Sea Ltd Eyes Indonesian Insurance to Strengthen Financial Business

Summary

Sea Ltd reportedly expands into the Indonesian insurance industry. Shopee and Garena’s parent company will acquire a local insurance company in Indonesia. A source told Financial Times that Sea Ltd is likely to acquire Asuransi Mega Pratama, recently acquired by Sea Ltd's business partner, Andy Indigo. Citing the disclosure filing, Andy bought shares in Asuransi Mega Pratama earlier this year.

The Financial Times reported that Andy is an important business partner of Sea Ltd in Indonesia. He owns a 50 percent stake in the digital payment service Shopee Pay. In addition, Andy was a partner of Sea Ltd when it acquired Bank Kesejahteraan Ekonomi (BKE) in 2021.

What's interesting about the news is the role of Andy Indigo. Andy is the son of the conglomerate Ganda and the nephew of the agribusiness giant Wilmar International owner, Martua Sitorus. The emergence of Ganda and Martua behind Sea Ltd expansions adds to the long list of conglomerates aggressively expanding into the digital economy business.

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