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LOANS RECEIVABLE, NET | 12 Months Ended
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Dec. 31, 2023
LOANS RECEIVABLE, NET [Abstract] |
LOANS RECEIVABLE, NET |
6. | LOANS RECEIVABLE, NET
Consumer and Small Medium sized Enterprises (“SME”) loans primarily consist of loans receivable provided to both Shopee buyers and sellers. On the buyer side, the Company offers consumption loans (SPayLater) which gives users the ability to complete their purchase first and make the payment later or in instalments, and cash loans which allows users to meet their short-term borrowing needs. On the seller side, the Company offers unsecured SME loans to help sellers expand their operations and fast escrow services to help sellers receive their funds faster 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, |
|  | 2022 $ |  |  | 2023 $ |
Consumer and SME loans |  |  | 2,268,844 |  |  |  | 2,656,484 |
Other loans |  |  | 45,405 |  |  |  | 150,297 |
|  |  | 2,314,249 |  |  |  | 2,806,781 |
Allowance for credit losses |  |  | (238,819 | ) |  |  | (321,568 | )
|  |  | 2,075,430 |  |  |  | 2,485,213 |
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, 2022 and 2023, $39,001 and $133,578, respectively, of such loans receivable remained outstanding (see Note 12). The following table is a summary of the delinquency status of the loans receivable by year of origination:
|  | As of December 31, 2022 |
|  | Year of origination |
|  | 2022 |  |  | 2021 |  |  | 2020 |  |  | 2019 |  |  | 2018 |  |  | Prior |  |  | Total |
Consumer and SME loans |  | $ |  |  | $ |  |  | $ |  |  | $ |  |  | $ |  |  | $ |  |  | $ |
Delinquency: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  | 2,050,721 |  |  |  | 641 |  |  |  | 807 |  |  |  | 2,790 |  |  |  | 1,702 |  |  |  | 786 |  |  |  | 2,057,447 |
Past due |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- 1 to 30 days |  |  | 70,761 |  |  |  | 206 |  |  |  | 143 |  |  |  | 97 |  |  |  | 66 |  |  |  | 14 |  |  |  | 71,287 |
- 31 to 60 days |  |  | 49,493 |  |  |  | 341 |  |  |  | 96 |  |  |  | 490 |  |  |  | 560 |  |  |  | 190 |  |  |  | 51,170 |
- 61 to 90 days |  |  | 44,065 |  |  |  | 581 |  |  |  | 18 |  |  |  | 16 |  |  |  | 22 |  |  |  | – |  |  |  | 44,702 |
- More than 90 days |  |  | 26,308 |  |  |  | 16,718 |  |  |  | 913 |  |  |  | 146 |  |  |  | 39 |  |  |  | 114 |  |  |  | 44,238 |
|  |  | 2,241,348 |  |  |  | 18,487 |  |  |  | 1,977 |  |  |  | 3,539 |  |  |  | 2,389 |  |  |  | 1,104 |  |  |  | 2,268,844 |
Other loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Delinquency: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  | 918 |  |  |  | 6,159 |  |  |  | 30,778 |  |  |  | 4,134 |  |  |  | 1,282 |  |  |  | 923 |  |  |  | 44,194 |
Past due |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- 1 to 30 days |  |  | 10 |  |  |  | 37 |  |  |  | 117 |  |  |  | 148 |  |  |  | 13 |  |  |  | – |  |  |  | 325 |
- 31 to 60 days |  |  | – |  |  |  | – |  |  |  | 38 |  |  |  | 249 |  |  |  | 32 |  |  |  | – |  |  |  | 319 |
- 61 to 90 days |  |  | – |  |  |  | 22 |  |  |  | – |  |  |  | 1 |  |  |  | 42 |  |  |  | 2 |  |  |  | 67 |
- More than 90 days |  |  | – |  |  |  | 64 |  |  |  | 105 |  |  |  | 212 |  |  |  | 79 |  |  |  | 40 |  |  |  | 500 |
|  |  | 928 |  |  |  | 6,282 |  |  |  | 31,038 |  |  |  | 4,744 |  |  |  | 1,448 |  |  |  | 965 |  |  |  | 45,405 |
|  | As of December 31, 2023 |
|  | Year of origination |
|  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | 2019 |  |  | Prior |  |  | Total |
Consumer and SME loans |  | $ |  |  | $ |  |  | $ |  |  | $ |  |  | $ |  |  | $ |  |  | $ |
Delinquency: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  | 2,448,363 |  |  |  | 4,934 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 2,453,297 |
Past due |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- 1 to 30 days |  |  | 64,015 |  |  |  | 1,054 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 65,069 |
- 31 to 60 days |  |  | 49,419 |  |  |  | 925 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 50,344 |
- 61 to 90 days |  |  | 42,239 |  |  |  | 2,054 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 44,293 |
- More than 90 days |  |  | 41,843 |  |  |  | 1,638 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 43,481 |
|  |  | 2,645,879 |  |  |  | 10,605 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 2,656,484 |
Current period gross write-off |  |  | 182,145 |  |  |  | 358,503 |  |  |  | 4,834 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 545,482 |
Other loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Delinquency: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  | 104,770 |  |  |  | 927 |  |  |  | 399 |  |  |  | 30,769 |  |  |  | 3,132 |  |  |  | 2,214 |  |  |  | 142,211 |
Past due |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- 1 to 30 days |  |  | 4,660 |  |  |  | 8 |  |  |  | 6 |  |  |  | 98 |  |  |  | 86 |  |  |  | 17 |  |  |  | 4,875 |
- 31 to 60 days |  |  | 1,776 |  |  |  | 4 |  |  |  | 30 |  |  |  | 38 |  |  |  | 260 |  |  |  | 275 |  |  |  | 2,383 |
- 61 to 90 days |  |  | 10 |  |  |  | 9 |  |  |  | – |  |  |  | 28 |  |  |  | 51 |  |  |  | 16 |  |  |  | 114 |
- More than 90 days |  |  | 69 |  |  |  | 52 |  |  |  | 17 |  |  |  | 210 |  |  |  | 242 |  |  |  | 124 |  |  |  | 714 |
|  |  | 111,285 |  |  |  | 1,000 |  |  |  | 452 |  |  |  | 31,143 |  |  |  | 3,771 |  |  |  | 2,646 |  |  |  | 150,297 |
Current period gross write-off |  |  | – |  |  |  | 16 |  |  |  | 12 |  |  |  | 205 |  |  |  | 775 |  |  |  | 220 |  |  |  | 1,228 |
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, 2022 |  |  | 89,977 |  |  |  | 7,699 |  |  |  | 97,676 |
Provision for credit losses |  |  | 494,815 |  |  |  | (1,202 | ) |  |  | 493,613 |
Write-off of loans receivable |  |  | (331,401 | ) |  |  | (4,772 | ) |  |  | (336,173 | )
Exchange differences |  |  | (16,012 | ) |  |  | (285 | ) |  |  | (16,297 | )
Balance as of December 31, 2022 |  |  | 237,379 |  |  |  | 1,440 |  |  |  | 238,819 |
Provision for credit losses |  |  | 624,143 |  |  |  | 3,785 |  |  |  | 627,928 |
Write-off of loans receivable |  |  | (545,482 | ) |  |  | (1,228 | ) |  |  | (546,710 | )
Exchange differences |  |  | 1,518 |  |  |  | 13 |  |  |  | 1,531 |
Balance as of December 31, 2023 |  |  | 317,558 |  |  |  | 4,010 |  |  |  | 321,568 |

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