SBI Holdings invests $270 million in Ajaib, taking 20% stake amid Asia digital asset push

Japanese financial services group SBI Holdings has invested $270 million in Indonesian multi-asset investment platform Ajaib Group, acquiring an approximate 20% stake as it expands its digital asset presence in Asia.

SBI confirmed an approximately 20% minority stake, making Jakarta-based Ajaib an equity-method affiliate of the Japanese firm.

Ajaib's crypto and stablecoin business

Ajaib provides access to domestic and international equities, bonds, mutual funds, exchange-traded funds, crypto assets, stablecoins, commodities, and foreign exchange, alongside payments and savings services. Ajaib also offers OTC stablecoin settlement services and liquidity to companies and institutional investors in Indonesia.

SBI said the partnership will promote digital asset adoption in Asia as it builds out its presence across the region. The group operates crypto exchanges SBI VC Trade in Japan and Coinhako in Singapore, as well as crypto market maker B2C2 in the UK. Its other digital asset initiatives include the JPYSC yen stablecoin and Strium, a Layer 1 blockchain being developed for financial applications.

"In this era of tokenization, the importance of global infrastructure for digital assets is greater than ever," SBI Holdings Chairman and President Yoshitaka Kitao said in a statement.

Kitao said SBI is establishing a network of digital asset exchanges focused on Southeast Asia as part of its "SBI APAC Digital Economic Zone" initiative, describing Ajaib's combination of traditional financial products and digital assets as a fit for that strategy.