Japan's SBI Group has acquired a 20% stake in Indonesia's digital brokerage Ajaib for $270 million, marking the Japanese conglomerate's largest Southeast Asia investment as it pursues crypto expansion in the region.
Ajaib, founded by Stanford graduates in 2020, operates as an investment app and digital broker in Indonesia. The stake gives SBI significant influence over the platform at a time when major Japanese financial players are deepening crypto and blockchain infrastructure bets across Southeast Asia. SBI, which owns Japan's second-largest bank by assets and holds stakes in multiple crypto and blockchain ventures, has positioned itself as Tokyo's primary institutional gateway to digital assets.
The $270 million valuation places Ajaib among Indonesia's largest fintech rounds in recent years. The company serves retail investors in a market where traditional brokerage penetration remains low; Indonesia's population exceeds 270 million but equity market participation remains under 2% of the adult population. Ajaib had previously raised capital from backers including Tier 1 Capital and local venture funds, though the company has not disclosed a formal Series C or Series D label for this round.
SBI's move follows the Japanese bank's 2023 launch of Japan Open Chain, a blockchain network focused on tokenized assets and stablecoin infrastructure. The firm has also backed Progmat, a tokenization platform, and holds positions in multiple crypto custody and trading venues. Indonesia represents a priority market for SBI given its size, young demographic, and limited access to institutional-grade trading infrastructure.
Ajaib's digital broker model combines equities, commodities, and crypto trading on a single platform aimed at retail users aged 18 to 35. The platform does not currently operate as a licensed cryptocurrency exchange under Indonesian law, operating instead under fintech and brokerage frameworks. Indonesia's Financial Services Authority has proposed crypto regulation since 2021 but has not finalized a licensing regime.
SBI's $270 million investment in a 20% stake values Ajaib at roughly $1.35 billion. The Japanese group did not announce specific product launches or timelines in connection with the stake acquisition. SBI's prior crypto bets have not produced material revenue; the bank has characterized them as long-term infrastructure plays rather than near-term profit centers.
SBI's largest competitor in Japanese institutional crypto is GMO Internet, which operates exchanges in Japan and offers custody. SBI has not disclosed whether the Ajaib stake will include board representation or operational influence. Ajaib's founding team retains operational control of day-to-day management.
