We just released the latest ecommerce numbers for Southeast Asia in 2025 - you can see that TikTok/Tokopedia combined was already 2/3 of Shopee’s GMV. That was annual - a snapshot at the end of the year would show an even closer picture.
@ottavi_@HaydenCapital@pioseem88@momentumasia We took a brief look at a few data providers. Interestingly Chinese providers all have very similar in overall market GMV but differ more in category mix. I suspect a reason is they have sources within ByteDance to find out the overall GMV.
My friend, who runs multiple retail businesses, thinks it is easy to hold the fish this way; I think the otter starts from the part where it can eat the fastest - in nature you never know when you will lose the fish, so might as well catch as much while you can.
Part of the loan book growth inflection is also because certain businesses needed 2 years to get everything ready from regulators (they deal with a lot of regulators in a lot of countries) and partners (e.g. banks doing co-lending to have systems ready to process 1000s of applications at the same time). We will see more product rollouts from Monee moving forwards that have been months if not years in negotiations