SBI Buys 20% of Indonesia’s Ajaib Group for $270 Million to Expand in Southeast Asia

SBI Holdings Inc. is investing about $270 million in Ajaib Group, a major Indonesian online investment platform, as the Japanese financial company steps up its push into Southeast Asia’s digital-asset market, including the distribution of a yen stablecoin.

NADA News reported on Aug. 28 that SBI acquired a 20% stake in Ajaib Group through a subsidiary. The investment totaled $270 million, or about 43 billion yen.

Jakarta-based Ajaib is a comprehensive investment platform with millions of retail users. It offers traditional financial products including stocks, bonds, exchange-traded funds and mutual funds, as well as digital assets, stablecoins and foreign-exchange products.

SBI plans to work with Ajaib to expand distribution of its yen stablecoin, JPYSC, and broaden the overseas reach of its digital-asset business. JPYSC is a trust-based yen stablecoin issued by SBI Shinsei Trust Bank that began service through SBI VC Trade in June.