Ride-hailing giant Go-Jek has secured an investment from Siam Commercial Bank Pcl, the Thai lender that counts King Maha Vajiralongkorn as its biggest shareholder, according to people familiar with the matter.
It’s unclear how much Thailand’s biggest bank is investing in Go-Jek, the people said, who asked not to be identified because the matter is private.
Their partnership will help Indonesia’s most valuable technology startup bolster its financial services, while Siam Commercial is counting on online growth to help increase revenue, they added.
Southeast Asia’s banks are increasingly teaming up with technology firms that are getting onto their turf, offering financial services from digital payments to consumer loans.
Established over a century ago by royal charter, Siam Commercial Bank is Thailand’s oldest homegrown lender.
Go-Jek, which debuted its app for hailing motorbike taxis in Jakarta in 2015, is expanding beyond Indonesia to cater to consumers across Southeast Asia, aiming to popularize an all-purpose consumer app similar to Tencent’s WeChat in China.
Representatives of the bank and Go-Jek declined to comment.