Sea prepares move into sector

Sea, one of south-east Asia’s largest technology companies, is preparing a move into Indonesia’s insurance sector.

The company is preparing to acquire an insurance company in Indonesia, according to two people close to the deliberations, stated a Financial Times report.

One of the people said a likely target was Asuransi Mega Pratama, a group recently acquired by one of Sea’s business partners, which would pave the way to entering a general insurance market worth more than USD5 billion in Indonesia.

 Forrest Li, founder and chair of Sea, said in an earnings call in March that the company expected its digital financial services arm to “achieve positive cash flow by next year”. In April, the company obtained a digital banking licence in Malaysia, alongside Grab and others.