Not long ago, Singapore’s DBS Bank seemed unshakable. As the region’s largest lender and Southeast Asia’s most valuable company, it was the picture of stability and trust. Yet in August 2025, the unexpected happened. Sea Ltd, the tech company behind Shopee, Garena and the newly branded Monee, overtook DBS in market value, reclaiming a crown it had briefly worn years earlier.
The moment may seem symbolic, but it tells a deeper story about the way Southeast Asia is changing. Banking halls and polished marble counters no longer define prosperity.
Today, it is the glow of mobile screens, the convenience of doorstep deliveries, and the ease of tapping “pay now” on a digital wallet.
The Turning Point for Sea
On August 26, Sea’s shares closed in New York at a level that pushed its market capitalisation to US$111 billion. The following day in Singapore, DBS dipped slightly, finishing at US$110.3 billion. The difference was slim, but the message was clear. The region’s digital economy has matured to the point where a once struggling startup could outshine its oldest financial titan.
The turnaround is nothing short of dramatic. Just two years earlier, Sea had been written off by many. Its share price had collapsed, billions were burned on subsidies, and critics questioned whether Shopee’s voucher-heavy model was sustainable.
Under CEO Forrest Li, Sea cut costs, tightened its focus, and pushed Shopee towards profitability. Since the start of 2024, Sea’s shares have soared more than 300 percent, one of the most impressive rallies in the region’s corporate history.
Shopee at the Heart of the Story
At the centre of Sea’s resurgence is Shopee, the e-commerce arm that has become a household name across Southeast Asia. When Shopee launched in 2015, it was dismissed as a latecomer. Lazada, supported by Alibaba, already had a strong hold. Yet Shopee’s strategy was different. It was designed as a mobile-first platform, knowing that in Southeast Asia, the smartphone was the true gateway to the internet.
Shopee’s early formula was simple but powerful. Free shipping, vouchers, flash sales, and “shopertainment” campaigns fronted by global and local celebrities drew millions of users. Football star Cristiano Ronaldo danced in orange jerseys. K-pop idols sang jingles. Local celebrities in Indonesia, Thailand, and the Philippines brought credibility. By 2021, Shopee had become Southeast Asia’s largest e-commerce marketplace, logging 343 million monthly visitors and processing nearly two billion orders in a single quarter.
Even as TikTok Shop, Lazada and new players like Temu tried to capture market share, Shopee kept its lead. Its simple interface, localised strategies, and wide merchant base made it a habit, not just an option, for millions. From many, Shopee became the default choice for online shopping.
Reinventing Shopee
Shopee’s triumph did not come without turbulence. Between 2021 and 2023, Sea’s losses mounted as it poured cash into promotions and global expansion. Investor confidence weakened. Some analysts predicted Shopee would collapse. But Forrest Li responded with a brutal cost-cutting drive, pulling back from weaker markets, reducing subsidies, and streamlining operations.
Two strategic moves turned the tide. The first was logistics. Shopee invested heavily in SPX Express, its own delivery arm. Unlike traditional courier networks, SPX tapped into a flexible workforce of homemakers, retirees, and students. It gave Shopee an edge with faster, cheaper, and more reliable last-mile deliveries. Customers noticed and sellers benefited from increased trust.
The second was fintech. Sea rebranded its financial arm as Monee, signalling its ambition to go beyond payments. Monee bundles digital wallets, credit, and banking services directly into Shopee. Every purchase became an opportunity to cross-sell financial products. For sellers, Monee offers access to credit. For buyers, it promises convenience and rewards. For Sea, it creates loyalty and new revenue streams.
What This Means for Southeast Asia
The story of Sea overtaking DBS reflects the shifting habits of a region home to 675 million people. This is a young, mobile-first population that prefers shopping from couches rather than malls and tapping wallets on apps rather than queuing at bank counters. For them, Shopee is not just convenient, it is essential.
For small businesses, the rise of Shopee matters just as much. It provides access to millions of customers across borders, logistics support through SPX, and now financial tools via Monee. Shopee has become the new market square, this time powered by algorithms and smartphones instead of stalls and shopfronts.
Sea’s rise over DBS may not last forever. The crown has a way of shifting hands, and markets are unforgiving. But the moment is worth pausing on. It shows how quickly fortunes can change in the digital age and how a company once doubted for burning cash has become a symbol of Southeast Asia’s digital power.
From its beginnings as a gaming startup to its dominance in e-commerce, Sea’s rise is a remarkable story of reinvention and persistence. In less than two decades, it has grown into Southeast Asia’s most valuable company, reshaping how the region shops, pays, and lives. DBS may still represent tradition, but Sea embodies the speed and ambition of the digital age.
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