SBI Holdings invests $270 million in Ajaib for 20% stake

SBI Holdings invested $270 million in Indonesian multi-asset investment platform Ajaib Group. The investment gives SBI an approximate 20% minority stake. Ajaib said the deal is Indonesia's largest technology funding round since 2022. Ajaib said the deal lifts its total funding since 2019 above $500 million. SBI did not disclose the investment amount in its announcement. The stake makes Jakarta-based Ajaib an equity-method affiliate of SBI. Ajaib offers domestic and international equities, bonds, mutual funds, exchange-traded funds, crypto assets, stablecoins, commodities, and foreign exchange. Ajaib also provides payments and savings services. The platform offers over-the-counter stablecoin settlement and liquidity to companies and institutional investors in Indonesia. SBI said the partnership will promote digital asset adoption in Asia. SBI operates SBI VC Trade in Japan, Coinhako in Singapore, and B2C2 in the UK. SBI's other digital asset initiatives include the JPYSC yen stablecoin and Strium, a Layer 1 blockchain for financial applications. SBI Chairman and President Yoshitaka Kitao said global digital asset infrastructure is increasingly important during the tokenization era. Kitao said SBI is establishing a Southeast Asia-focused network of digital asset exchanges through its SBI APAC Digital Economic Zone initiative. Kitao said Ajaib's traditional financial products and digital assets fit that strategy.