Shopee (Sea Limited)
Sea Limited operates Shopee, Monee (the renamed SeaMoney), and Garena across Southeast Asia, Taiwan, and Latin America. For Thailand e-commerce, Shopee is the reference marketplace: seller depth, fulfilment cadence, and integrated payments via Monee set the floor every other operator has to match. Sea does not break Thailand out separately, so the regional numbers are the triangulation anchor , and the FY2025 numbers show the platform turning from subsidy to harvest without slowing growth.
Snapshot
Headline numbers a buyer checks first.
Shopee GMV
$127.4B
FY2025
+26.8% YoY (from $100.5B FY2024)
Shopee take rate
11.4%
FY2025
Service revenue / GMV; up from 10.0% in FY2023
Shopee segment income
+$581M
FY2025
Flipped positive from −$139M loss in FY2024
Monee loan book
$8.0B
31 Dec 2025
+91% YoY; 95% consumer / SME
Gross orders
13.9B
FY2025
+27% YoY; ≈$9 average order
Thailand role
Pace-setter
Regional disclosures only; no Thailand-only breakout
Why Shopee is the Thailand benchmark
Shopee is the operator every Thai marketplace is measured against, on seller depth, fulfilment cadence, and the integrated-payments flywheel now rebranded from SeaMoney to Monee. The FY2025 20-F confirms the platform is not just the largest in Southeast Asia but the only one of the three major regional operators (Shopee, Lazada, TikTok Shop) that has flipped to segment profit.[]
Sea does not disclose Thailand specifically, the regional e-commerce segment covers Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam together. But two things are unambiguous at the regional level: Shopee's take rate is rising, and the Monee loan book is doubling annually. Both translate into Thailand directly.
Profitability turning point
Shopee crossed into segment profit in 2025, the biggest operator signal of the year
Shopee segment trajectory, FY2023–FY2025
Service revenue and monetization rate both accelerated, even while segment income flipped positive.
GMV (US$B)
FY2023
78.5
FY2024
100.5
FY2025
127.4
Gross orders (B)
FY2023
8.2
FY2024
10.9
FY2025
13.9
Service revenue (US$B)
FY2023
7.9
FY2024
10.9
FY2025
14.5
Monetization rate
FY2023
10.0%
FY2024
10.8%
FY2025
11.4%
Operating segment income (US$M)
FY2023
(550)
FY2024
(139)
FY2025
+581
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| GMV (US$B) | 78.5 | 100.5 | 127.4 |
| Gross orders (B) | 8.2 | 10.9 | 13.9 |
| Service revenue (US$B) | 7.9 | 10.9 | 14.5 |
| Monetization rate | 10.0% | 10.8% | 11.4% |
| Operating segment income (US$M) | (550) | (139) | +581 |
What the profitability turn actually means for Thailand
A marketplace that has crossed into segment profit can still run subsidy-heavy campaigns, but the strategic posture shifts. Sea's FY2025 disclosures already show monetization rate climbing each year (10.0 → 10.8 → 11.4%), which means commissions, ad-product revenue, and logistics-services revenue are compounding faster than GMV. Thai sellers should expect the trend to continue: take rates will not go down.[]
The read for Thai incumbents (Central Retail, Big C, brand-owned channels) is cleaner than before. When Shopee was losing money to buy share, the structural threat was unbounded. Now that it must protect segment income, the marketplace's ability to keep dropping fees and stacking subsidies is constrained by disclosure cadence. It's not weaker, it's more predictable.
Monee is the structural moat, the loan book nearly doubled in 2025
Loan book growth
$4.2B → $8.0B in one year
Monee's consumer, SME credit book rose 91% in FY2025. That's faster than Shopee's GMV grew, meaning the financial-services flywheel is pulling ahead of the marketplace flywheel, a real competitive edge no Thai standalone operator can match without a banking partner.[]
Monee segment income
+US$973M in FY2025
Up from $658M in FY2024. Monee is structurally profitable now; revenue grew 60% while S&M spend more than doubled, a classic "spend the cash the ecommerce business is throwing off" pattern.[]
Thailand regulation
Digital personal loans capped at THB 20,000
Bank of Thailand notices cap digital personal loans at $580per borrower and effective rate, fees at 25% APR. Monee operates inside this cap via Thai personal-loan and digital-lending licenses; credit-limit constraint is structural, not a short-term squeeze.[]
Bank licence geography
SG, ID, PH only, no Thai bank licence
Sea's digital banks sit in Singapore (parent), Indonesia, and the Philippines. Thailand has payment, credit, and insurance-broker licences but no deposit-taking bank. Means Monee's Thailand credit book funds from retained capital and intercompany transfers, not local deposits.[]
Thailand structural risk
The entire Thailand operation depends on the tiered <50% foreign-ownership structure
Cash position and continued invest-mode signals
Cash and equivalents ended FY2025 at US$6.4B (up from $4.1B), operating cash flow was US$5.0B, and capex rose to US$513.8M, the highest level in Sea's history. Loans receivable absorbed US$4.7B of investing cash in 2025 alone. Translation: Sea has runway to keep subsidizing Shopee at will, but the numbers show the cash is being redirected into Monee, not Shopee discounts.[]
The only near-term capital-structure signal worth watching is the US$2.875B 2026 convertible notes due September 2026 (with US$432M already repurchased in 2025). Refinancing is very likely given the cash position, but the terms of the refi will reveal Sea's posture toward further equity dilution.
What to re-verify in the next Sea filing
Monetization rate trajectory
If the take rate keeps adding ~60–80 bps per year, Thai sellers are looking at a roughly 12%+ commission base by 2026. Any inflection (or reversal) in this line is the single most important operator signal.
Monee NPL ratio
The FY2025 20-F text doesn't state a consolidated NPL rate. The XBRL aging tags exist in the filing; the next quarterly print should expose the ratio. Above 2% would change the SEA-credit thesis.
Competition-authority investigations
Sea discloses ongoing investigations into Shopee's use of affiliated logistics services. Country-of-origin and outcome disclosure in the next filing matters for the Thai logistics integration picture.
Thailand shareholding treatment
Any change to Thai regulator stance on the tiered <50% foreign-ownership structure will show up in the Risk Factors section first. Watch language shift.
Related Market profiles
Peers, parents, partners, agencies, and other E-commerce & Digital Commerce actors.
Competitor
Lazada (Alibaba International)
The other regional marketplace, Alibaba-backed.
Open Market profile →
Competitor
Central Retail Corporation
The Thai incumbent defending owned demand.
Open Market profile →
Sector peer
Berli Jucker / Big C
TCC Group retail, CPG operator; Big C Supercenter (~150+ hypermarkets); FY2024 revenue ~ $4.64-170B; Charoen Sirivadhanabhakdi-controlled.
Open Market profile →
Sector peer
CP ALL (7-Eleven Thailand)
7-Eleven Thailand franchisee; ~14,000 stores (ASEAN's largest convenience chain); FY2024 revenue ~ $27.8B; CP Group flagship.
Open Market profile →
Sources + data provenance
Every filing, filing-adjacent register, or trusted industry source cited in this profile.
Sea Limited Form 20-F for Year Ended December 31, 2025
| Source | Publisher | Grade | As of |
|---|---|---|---|
| Sea Limited Form 20-F for Year Ended December 31, 2025 | Sea Limited | Primary | 2026 |
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