MFP-BoP SeaMoney TH ABS (IFC-49519)

Countries
  • Thailand
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
C
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Borrower
SeaMoney (Capital) Co. Ltd. SPV
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 50.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 100.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS May 23, 2025

Disclosed by Bank Mar 26, 2025

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, the proposed project entails an investment in a senior tranche of asset-backed securities (the “ABS”) to be issued by a Special Purpose Vehicle (“SPV”) to be established under the laws of Thailand (subject to regulatory approval). The senior tranche will be collateralized by a pool of receivables originated by SeaMoney (Capital) Co., Ltd. under the Nano loan license regulated by the Bank of Thailand. The senior tranche will be of up to US$75 million or equivalent in local currency (“LCY”). The investment shall comprise of IFC’s own account, and mobilization. The purpose of the proposed IFC investment is to support the Company's lending program to micro borrowers and small business owners, with at least [60%] earmarked to women borrowers.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

The proposed project involves IFC investing in a senior tranche of asset-backed securities to support SeaMoney (Capital) Co., Ltd. (SeaMoney) in growing its microfinance portfolio. SeaMoney is a financial services company in Thailand offering micro loans or microfinancing to the low to middle income population in Thailand. The project is expected to have low environmental and social (E&S) risks and is therefore categorized as an FI-3 project according to the IFC's Environmental and Social Sustainability Policy.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The proposed project entails an investment in a senior tranche of ABS of upto US$75 million or equivalent in LCY to be issued by an SPV to be established under the laws of Thailand. The investment shall comprise of IFC’s own account of upto US$50 million and mobilization to support the Company's lending program to micro borrowers and small business owners, with at least [60%] earmarked to women borrowers. The total issuance including the junior tranche will be of up to US$100 million.

Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

SeaMoney (Capital) Co., Ltd. is a financial services provider offering lending products to the low to middle income population in Thailand, including women. SeaMoney (Capital) Co., Ltd.’s parent company, Sea Limited, is listed on the NYSE and operates Shopee, the largest e-commerce platform in Southeast Asia.


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

SeaMoney (Capital) Co.,Ltd
Trevor Han
hantjk@sea.com
1 Fusionopolis Place, #17-10, Galaxis, Singapore 138522
https://www.seamoney.com/

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

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