CoinDesk
SBI Holdings will acquire a 20% stake in Indonesia's Ajaib Group for $270 million by the end of this month, the largest technology fundraising in Indonesia in years. The Japanese financial firm framed the deal as the cornerstone of a push to expand JPYSC, its yen-denominated stablecoin, and to build cross-border, blockchain-based settlement infrastructure across Southeast Asia.
Ajaib brings SBI roughly 20 million retail investors inside one of ASEAN's largest consumer-retail markets, an estimated $375 billion pool according to IMARC Group. Beyond brokerage, the Indonesian platform runs foreign-exchange margin trading, crypto and asset management, giving SBI distribution legs it could not have built organically in the timeframe.
Why it matters
The Ajaib deal slots into a regional network SBI has been quietly assembling. In July the group paid roughly $100 million for Singapore-based crypto exchange Coinhako and separately invested in Singaporean digital-securities platform DigiFT, where the two firms already operate a joint venture. The thesis, per SBI chairman Yoshitaka Kitao, is that "global infrastructure for digital assets" is the moat, not the trading desk.
Japan's domestic posture amplifies the move. Tokyo has announced plans for blockchain-based settlement of stocks and government bonds with 24/7 onchain operations potentially live in the early 2030s. SBI is positioning to be the regulated bridge that funnels that infrastructure across ASEAN rather than confining it to Japan.
Market impact
The deal lands against a brutal Indonesian funding backdrop. Local startups raised just $340 million last year, down from $440 million in 2024 and a fraction of the $9.44 billion raised in 2021, per Bloomberg. SBI's capital is a credible vote of confidence in a market most foreign capital has walked away from.
Watch Ajaib's tokenization pipeline next: whether SBI routes JPYSC, equity tokenization and stablecoin-fiat ramps through the brokerage's existing 20 million-user base, and whether other regional brokers copy SBI's regulated-corridor template. The $270 million cheque buys the right to ask those questions at scale.
Frequently asked questions
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What is SBI buying in Indonesia?
SBI Holdings is acquiring a 20% stake in Ajaib Group, an Indonesian online brokerage with over 20 million retail investors, for $270 million. Ajaib also runs FX margin trading, crypto and asset management.
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What is JPYSC and why does the deal matter?
JPYSC is SBI's yen-denominated stablecoin. The Ajaib investment gives SBI distribution legs across ASEAN to expand JPYSC and build blockchain-based cross-border settlement infrastructure rather than confining it to Japan.
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How does the Ajaib deal fit SBI's wider regional strategy?
The investment follows SBI's roughly $100M acquisition of Singapore-based crypto exchange Coinhako in July and a separate investment in Singaporean digital-securities platform DigiFT, where the two firms already operate a joint venture.
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Is this Indonesia's largest tech funding round in years?
Yes. Ajaib's $270M round is the largest technology fundraising in Indonesia in years. It lands against a backdrop where Indonesian startups raised just $340M last year, down from $440M in 2024.
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What does Japan's blockchain push have to do with this?
Japan has announced plans for blockchain-based settlement of stocks and government bonds with 24/7 onchain operations potentially live in the early 2030s. SBI is positioning to be the regulated bridge that carries that infrastructure into ASEAN.
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