Thailand’s Siam Commercial Bank (SCB) has made a $100 million strategic investment in Indonesian digital finance platform Akulaku.
SCB Chairman Arak Sutivong said the investment “marks our continued commitment and strong belief in Indonesia’s long-term prospects as one of the fastest growing digital economies in the world. region”.
Sutivong adds that Akulaku has a “dominant market position” in Indonesia and that the bank’s investment “fits into our regional goal of serving an underserved market using digital innovations.”
Founded in 2016, Akulaku has operations in Indonesia, the Philippines, and Malaysia, and its stated mission is to serve 50 million users in Southeast Asia by 2025.
Akulaku’s services include a credit and e-commerce platform, a wealth management platform, and a digital banking arm, Bank Neo Commerce (BNC).
In March 2021, BNC launched a mobile digital banking service, Neobank, which is now the fastest growing digital bank in Indonesia with over 13 million users.
Akulaku says the Covid pandemic lockdowns have seen it receive an “increase in user numbers”, and with the backing of SCB, alongside initial investor Ant Group, it says it is “well positioned to expand its digital financial services offerings in Thailand and across the region.”
Akulaku CEO William Li said his company and SCB share a vision for the bank that is “expansive and inclusive”.
“Together, we can continue our rapid expansion of offerings for people in Southeast Asia,” adds Li.