Sea to make Shopee prices more competitive, build digital banking services after first year in the black

FOLLOWING the announcement of its first profitable year, New York Stock Exchange-listed Sea said that it will improve the price competitiveness of its product listings on its e-commerce platform Shopee, and build its digital banking and insurance services under its payment arm, SeaMoney, to “capture new, exciting opportunities”.

In an e-mail to its employees on Monday (Mar 4), which was seen by The Business Times, Sea’s chairman and group chief executive officer Forrest Li said the company should continue its “deep commitment” to improving the lives and experiences of its users.

The company had earlier announced its financial results for 2023. It booked its first profitable year since it listed on the New York Stock Exchange in 2017, with earnings of US$162.7 million; revenue for the period jumped to US$13.1 billion from US$12.4 billion a year prior.