Japan's SBI Holdings is taking a 20% stake in Indonesian online brokerage Ajaib for $270M, turning the Jakarta-based firm into an equity-method affiliate.

The move is part of SBI's broader push to expand its yen-denominated stablecoin, JPYSC, which it launched in June, across Southeast Asia. Plugging Ajaib's retail brokerage and user base into SBI's crypto and payments stack gives the Japanese group a distribution channel for stablecoin and digital-asset services in one of the region's largest markets.

For Ajaib, founded by Stanford classmates Anderson Sumarli and Yada Piyajomkwan, the $270M Series C is Indonesia's largest tech funding round since 2022 and lifts its valuation above the prior round.

The deal fits a wider pattern of Japanese and regional financial groups buying into Southeast Asian fintech to seed stablecoin and tokenization rails, betting that local brokerages become the on-ramps for yen and dollar-pegged digital money.

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