Garena is expanding into e-payments and e-commerce. Both industries are well populated with players that do not seem interested in making money. Is Singapore’s most valuable start-up likely to come out ahead?

Singles’ Day sales in China are running out of steam after eight years. The oneday shopping bonanza saw growth slow to a modest 32% this year, compared with 60% in 2015. But consumer confidence in Southeast Asia is still holding up, with some industry watchers expecting the numbers to climb this year, as more consumers — armed with smartphones — are swinging towards online shopping.

In Southeast Asia, sales on Singles’ Day increased 167% last year, with Singapore at the top of the list, according to advertising and market research firm Criteo. Singapore-based Zalora’s overall sales was 30 times more than on an average day, and Alibaba Group Holding backed Lazada saw orders triple in Thailand, based on data compiled by Tech in Asia.

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