b56c3973ded1570fc6b","vip":1,"crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"3569319160707763","idStr":"3569319160707763"},"htmlText":"Great company","listText":"Great company","text":"Great company","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/354789081","repostId":1180246810,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":353861375,"gmtCreate":1616482242897,"gmtModify":1704794650679,"author":{"id":"3552951172021422","authorId":"3552951172021422","name":"Pat07","avatar":"https://static.tigerbbs.com/b7f2fc12edf68bb7d273f5ab6c5844a1","vip":1,"crmLevel":4,"crmLevelSwitch":0,"authorIdStr":"3552951172021422","idStr":"3552951172021422"},"htmlText":"Is it a good buy?","listText":"Is it a good buy?","text":"Is it a good buy?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/353861375","repostId":1180246810,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":353884649,"gmtCreate":1616481621981,"gmtModify":1704794644016,"author":{"id":"3575289521158838","authorId":"3575289521158838","name":"boonhuat","avatar":"https://static.tigerbbs.com/04020f90fcb6f74117e2a7d738a58fe0","vip":1,"crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"3575289521158838","idStr":"3575289521158838"},"htmlText":"Coins","listText":"Coins","text":"Coins","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/353884649","repostId":1180246810,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":353888327,"gmtCreate":1616481057669,"gmtModify":1704794638358,"author":{"id":"3575241823069388","authorId":"3575241823069388","name":"Ivanhojh","avatar":"https://static.tigerbbs.com/a41f0bf4ce9ad13477b3d5ba49c8d025","vip":1,"crmLevel":3,"crmLevelSwitch":0,"authorIdStr":"3575241823069388","idStr":"3575241823069388"},"htmlText":"Like and comment pls. Thank you.&nbsp;","listText":"Like and comment pls. Thank you.&nbsp;","text":"Like and comment pls. Thank you.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/353888327","repostId":1180246810,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3947499,"gmtCreate":1617371340623,"gmtModify":1680782706486,"authorId":3575265409091533,"author":{"id":3575265409091533,"idStr":"3575265409091533","authorId":3575265409091533,"name":"lgnt","avatar":"https://static.tigerbbs.com/1c510dc19933984119b9fc0dc1d30034","vip":1,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":353888327,"type":1,"supId":0,"prevId":0,"content":"Done","text":"Done","html":"Done"},{"id":3860939,"gmtCreate":1616482893368,"gmtModify":1680781389285,"authorId":3573201360768736,"author":{"id":3573201360768736,"idStr":"3573201360768736","authorId":3573201360768736,"name":"Lty1098","avatar":"https://static.tigerbbs.com/0123641e5b1e8993162711702dcb0f22","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":353888327,"type":1,"supId":0,"prevId":0,"content":"Like n comment pls","text":"Like n comment pls","html":"Like n comment pls"},{"id":3860822,"gmtCreate":1616481227065,"gmtModify":1680781384623,"authorId":3571698361511635,"author":{"id":3571698361511635,"idStr":"3571698361511635","authorId":3571698361511635,"name":"Mevy","avatar":"https://static.tigerbbs.com/97b58686a1f277017c180bdeac7bf3a3","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":353888327,"type":1,"supId":0,"prevId":0,"content":"Ok","text":"Ok","html":"Ok"}],"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":14,"commentSize":7,"repostSize":0,"favoriteSize":2,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1180246810"}