A woman walks out from a Siam Commercial Bank branch in Bangkok, Thailand, April 18, 2016. REUTERS/Athit Perawongmetha
Thailand’s Siam Commercial Bank Pcl (SCB.BK) on Tuesday announced a $100 million investment in Indonesian fintech startup Akulaku, as part the bank’s expansion overseas and into technology.
SCB last year announced major restructuring and expansion with a target of 200 million customers by 2025 for its businesses in Southeast Asia, which operate in six of the region’s markets.
“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.
In November, the bank announced a $537 million acquisition of Thai-based digital asset exchange Bitkub.
SCB also operates its own food delivery app, with plans to include travel and other services this year.
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.
The startup counts Jack Ma’s Ant Group (688688.SS) as an investor and plans to expand offerings in Southeast Asia to reach 50 million users by 2025.Reporting by Chayut Setboonsarng; Editing by Martin Petty
This article was originally published by Reuters.
Two ultra-luxury waterfront homes to be sold only on completion as more high-net-worth individuals want…
FIA President Mohammed Ben Sulayem says manufacturer’s announcement shows there is real momentum behind the…
Return of the FIA Formula One World Championship to Africa “a historic moment for our…
Dubai South leads off-plan sales for seventh consecutive month Dubai, UAE, 6th October, 2026: The…
The Gulf’s stock markets were tested this year, and they held. That is the real…
Dubai, UAE, 30th August, 2026: The President of Paraguay, H.E. Santiago Peña, joined FIA President…