Games, E-Commerce and Fintech: A Singaporean Success Story

 

Forrest Li, founder of Sea Group, shared insights into the transformative journey of his company from gaming to e-commerce and fintech during the Singapore FinTech Festival. His discussion emphasised the role of technology and inclusiveness in driving innovation and meeting the needs of underserved communities.

 

Key Highlights

1. Technology-Driven Business Evolution

From Gaming to E-Commerce:

  • Sea Group began as Garena, a gaming platform, and evolved into Shopee, one of Southeast Asia's largest e-commerce platforms.
  • Core focus: Leveraging technology to make products and services more accessible and affordable for underserved populations.

Embracing Mobile Internet:

  • Mobile internet reshaped gaming by transforming smartphones into portable gaming devices.
  • Digital banking redefined convenience, enabling users to manage finances entirely through mobile apps.

 

2. Navigating Economic Challenges

Adaptation to Market Shifts:

  • Post-pandemic consumer behaviour shifts, inflation, and rising capital costs required strategic recalibration.
  • Quick action enabled Sea Group to transition to financial sustainability while preserving its ecosystem value.

Balancing Growth and Stability:

  • The company focused on adapting resource allocation and scaling back temporarily to maintain financial health without sacrificing long-term goals.

 

3. Financial Inclusion through Fintech

Digital Banking Innovations:

  • Introduced micro-loans and SME credit options via platforms integrated with Shopee’s ecosystem.
  • Expanded into underserved markets like Indonesia, providing small loans ($100–$200) to over 10 million users, addressing low credit card penetration.

Customised Local Solutions:

  • Launched Maribank in Singapore, offering products like Murray Invest, enabling low-barrier investments with daily returns visibility.

 

4. Vision for the Future

Expanding Inclusiveness in E-Commerce:

  • Aims to increase e-commerce penetration across Southeast Asia by making products and delivery more affordable and accessible, especially in rural areas.

Harnessing Emerging Technologies:

  • Exploring AI, blockchain, and other frontier technologies to enhance product accessibility and usability.
  • Focused on practical applications to create tangible value for users and ensure no one is left behind in the tech revolution.

Opportunities for Growth:

  • Sea Group aspires to reach over a billion users globally by enhancing inclusiveness in its ecosystem.

Advancing with Technology:

  • The company is committed to exploring new technologies to drive innovation and better serve its diverse customer base.

Inclusive Impact:

  • Guided by its mission to serve the underserved, Sea Group aims to create products that deliver societal value and foster economic inclusivity.

 

Forrest Li underscored the potential of technology as a transformative force in gaming, e-commerce, and fintech, demonstrating how businesses can align innovation with inclusiveness to achieve sustainable growth.

 

Watch Full Session

 

Speaker:

  • Forrest Li, Founder & Chief Executive Officer, Sea Limited
Moderator:
  • Syahida Othman, Presenter, CNA
 
 

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