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Market Chatter: SBI Holdings to Secure 20% Stake in Indonesia's Ajaib Group for $270 Million

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SBI Holdings (TYO:8473) plans to purchase a 20% stake in Indonesia-based online brokerage Ajaib Group for $270 million by the end of August, making the latter an equity-method affiliate, Nikkei Asia reported Friday.

Ajaib offers online brokerage, foreign-exchange margin trading, cryptocurrency and asset management services. SBI Holdings plans to work with Ajaib to promote its Japanese yen stablecoin JPYSC, and expand its cryptocurrency business abroad, the report said.

SBI Holdings and Ajaib Group did not immediately respond to requests for comment from.

Shares of SBI Holdings added nearly 1% in recent trade.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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