JAKARTA/SINGAPORE -- As the coronavirus pandemic swept through Indonesia last year, the homebound population turned to e-commerce, first for survival, and then out of habit, for everything from daily groceries to financial products. One of these new converts was Meta Jayanti, a civil servant in the prosperous Javanese capital of Semarang.
Investors seem to believe that Sea can be all-conquering: The surge in its share price last year seems to price in the likelihood that, one day, it will own the entire region's market. © Illustration by Takahiro Suganuma
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