SeaMoney is reportedly poised to receive up to US$75 million from the International Finance Corporation (IFC) to scale its digital lending programme in Thailand.
This is part of a proposed asset-backed securities (ABS) issuance aimed at broadening financial access for underserved communities.
According to DealStreetAsia, the IFC plans to invest in the senior tranche of the ABS, which will be backed by nano loan receivables originated under SeaMoney’s lending programme regulated by the Bank of Thailand.
The securities will be issued by a special purpose vehicle incorporated under Thai law.
SeaMoney (Capital) Co Ltd, a subsidiary of New York-listed Sea Ltd, offers financial services targeting low- and middle-income individuals in Thailand, with a focus on expanding access for women.
Its parent company also owns Shopee, one of the region’s largest e-commerce platforms.
Of the US$75 million commitment, up to US$50 million will come from IFC’s own account, with the balance expected to be raised from other investors.
The total issuance, including a junior tranche, is projected to reach US$100 million or its equivalent in Thai baht.
At least 60% of the proceeds will be earmarked for women borrowers, in line with IFC’s focus on inclusive finance.
The investment is also expected to help SeaMoney diversify its funding sources and crowd in additional private capital.
Beyond funding, IFC also aims to provide advisory support to SeaMoney to enhance its environmental and social risk management systems.
It plans to share international best practices in responsible finance, digital microcredit, and consumer protection.
Featured image credit: Edited from Freepik
