The financial division of Sea Group, SeaMoney, has let go of a number of workers in Indonesia.
A SeaMoney spokesperson said in a statement that the reduction only affected “a small number of roles on one team.” Additionally, the action is a part of the business’ “regular review of business operations” to increase effectiveness.
The precise number of layoffs was not disclosed by SeaMoney, but it did state that all employees received a 14-working-day notice period in accordance with Indonesian laws.
With a net income of $87.3 million in the first quarter of 2023, Sea Group experienced its second consecutive profitable quarter. When compared to the same period last year, SeaMoney’s revenue increased by 75% to US $412.8 million.
SeaMoney provides ShopeePay (payments), SPayLater (BNPL), and SeaBank (digital banking) in Indonesia.
Forrest Li, the founder, and CEO of Sea Group, announced in March that there would be no more “large-scale changes” for the business, which laid off 7,000 employees in total between 2017 and 2022.
With the help of technology, Sea aims to improve the lives of local consumers and small business owners. SeaMoney, Garena, and Shopee are three of the company’s core businesses that span digital entertainment, e-commerce, and financial services.