Thailand Siam Commercial Bank Pcl (SET:SCB) on Tuesday announced a $100 million investment in an Indonesian fintech startup Akulaku, underscoring the bank’s overseas expansion strategy and in technology.
“Our investment in Akulaku fits within our regional goal of serving an underserved market using digital innovations,” SCB President Arak Sutivong said in a statement.
Earlier in November, the bank announced a $537 million acquisition of Thai-based digital asset exchange Bitkub.
Akulaku offers digital banking and brokers insurance and says its mobile banking service has about 13 million users in Indonesia, a nation of about 270 million people.
Ant Group is also an investor and plans to expand offerings in Southeast Asia to reach 50 million users by 2025.
