SBI Invests Big in Indonesian Fintech Ajaib for Stablecoin Expansion

SBI Holdings has made a significant investment in Indonesian fintech company Ajaib Group. The Japanese financial group acquired approximately a 20% stake in Ajaib, valuing the company at around US$1.35 billion. This is equivalent to approximately 43 billion yen.

The investment was made through one of SBI's subsidiaries and has given Ajaib the status of an associate company using the equity method. The total fundraising for Ajaib since 2019 now exceeds US$500 million, making this investment notable in the context of Indonesian tech funding.

Ajaib is a platform that offers a range of financial products, including stocks, bonds, mutual funds, and ETFs, as well as crypto assets, stablecoins, commodities, and foreign exchange. The company also provides payment and savings services and has off-exchange stablecoin settlements for corporations and institutional investors in Indonesia.

The investment is part of SBI's APAC Digital Economic Zone strategy, which aims to create a cross-border settlement infrastructure based on blockchain in Southeast Asia. SBI already has a digital asset network in several countries and plans to disseminate its yen stablecoin, JPYSC, in the region.