SBI Invests 43 Billion Yen in Indonesia's Ajaib for Cryptocurrency Collaboration

SBI Holdings is expected to invest in Indonesia's major online brokerage firm Ajaib Group within this month. According to the Nikkei, the company plans to acquire 20% of the shares for $270 million (approximately 43 billion yen), making Ajaib an equity-method affiliate of SBI.

An equity-method affiliate refers to a company in which the investor holds about 20-50% of the voting rights, thus having a certain degree of influence over management policies, but is not subject to consolidated financial statements.

Ajaib, established in 2019, is a leading investment platform based in Jakarta, Indonesia. It has received funding from SoftBank-affiliated funds and Y Combinator, and has grown to over 3 million users.

Ajaib operates primarily in the online brokerage business, expanding into foreign exchange margin (FX) trading, cryptocurrency, and asset management. Through this investment, SBI aims to promote the circulation of its yen-denominated stablecoin "JPYSC" and collaborate with Ajaib on the overseas expansion of its cryptocurrency business.

Additionally, in July, SBI acquired Singapore's cryptocurrency exchange operator Coinhako Group for approximately 16 billion yen, making it a consolidated subsidiary. The group, established in 2014, has a track record of providing trading and custody services for over 100 types of cryptocurrencies across Asia.

SBI has also invested in DigiFT, a digital securities trading platform operator in Singapore, and established a joint venture, further expanding its collaborations with investment and partnership opportunities in Southeast Asia.