Forrest Li, the co-founder and CEO of Sea Group, is now Singapore’s richest particular person with a internet value of US$20.2 billion, in response to the Bloomberg Billionaire Index.
The Sea’s share costs rose 67 per cent this yr and that propelled Li to the entrance of the pack because the city-state’s richest particular person. Earlier this yr, the title of the richest in Singapore belonged to Li Xiting, the billionaire who made a fortune from manufacturing ventilators. In Forbes’ rating, the tech entrepreneur was ranked fifth.
Sea owns certainly one of Southeast Asia’s hottest e-commerce platforms Shopee and is the area’s most useful firm in response to Nikkei Asia. As a result of circumstances that the pandemic has introduced upon the world, extra individuals have began to make use of digital platforms to do their procuring. And matched with the broader adoption of digital funds within the area, Sea has been capable of trip the waves of a burgeoning shift in shopper sample by way of their monetary companies arm, SeaMoney.
The corporate began out as a gaming firm in 2009 below the identify Garena after which it launched Shopee in 2015 and rebranded as Sea in 2017. Hailing from China, Forrest Li arrived in Singapore 15 years in the past and was in debt amounting to S$100,000. He might solely afford to lease a room then however now, he sits on the board of administrators of the Financial Growth Board and serves on the board of trustees on the Nationwide College of Singapore, in response to Sea.
Forrest Li, a naturalised Singapore citizen, and the opposite co-founders of Sea: Gang Ye and David Chen, are billionaires and ranked amongst the highest 10 richest in Singapore in an inventory revealed by Forbes. All three founders proceed to steer Sea with Gang Ye as its chief working officer and David Chen as Shopee chief product officer.
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