Thai Siam Commercial Bank invests in Indonesia’s Go-Jek

A Go-Jek logo is pictured in their office in Singapore November 29, 2018. REUTERS/Anshuman Daga/Files

BANGKOK (Reuters) – Thailand’s largest lender Siam Commercial Bank said on Thursday it had invested in Indonesian ride-hailing app Go-Jek.

The move is in line with the bank’s strategy to secure partnerships and expand its digital capacity, including payments and digital lending, SCB said in a statement.

The statement did not disclose the value of the new investment.

Go-Jek began operations in Thailand with motorcycle rides and food delivery last year, putting pressure on rival ride-hailing firm, Singapore-based Grab.

Reporting by Chayut Setboonsarng; writing by Patpicha Tanakasempipat; Editing by Stephen Coates

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