There have been efforts by industry leaders and relevant stakeholders to propel the recovery of the nation’s economy in 2022. The journey has exposed the gaps and challenges in the way we operate — providing us with an opportunity to look things through from a different lens.

Improved access to technology and digitalisation are paramount to ensure that everyone, irrespective of their status and differences, will be able to meet future digital challenges.

As a leading global consumer internet company, Sea Ltd is committed to driving digital inclusion. Its efforts in 2022 have included expanding online marketplace inclusivity, supporting underserved communities, refining its offerings to meet local needs and gearing up for digital banking — all part of its commitment to bridge the digital divide in the country.

Sea’s subsidiary Shopee has made e-commerce accessible to everyone since its launch in 2015. Thus far, the transformative power of the platform has unlocked growth in an inclusive ecosystem, driving the local economy for sellers, brands and local talent over time. Since October 2021, the platform has witnessed the addition of over 251,000 new local sellers.

Shopee offers an easy, secure and engaging experience enjoyed by millions of people daily, empowering anyone to buy and sell anywhere, anytime. Companies and entrepreneurs see the platform as an opportunity to launch or expand their existing businesses, boosted by government assistance programmes such as DE Dagang.

The ShopeeSapotLokal initiatives ensure that underserved B40 sellers have the tools they need to scale and succeed — in their local language and addressing their specific pain points — with valuable resources like the Shopee University classes, ShopeeXperts Programme and Bintang Komuniti Club. In addition, the Shopee International Platform develops them into exporters in a way that alternative, smaller channels are not able to, with access to markets beyond Malaysia.

Understanding buyers’ preferences and behaviours when shopping online is pivotal, as trends will influence the way e-commerce adapts and changes. Through the Celebrating the Heart of Malaysians on E-Commerce survey conducted during the third quarter of 2022, it was discovered that nine in 10 Malaysians still prefer to shop online because of the peace of mind they value.

In 2023, Shopee is giving all local marketplace sellers a strong head start with its Shopee Growth Programme. All local sellers are eligible to boost their store performance and sales with a one-week free trial of the highly popular Shopee RebateNOW where buyers can enjoy 10% off of their purchases between Jan 9 and 15. In addition, local marketplace sellers can claim up to RM100 Free Ads credit for two months to enhance their store visibility and traffic between January and March.

In the recent Asean Digital Generation Report, co-written by the World Economic Forum and Sea, it was revealed that online or mobile banking has become the second most widely used app after social media. Findings from 90,000 Asean respondents surveyed, including Malaysian consumers and micro, small and medium enterprises (MSMEs), show that there is keenness to digitise financial services even more.

The survey also revealed several groups that were digitally underserved, as well as lacking in digital and financial literacy. Rural dwellers, women and micro-enterprises were among the 79% of respondents who lacked access to credit, insurance and investment products.

Digitalisation and inclusivity are necessary to ensure these groups have equal access to opportunities, and in return contribute to the digital economy.

About 65% of the women surveyed have adopted digital finance apps, compared with men at 59%. One of the reasons for the higher adoption among women was the lack of formal borrowing channels from commercial institutions — only 22% of women in the survey received credit from commercial banks, and only 19% used advanced financial products such as credit, investments and insurance.

Access to digital banking services is greatly dependant on the level of digital and financial literacy. Better literacy rates can ensure that Asean’s digital generation can navigate financial services safely and seamlessly.

In Malaysia, digitalisation and digital literacy are the ways to improve financial inclusion. Sea supports the narrowing of the digital divide through the growth of digital equity and the digital economy in rural areas, thus creating jobs, reducing poverty and improving the quality of life among its dwellers.

Through Shopee, entrepreneurs across the country are given access to knowledge, training, tools and payment options that enable them to participate in and grow their businesses through the digital economy. Also, with the advent of digital banking in Malaysia, advanced financial services can be offered to everyone, especially the underserved communities.

To further significantly bridge the digital divide, Sea is gearing up to start its digital banking operations in Malaysia under a consortium formed with YTL Digital Capital Sdn Bhd, after being awarded a digital licence by Bank Negara Malaysia in April 2022.

Through its digital banking platform, the company aims to further remove barriers for the unbanked communities, providing more access for people to make and receive payments as well as manage their finances. It aims to promote inclusive trade and sustainable development for vendors, as well as drive inclusivity and accessibility for all Malaysians.

Sea aims to offer products that are simplified to encourage more people to save, invest and grow their savings. Its services will also be equipped with personalised recommendations according to one’s credit standing, in effect promoting responsible financing.

The consortium has started hiring to fill roles across multiple disciplines, including the shaping of the C-level tier that will helm the operations of the digital bank.

Sea is committed to empowering local communities through its e-commerce and digital banking efforts, while playing a key role in supporting the Malaysian digital ecosystem and, subsequently, growing the nation’s digital economy.