Dentons HPRP advises SBI Holdings on its USD270 million purchase of a 20% stake in Indonesia's Ajaib Group, Law.asia reports.
Law.asia reported that Dentons HPRP advised Tokyo-based financial services group SBI Holdings on its USD270 million acquisition of a 20% stake in Indonesian digital investment and fintech platform Ajaib Group. The outlet said the investment is the largest funding secured by an Indonesian technology company since 2022 and makes Ajaib Group an equity-method affiliate of SBI Holdings.
Dentons HPRP acted as the sole Indonesian transactional, regulatory and advisory legal counsel to SBI Holdings. Partner Fabian Pascoal led the team, supported by senior associate Josha Ponggawa and associates Natasya Gabriela, Pritta Maharani Pribadi, Cindy Rahmatya Hadianti and Gabriela Zefanya Hartanto.
Pascoal told Asia Business Law Journal the firm conducted legal due diligence on the Indonesian operating companies, covering intercompany relationships, technology and intellectual property arrangements, and the holding structure. He said Ajaib Group's principal operations run through Indonesian subsidiaries, including a physical digital asset (crypto) trader, a securities brokerage and a payment system services provider, each subject to independent regulatory frameworks overseen by the Financial Services Authority (Otoritas Jasa Keuangan) and Bank Indonesia. He said the firm also advised on Indonesian competition law and merger control and helped ensure investor protections were reflected in the final agreements.
Pascoal said the primary challenge was harmonising capital markets, digital assets, payment systems, foreign investment and competition law within a single cross-border transaction. He said the investment establishes a long-term partnership to develop tokenisation-based financial infrastructure in Indonesia and across Asia. Law.asia, citing Nikkei Asia, said the deal follows SBI Holdings' acquisition of Singapore-based Coinhako Group for around US$105.3 million (JPY16 billion) (USD102 million) in July 2026.
