SBI Invests $270M in Indonesian Ajaib to Expand JPYSC Stablecoin in Southeast Asia

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SBI Holdings is investing $270 million for a 20% stake in Indonesia’s Ajaib Group, with the transaction expected to close by late August. This move supports blockchain adoption and aims to expand the use of its JPYSC stablecoin across Southeast Asia. Ajaib provides stock trading, forex, cryptocurrency, and asset management services in Indonesia. SBI also plans to develop a blockchain-based cross-border settlement network. The investment follows SBI’s $100 million acquisition of Singapore’s Coinhako and a stake in DigiFT. A network upgrade is anticipated to strengthen the region’s digital asset infrastructure.

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

Ajaib offers online securities trading, foreign exchange margin trading, cryptocurrency services, and asset management in Indonesia. SBI stated that this investment will help it further penetrate the Indonesian market and enhance its digital asset infrastructure footprint across Southeast Asia.

Notably, this is also part of SBI’s recent continued expansion into Southeast Asia’s digital assets market. Previously, in July, SBI acquired Singapore-based crypto exchange Coinhako for approximately $100 million, invested in Singapore’s digital securities trading platform DigiFT, and established a joint venture with the company. SBI is gradually building a regional financial infrastructure network encompassing crypto assets, digital securities, stablecoins, and cross-border settlements. (CoinDesk)

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