SBI Invests $270M in Indonesian Crypto Brokerage Firm Ajaib Group
SBI Holdings is investing in Indonesia's Ajaib Group for cryptocurrency collaboration. The company plans to acquire 20% of Ajaib's shares for approximately $270 million, or 43 billion yen.
This investment will make Ajaib an equity-method affiliate of SBI, giving the Japanese firm a degree of influence over management policies but not subjecting it to consolidated financial statements. Ajaib operates primarily in online brokerage and has expanded into foreign exchange margin trading, cryptocurrency, and asset management.
SBI aims to promote its yen-denominated stablecoin 'JPYSC' through this collaboration and expand its cryptocurrency business overseas with Ajaib's help. This investment is the latest in SBI's efforts to grow its presence in Southeast Asia, following its acquisition of Coinhako Group in Singapore last July.