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Thai lender SCB invests $100 million in Indonesia’s Akulaku -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – A woman leaves a Siam Commercial Bank branch, Bangkok, Thailand on April 18, 2016. REUTERS/Athit Perawongmetha

BANGKOK, (Reuters) – Siam Commercial Bank of Thailand (OTC) Pcl announced Tuesday a $100m investment in Akulaku Indonesian fintech startup. This was part of the bank’s global expansion and technology.

SCB announced last year major restructuring and expansion, with 200 million customers as its target by 2025. This includes six markets in Southeast Asia.

Arak Sutivong (SCB President) stated that Akulaku was an investment that fits with our regional objective of providing digital solutions to underserved markets.

Bank announced in November that it had acquired Bitkub, an online asset exchange based in Bangkok for $537million.

SCB operates its own food delivery platform, with plans for travel this year.

Akulaku is a digital bank and insurance broker that offers brokers and digital banking. The company claims it has approximately 13,000,000 users in Indonesia which boasts a population over 270 million.

Jack Ma’s Ant Group has been named as an investor by the startup. It plans to grow its offering in Southeast Asia until it reaches 50 million users by 2025.

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