Siam Commercial Bank will seek to boost its online revenue after reportedly becoming a shareholder of Indonesian ride-hailing unicorn Go-Jek.
In addition to shares, the partnership will be leveraged to boost Go-Jek’s financial services capabilities as well as Siam Commercial Bank’s (SCB) online capabilities, Bloomberg reported.
Valued at $10 billion (as of February 2019), Go-Jek is Indonesia’s most valuable tech startup and has expanded since its debut in 2015 as a motorbike taxi-hailing app in Jakarta to become a multi-purpose platform targeting markets across Southeast Asia.
The partnership is viewed as a counter to a rival move in November 2018 by Thai bank Kasikorn which invested $50 million into ride-hailing app Grab. The two had announced a series of initiatives including the development of a co-branded mobile wallet.
