Thailand’s Siam Commercial Bank invests $100m in digital finance platform Akulaku
Thailand’s Siam Commercial Bank (SCB) has made a $100 million strategic investment in Indonesian digital finance platform Akulaku.
SCB president Arak Sutivong says the investment “marks our continued commitment and strong belief in the long-term prospects of Indonesia as one of the fastest growing digital economies in the region”.
Sutivong adds Akulaku has a “dominant market position” in Indonesia and the bank’s investment “fits within our regional goal of serving an underserved market using digital innovations”.
Founded in 2016, Akulaku has a presence in Indonesia, the Philippines and Malaysia and its stated mission is to serve 50 million users across 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 more than 13 million users.
Akulaku says Covid pandemic lockdowns saw it receive a “surge in users”, and with SCB backing, alongside initial investor Ant Group, it claims it is “well positioned to expand its digital financial service offerings within Thailand and throughout the region”.
Akulaku CEO William Li says both his company and SCB share a vision for banking that is “expansive and inclusive”.
“Together we will be able to continue our rapid expansion of offerings for the people of Southeast Asia,” Li adds.