SBI Holdings to Invest $270M in Indonesia’s Ajaib to Expand Stablecoin Network

Japanese financial giant SBI Holdings plans to invest $270 million in Indonesian online brokerage Ajaib Group as it accelerates its blockchain and stablecoin expansion across Southeast Asia.

The transaction, expected to be completed before the end of August, is part of SBI’s strategy to broaden the regional reach of JPYSC, its yen-denominated stablecoin, while developing blockchain-based infrastructure for cross-border settlements and digital assets.

Investing in Ajaib provides SBI with greater access to Indonesia, one of Southeast Asia’s largest consumer and investment markets. Indonesia’s retail sector is estimated to be worth about $375 billion, while the country has more than 20 million retail investors.

Ajaib operates a range of financial services in Indonesia, including online brokerage, foreign-exchange margin trading, cryptocurrency services and asset management. Its existing platform could support SBI’s ambitions to establish a wider network connecting traditional finance with tokenized assets and blockchain payments.

“In this era of tokenization, the importance of global infrastructure for digital assets is greater than ever,” SBI Chairman and President Yoshitaka Kitao said.

The Ajaib investment follows SBI’s acquisition of Singapore-based cryptocurrency exchange Coinhako Group for approximately $100 million in July. SBI has also invested in Singapore digital securities platform DigiFT, with the companies establishing a joint venture.

Together, these investments highlight SBI Holdings’ push to create a network of regulated cryptocurrency and digital securities businesses across Southeast Asia. The infrastructure could eventually facilitate cross-border stablecoin payments and trading of tokenized financial assets.

The $270 million Ajaib funding is particularly notable given the slowdown in Indonesia’s startup market. Indonesian startups raised only $340 million last year, compared with $440 million in 2024 and $9.44 billion in 2021. Ajaib’s latest financing represents the country’s largest technology fundraising round in years.

SBI’s expansion also comes as Japan increases its focus on blockchain-based financial infrastructure. The Japanese government recently unveiled plans for a blockchain settlement system covering stocks and government bonds, potentially enabling 24/7 onchain settlement from the early 2030s.