SBI Invests $270M in Ajaib for JPYSC Expansion into Indonesia
Japanese conglomerate SBI Holdings has acquired a 20% equity stake in Indonesian multi-asset investment platform Ajaib Group for $270 million. This acquisition makes Ajaib an equity-method affiliate of SBI, giving the Japanese company significant influence over the platform's financial and operating decisions.
Ajaib was founded in 2018 by Stanford MBA classmates Anderson Sumarli and Yada Piyajomkwan with a mission to make investing accessible to Indonesians. The platform offers retail users access to domestic and international equities, bonds, exchange-traded funds, crypto assets, stablecoins, commodities, and foreign exchange.
SBI's investment in Ajaib is strategic, as it allows the Japanese company to expand its yen stablecoin JPYSC into Indonesia's consumer market. JPYSC is Japan's first trust-bank-backed yen stablecoin, issued by SBI Shinsei Trust Bank under the country's revised Payment Services Act.
With this acquisition, SBI gains a natural distribution pathway for its tokenized products into Indonesia's 20 million retail investors. The deal marks a significant milestone in Indonesia's startup ecosystem, which has experienced a decline in venture funding from $6.9 billion in 2021 to $355.7 million across 91 deals in 2025.