Superapps normally start off as an app with a single use case, notes Tan. As the business exhausts adjacent verticals, the company then looks to become an open platform through application programming interface (APIs) and software-as-a-service (SaaS) revenue streams.
Maybank Securities analyst Samuel Tan prefers Sea in its coverage of Asean internet companies, believing the company could find the most success by replicating a strategy similar to Tencent.
In his August 1 report, Tan says Sea is currently his favourite to dominate the region in the future, while leading mobile wallet Grab appears to be lagging behind in miniapp development.
