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SBI Holdings is expected to invest $270 million (approximately ¥43 billion) in Ajaib Group, a major Indonesian online brokerage, within this month, acquiring a 20% stake. Ajaib was founded in 2019 and has over 3 million users, with backing from SoftBank-affiliated funds and other investors. Following the investment, SBI plans to make Ajaib an equity-method affiliate and collaborate on promoting the circulation of its yen-denominated stablecoin “JPYSC” and expanding its crypto business overseas. The move aims to leverage Indonesia’s market of approximately 270 million people as a foothold to accelerate the practical application of blockchain-based financial infrastructure.
Key Elements
SBI Holdings is expected to invest $270 million (approximately ¥43 billion) in Ajaib Group, a major Indonesian online brokerage, within this month. The two sides are finalizing arrangements for SBI to hold a 20% stake and make Ajaib an equity-method affiliate.
An equity-method affiliate refers to an associated company in which the investor holds approximately 20–50% of voting rights and exerts a certain degree of influence over management policy, but which is not included in consolidated financial results. Through this capital participation, SBI is seen as aiming to strengthen its foothold in the Indonesian market, one of the largest economies in Southeast Asia.
Ajaib was founded in 2019 and is one of Indonesia’s leading investment platforms, headquartered in Jakarta. The company has received funding from SoftBank-affiliated funds and U.S. startup accelerator Y Combinator, among others, and has grown to a user base exceeding 3 million.
The company operates an online brokerage business at its core, alongside foreign exchange margin (FX) trading, crypto asset (virtual currency), and asset management divisions, rapidly expanding its customer base primarily among younger demographics. SBI plans to use this investment as an opportunity to collaborate with Ajaib on promoting the circulation of its yen-denominated stablecoin “JPYSC” and expanding its crypto business overseas.
Background and Objectives of the Investment
While SBI operates as a comprehensive financial group in Japan centered on securities, banking, and insurance, it has in recent years focused on building financial infrastructure leveraging blockchain technology. The yen-denominated stablecoin “JPYSC” is a core initiative in this effort, with an eye toward practical application in international remittances and settlement.
Indonesia is the world’s fourth most populous country with approximately 270 million people, and financial services adoption among younger demographics is rising rapidly. SBI is believed to have determined that combining Ajaib’s customer base of over 3 million with SBI’s expertise in financial infrastructure development would secure a testing environment for the practical deployment of stablecoins.
Market Impact
This investment is drawing attention as a major investment by a Japanese financial group in a Southeast Asian digital finance company. SBI has been actively investing in financial institutions and fintech companies across Asia, and this deal clearly positions as part of its regional strategy.
In the cryptocurrency and stablecoin space, competition for practical implementation is intensifying amid progress on international regulatory frameworks. SBI’s securing of a concrete collaboration partner in Indonesia could serve as a catalyst to accelerate the overseas expansion of its yen-denominated stablecoin. On the other hand, challenges remain at the implementation stage, including Indonesia’s domestic crypto regulations and the authorities’ stance toward foreign capital.
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Source: finance.biggo.com