SBI invests $270 million in Indonesia's Ajaib, accelerating the Southeast Asian expansion of its yen stablecoin

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

Ajaib provides online securities trading, forex margin trading, cryptocurrency, and asset management services in Indonesia. SBI stated that this equity investment will help it further enter the Indonesian market and improve the digital asset infrastructure layout in Southeast Asia.

Notably, this is also part of SBI's recent efforts to increase its presence in the Southeast Asian digital asset market. Previously, SBI acquired Singapore-based crypto exchange Coinhako for approximately $100 million in July and invested in Singapore's digital securities trading platform DigiFT, with both parties also establishing a joint venture. SBI is gradually building a regional financial infrastructure network covering crypto assets, digital securities, stablecoins, and cross-border settlements. (CoinDesk)