SBI Invests $270 Million in Indonesia's Ajaib, Accelerating Southeast Asian Expansion of Yen Stablecoin

Odaily News - Japanese financial giant SBI Holdings plans to acquire approximately 20% of Indonesia's online brokerage Ajaib Group for $270 million, with the transaction expected to be completed by the end of August. The investment aims to drive the adoption of its yen stablecoin JPYSC in Southeast Asia and build a blockchain-based cross-border settlement network.

Ajaib offers online securities trading, forex margin trading, cryptocurrency, and asset management services in Indonesia. SBI stated that this investment will help it further enter the Indonesian market and strengthen its digital asset infrastructure footprint in the Southeast Asian region.

Notably, this is part of SBI's recent efforts to intensify its push into Southeast Asia's digital asset market. Earlier, in July, SBI acquired approximately $100 million worth of Singapore-based crypto exchange Coinhako and invested in Singapore's digital securities trading platform DigiFT, with both parties also establishing a joint venture. SBI is progressively building a regional financial infrastructure network covering crypto assets, digital securities, stablecoins, and cross-border settlement. (CoinDesk)