Sea Limited has raised the possibility of a public listing for its Monee financial services unit, which its chief executive said could gain more resources to expand as Sea develops a global cloud offering.
Sea Chairman and Chief Executive Officer Forrest Xiaodong Li set out the ideas in an Oct. 20 employee memo filed with the SEC. He said Monee was nearing the point where it could operate independently. The memo did not announce an IPO decision or provide a date, offering size, valuation or proposed exchange.
Monee reported US$1.4 billion in revenue for the second quarter of 2026, up 58.9% from a year earlier, and $288 million in adjusted EBITDA, a measure of earnings before interest, taxes, depreciation and amortization. Sea said increased lending was the main driver of the revenue growth.
At June 30, outstanding principal on consumer and small-business loans totaled $11.1 billion, including $1.1 billion in off-book loans. Sea reported a 1.0% ratio of nonperforming loan principal more than 90 days past due to total outstanding consumer and small-business loan principal.
Formerly called SeaMoney, Monee offers mobile wallets, payment processing, credit, banking and insurtech in Indonesia, Malaysia, the Philippines, Singapore, Thailand, Taiwan, Vietnam and Brazil. Sea said the business has operated since 2014.
Li pointed to Sea’s own 2017 New York Stock Exchange listing, which he said brought the company capital and credibility. Sea reported $94 million in quarterly revenue when it listed, compared with $7.8 billion for the quarter ended June 30, 2026. Li did not say how much a Monee offering might raise or what stake Sea might sell.
Sea also plans to make its internal cloud platform available globally under the Sea Cloud name. Li said roughly 500 employees have worked for two years to adapt the system, which Sea has used for more than a decade, for artificial intelligence applications. The memo gave no launch date.
