SBI Expands into Indonesia with $270M Ajaib Acquisition

Japan's SBI Holdings has acquired a 20% equity stake in Indonesian multi-asset investment platform Ajaib Group for $270 million, marking Indonesia's largest tech fundraise since 2022. The deal makes Ajaib an equity-method affiliate of SBI, giving the Japanese conglomerate significant influence over the platform's financial and operating decisions.

The acquisition is a strategic move by SBI to expand its presence in Southeast Asia, particularly in Indonesia, which has a growing consumer retail market estimated at $375 billion. Ajaib's 20 million registered retail investors represent a compressed adoption curve that took US platforms decades to achieve.

JPYSC, Japan's first trust-bank-backed yen stablecoin, will be distributed through Ajaib, marking its first consumer-market distribution point outside of Japan. JPYSC is a Type III Electronic Payment Instrument issued by SBI Shinsei Trust Bank, with a segregated trust account holding the underlying yen reserves.