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Japanese financial services group SBI Holdings is buying an approximately 20% stake in Indonesian multi-asset platform Ajaib Group for $270 million, marking Indonesia's largest tech funding round since 2022 and bringing Ajaib's total raised since 2019 above $500 million. Ajaib confirmed the strategic investment via a Friday LinkedIn post; SBI disclosed only the stake size, not the dollar figure, and will treat Jakarta-based Ajaib as an equity-method affiliate going forward.
Why it matters
The deal slots Ajaib into SBI's stated ambition to build an "SBI APAC Digital Economic Zone" anchored by a network of digital-asset exchanges across the region. SBI already runs crypto exchange SBI VC Trade in Japan, Coinhako in Singapore, and market maker B2C2 in the UK. Adding Ajaib, which serves Indonesian retail and institutional clients across equities, bonds, mutual funds, ETFs, crypto, commodities, FX, payments, and OTC stablecoin settlement, plugs the largest Southeast Asian economy by population into that network.
"In this era of tokenization, the importance of global infrastructure for digital assets is greater than ever," SBI Chairman and President Yoshitaka Kitao said. Kitao framed Ajaib's blend of traditional finance and digital assets as the strategic fit. SBI's broader pipeline includes the JPYSC yen-pegged stablecoin and Strium, a Layer 1 blockchain being developed for financial applications.
Market impact
Equity-method accounting signals SBI is treating Ajaib as a long-term strategic holding rather than a portfolio bet, a posture that tends to invite follow-on capital and operational integration. For Indonesia, the round reframes the country's digital-asset sector as investable at scale after a quieter 2023-2024 funding window. The institutional stablecoin settlement angle is the line regional regulators will watch closely: Ajaib already provides OTC stablecoin liquidity to corporates and institutions inside Indonesia, and SBI's involvement adds a Japan-domiciled counterparty to that flow.
Frequently asked questions
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How much did SBI Holdings invest in Ajaib?
Approximately $270 million for a roughly 20% minority stake, according to Ajaib's Friday announcement. SBI confirmed only the stake size, not the dollar figure.
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What does Ajaib do?
Ajaib is a Jakarta-based multi-asset platform offering domestic and international equities, bonds, mutual funds, ETFs, crypto assets, stablecoins, commodities, FX, payments, savings, and OTC stablecoin settlement for institutional clients in Indonesia.
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Why is SBI Holdings investing in Indonesia?
The deal slots Ajaib into SBI's "SBI APAC Digital Economic Zone," an initiative by Chairman Yoshitaka Kitao to build a network of digital-asset exchanges across Southeast Asia and the broader region.
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What other digital-asset businesses does SBI operate?
SBI runs crypto exchange SBI VC Trade in Japan, Coinhako in Singapore, and crypto market maker B2C2 in the UK. It is also developing the JPYSC yen-pegged stablecoin and Strium, a Layer 1 blockchain for financial applications.
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Why is the deal structured as an equity-method affiliate?
Equity-method accounting signals SBI views Ajaib as a long-term strategic holding rather than a passive portfolio investment, a structure that typically invites follow-on capital and operational integration.
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