Southeast Asian e-commerce and entertainment group Sea said on Tuesday it would launch an unit to manage its investments, as well as its own artificial intelligence labs. Called Sea Capital, the investment arm is the result of the acquisition of a Hong Kong-licensed global investment management firm and will launch with an initial $1 billion in capital. It also announced it would build its own artificial intelligence labs to help develop the region’s digital economy, which is expected to exceed $300 billion by 2025, according to a report by Google, Singapore state investor Temasek Holdings and business consultants Bain & Co. The Singapore-headquartered firm announced on Tuesday its income under generally accepted accounting principles (GAAP) had reached US$1.6 billion for the last quarter of 2020 and US$4.4 billion for the full year, a 101% year-on-year increase. Its net loss widened to $523.6 million from $283.8 million. Sea has seen meteoric growth on the stock markets during the coronavirus pandemic as shoppers turned to the internet, with its market cap now at $126 billion. Its e-commerce arm, Shopee, is the most popular shopping online platform in Southeast Asia and Taiwan. It is also active in Brazil and launched this week in… Read full this story
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