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Finance

Indonesia's Traveloka to expand fintech business into Thailand

Unicorn and Siam Commercial Bank unit strike deal for financial products

Indonesia's Traveloka and a subsidiary of Thailand's Siam Commercial Bank have announced an agreement to expand the Jakarta-based unicorn's fintech business into Thailand. (Source photos by Reuters)

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.

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