LOANS RECEIVABLE, NET

12 Months Ended

Dec. 31, 2025

LOANS RECEIVABLE, NET [Abstract]

LOANS RECEIVABLE, NET

6. LOANS RECEIVABLE, NET

Consumer and Small Medium sized Enterprises (“SME”) loans primarily consist of loans receivable with Shopee buyers and sellers. Buy Now, Pay Later (BNPL) allow users to complete their purchase first and make the payment later or in instalments, and cash loans allow users to meet their short-term cashflow needs. For Shopee sellers, the Company offers unsecured SME loans to help them expand their operations. The Company also offers Shopee sellers with fast escrow services to help them receive funds more quickly and improve cash flow management.

The Company monitors credit quality for all loans receivable on a recurring basis by evaluating the customers’ prior repayment history available internally and external sources information, where applicable. The Company uses delinquency status and trends to assist in making new and ongoing credit decisions, and to plan its collection practices and strategies. The following table presents the loans receivable by each of the loan portfolio:

	As of December 31,
		2024 $			2025 $
Consumer and SME loans			4,354,747			8,358,508
Other loans			255,397			447,541
			4,610,144			8,806,049
Allowance for credit losses			(449,335	)		(841,972	)
			4,160,809			7,964,077

Transfers of loans receivable that do not qualify for sale accounting continue to be reported on the Company’s consolidated balance sheets. As of December 31, 2024 and 2025, $70,754 and $112,061, respectively, of such loans receivable remained outstanding (see Note 12).

	As of December 31, 2024
	Year of origination
	2024		2023		2022		2021		2020		Prior		Total
Consumer and SME loans	$		$		$		$		$		$		$
Delinquency:
Current		3,984,138		74,694		154		–		–		–		4,058,986
Past due
- 1 to 30 days		95,797		952		1		–		–		–		96,750
- 31 to 60 days		73,694		1,634		2		–		–		–		75,330
- 61 to 90 days		58,547		2,597		9		–		–		–		61,153
- More than 90 days		58,412		4,103		13		–		–		–		62,528
		4,270,588		83,980		179		–		–		–		4,354,747
Current period gross write-off		272,582		333,714		7,112		–		–		–		613,408
Other loans
Delinquency:
Current		205,761		1,579		558		184		30,520		3,191		241,793
Past due
- 1 to 30 days		9,183		4		5		62		47		127		9,428
- 31 to 60 days		3,695		–		–		18		–		73		3,786
- 61 to 90 days		–		8		–		–		16		61		85
- More than 90 days		16		53		21		38		85		92		305
		218,655		1,644		584		302		30,668		3,544		255,397
Current period gross write-off		–		274		13		3		185		316		791

	As of December 31, 2025
	Year of origination
	2025		2024		2023		2022		2021		Prior		Total
Consumer and SME loans	$		$		$		$		$		$		$
Delinquency:
Current		7,670,575		184,106		154		73		–		–		7,854,908
Past due
- 1 to 30 days		165,319		2,941		5		–		–		–		168,265
- 31 to 60 days		125,104		2,580		22		–		–		–		127,706
- 61 to 90 days		96,106		3,292		4		–		–		–		99,402
- More than 90 days		102,759		5,462		6		–		–		–		108,227
		8,159,863		198,381		191		73		–		–		8,358,508
Current period gross write-off		475,706		484,989		21,897		21		–		–		982,613
Other loans
Delinquency:
Current		334,740		56,721		618		125		–		31,705		423,909
Past due
- 1 to 30 days		12,953		7		–		–		–		103		13,063
- 31 to 60 days		6,545		3		3		–		–		54		6,605
- 61 to 90 days		1,990		–		–		–		–		55		2,045
- More than 90 days		1,451		38		45		13		45		327		1,919
		357,679		56,769		666		138		45		32,244		447,541
Current period gross write-off		9,236		918		14		2		–		109		10,279

An analysis of the loans receivable’s allowance for credit losses by portfolio segment is as follows:

	Consumer and SME loans			Other loans			Total
	$			$			$
Balance as of January 1, 2024		317,558			4,010			321,568
Provision for credit losses		760,577			4,204			764,781
Write-off of loans receivable		(613,408	)		(791	)		(614,199	)
Exchange differences		(22,560	)		(255	)		(22,815	)
Balance as of December 31, 2024		442,167			7,168			449,335
Provision for credit losses		1,355,580			23,624			1,379,204
Write-off of loans receivable		(982,613	)		(10,279	)		(992,892	)
Exchange differences		6,804			(479	)		6,325
Balance as of December 31, 2025		821,938			20,034			841,972