February 16

Thai Lender Siam Commercial Bank Invests $100 Million in Indonesia’s Akulaku

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.

Source: Reuters (link opens in a new window)

Finance, Investing, Technology
financial inclusion, fintech, global development, startups