Siam Commercial Bank makes $100m investment in Akulaku

Indonesian banking and digital finance platform Akulaku has received a US$100 million strategic investment from Siam Commercial Bank (SCB), as it eyes further expansion across Southeast Asia.

Akulaku has a presence in Indonesia, the Philippines, and Malaysia and was established with the aim of giving underserved customers in emerging markets access to digital banking, digital financing, digital investment, and insurance brokerage services.

Akalaku’s digital credit business recorded $2.2 billion in loan disbursements to more than 6 million users in 2021, twice as much as the previous year and, in March 2021, its digital banking arm Bank Neo Commerce (BNC) launched a mobile digital banking service, Neobank, which now has in excess of 13 million users.

The investment means that SCB becomes the second strategic investor in Akulaku, following Ant Group.

Siam Commercial Bank president Dr. Arak Sutivong, said: “This investment in Akulaku 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.

“Akulaku has a dominant market position in Indonesia and is well-positioned with its innovative technology and superior product offerings. We are excited about investment in the company and look forward to leveraging our deep expertise in Thailand’s financial services sector to support Akulaku’s expansion.”

Akulaku also operates online wealth management platform Asetku and Wisecart, an e-commerce platform with buy now, pay later services in Europe.

Akulaku CEO William Li added: “We are extremely excited to have Siam Commercial Bank as our newest investor. We share a vision for banking that is expansive and inclusive.

“Together with SCB, we will be able to continue our rapid expansion of offerings for the people of Southeast Asia.”