JAKARTA — Traveloka, Indonesia’s answer to travel booking website Expedia and one of the country’s unicorns — startups valued at more than $1 billion — has agreed to partner with a bank in Thailand to expand its fintech business in the region’s second-biggest economy.
The announcement on Friday comes as Traveloka prepares to go public this year against the background of intensifying competition in Southeast Asia’s tech sector characterized by the rapid rise of Singapore-based consumer internet company Sea, which has become the region’s biggest public company. Achieving successful expansion prior to its initial public offering is important for Jakarta-based Traveloka as it may increase its value in the eyes of potential investors.
The Indonesian company and SCB 10X, the venture capital subsidiary of Thailand’s Siam Commercial Bank, will set up a joint venture to create “financial…
