Sea prepares move into Indonesia’s insurance sector: FT

SINGAPORE-BASED Sea Ltd is getting ready to enter Indonesia’s insurance space as it contends with rivals in South-east Asia.

According to a report in the Financial Times, the tech company has drawn up plans to acquire an insurance company in the island archipelago.

A likely target appears to be Asuransi Mega Pratama, which was recently acquired by an entity owned by Andy Indigo, preparing for a Sea takeover when it’s ready.

Indigo is one of Sea’s most important business partners in Indonesia, with a 50 per cent stake in its digital payments arm in the country. Indigo also co-invested with Sea in its acquisition of Indonesian bank, Bank Kesejahteraan Ekonomi, in January 2021.

This move comes as Sea snags yet another digital bank licence in Malaysia, complementing its other digital bank licence in Singapore. The Business Times has reached out to Sea for comments.