SCB announces US$100M strategic investment in AKULAKU

FEBRUARY 15, BANGKOK, THAILAND In a move to propel its “SCB Group Strategy” of becoming a regional financial technology group, Siam Commercial Bank (SCB) today announced a US$100M strategic investment in Akulaku, Indonesia’s leading digital financial solutions provider and the force behind the Akulaku credit and e-commerce platform, as well as Bank Neo Commerce (BNC), the company’s digital banking arm. The strategic investment and partnership between SCB and Akulaku highlight the growth of e-commerce across Southeast Asia and heralds a new step in the digital banking revolution.

Since its establishment in 2016, Akulaku has been at the forefront of digital financial solutions for Indonesians as a “go-to” financial services provider. The company’s digital credit business recorded US$2.2 billion in loan disbursements to over 6 million users in 2021, twice as much as the previous year. In March 2021, BNC launched a mobile digital banking services, Neobank, and is now the fastest growing digital bank in Indonesia with over 13 million users.

Akulaku witnessed a surge in users since the onset of community quarantines in response to COVID-19. Additionally, it has achieved scale while improving its unit economics. With the addition of Siam Commercial Bank as a second strategic investor following Ant Group, Akulaku is well-positioned to further expand its digital financial service offerings to Thailand and beyond.

In announcing the new strategic investment 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. Our investment in Akulaku fits within our regional goal of serving an underserved market using digital innovations. We look forward to partnering with Akulaku as the company continues to grow.”

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.”

About Siam Commercial Bank

Siam Commercial Bank PCL (SCB) was established by Royal Charter in 1906 as the first Thai bank. As of December 31, 2021, the Bank had THB 3,315 billion in total assets and THB 431,719 million in market capitalization on a consolidated basis. The bank is one of Thailand’s leading universal banks, providing a full range of financial services through its nationwide branch network to clients in all segments, including wholesalers, SMEs, and retail banking services. SCB is committed to becoming Thailand’s “Most Admired Bank” by balancing value propositions for all stakeholders – customers, employees, shareholders, regulators, and society – and becoming a leader in shaping the future of Thailand’s banking industry.

About Akulaku

Akulaku is a leading banking and digital finance platform in Southeast Asia, with a presence in Indonesia, the Philippines, and Malaysia. Akulaku exists to help meet the daily financial needs of underserved customers in emerging markets through digital banking, digital financing, digital investment, and insurance brokerage services. In addition to the Akulaku virtual credit card and e-commerce platform, the company operates Asetku, an online wealth management platform, Neobank, a mobile digital bank supported by Bank Neo Commerce and Wisecart, an e-commerce platform with BNPL services in Europe. Akulaku’s mission is to serve 50 million users across Southeast Asia by 2025.