SeaBank Diversifies Lending with New Credit Products

Expanding Beyond Shopee Ecosystem

PT Bank Seabank Indonesia (SeaBank) is actively developing new credit products to diversify its lending beyond the Shopee ecosystem. While 70% of its current credit exposure remains with Shopee, the bank is working towards achieving a 20% diversification target in its lending portfolio.

New Unsecured Loan Product Development

SeaBank is currently piloting an unsecured loan product through its direct lending scheme. This new product is designed to cater to customers with a good transaction history within the SeaBank ecosystem. According to Sasmaya Tuhuleley, CEO of SeaBank, this product aims to bridge customers to more complex credit products offered by other financial institutions.

Strategic Shift in Lending Approach

The development of these new credit products marks a strategic shift in SeaBank's lending approach. Initially established with a primary focus on collaboration within the Shopee ecosystem, the bank is now expanding its partnerships with external entities such as multifinance companies and peer-to-peer (P2P) lending platforms. This diversification effort is expected to reduce SeaBank's dependence on a single ecosystem and broaden its customer base.

Market Context and Future Plans

The decision to diversify comes as SeaBank observes seasonal consumption patterns and increasing demand for credit during major shopping events like 10.10, 11.11, and 12.12. While the current credit demand from the Shopee ecosystem remains significant, SeaBank is committed to developing its direct lending capabilities to serve both buyers and sellers more effectively. The bank plans to launch its new unsecured loan product potentially by mid-next year, pending successful piloting.