KakaoBank and Superbank enter strategic partnership to drive digital banking innovation in Indonesia | The Asian Banker
Sunday, 3 March 2024

KakaoBank and Superbank enter strategic partnership to drive digital banking innovation in Indonesia

5 min read

  • KakaoBank to acquire a 10% stake in Superbank through the issuance of new shares and collaborate in product and service development

  • KakaoBank to engage in a long-term partnership with Superbank and its shareholders, including Grab, Singtel and Emtek Group

  • The partnership brings Superbank closer to its mission of serving the financial needs of the underbanked communities, especially the MSMEs and retail customers

KakaoBank, South Korea’s first digital-only bank, and Superbank are excited to announce a strategic partnership that marks a significant milestone for both companies. In this strategic partnership, KakaoBank will acquire a 10% stake in Superbank through the issuance of new shares. Superbank is a new transitioning digital-focused bank in Indonesia backed by a consortium comprising Grab, Singtel, and Emtek Group. Superbank is expected to launch its app to the public this year.

With the partnership, KakaoBank will actively collaborate in the development of Superbank's products and services. Drawing on its domestically proven competitiveness in digital finance and platform expertise, as well as ranking #1 in monthly active users among major banking apps in South Korea, KakaoBank brings a wealth of experience to this collaboration that aims to deepen its understanding of the Southeast Asian market and its customers. Through this collaboration, KakaoBank is committed to enhancing its global competitiveness, gaining valuable experience, and actively contributing to the advancement of digital finance within the Southeast Asian market. 

Yun, Ho Young, Chief Executive Officer of KakaoBank Corp. said, "With this strategic investment and collaboration with Superbank that marks the very first step of KakaoBank’s global business, KakaoBank will create the future of finance by collaborating with major partners in Southeast Asia to jointly build mobile financial technology platform, starting with Superbank in Indonesia.” In addition, “This partnership is also a realization of our long-term commitment to create synergy between KakaoBank's mobile financial technology and Grab's successful Southeast Asian business. Ultimately, we would like to establish a global digital bank network through our technology and service partnership.”

Tigor M. Siahaan, President Director of Superbank said, "We are honored for the trust from KakaoBank, as the leading digital bank in their market with a tremendous track record. This partnership signifies the fusion of international expertise with the boundless potential of Indonesia. Sharing a commitment to financial inclusion and technology-driven progress, this partnership not only bolsters Superbank's capabilities but also brings us closer to our mission of serving the financial needs of the underbanked communities, especially the MSMEs and retail customers. We are thrilled to welcome KakaoBank as a strategic shareholder and look forward to leveraging their expertise to provide innovative financial solutions to Indonesian consumers."

Superbank's strength is derived from its ecosystem, featuring prominent entities such as Grab, Singtel, and Emtek Group. These industry leaders boast extensive market penetration across diverse sectors, including Emtek’s multi-platform media viewers and all-commerce online sellers, as well as millions of Grab platform users. Singtel's footprint spans 21 markets, catering to millions of mobile customers and enterprises. Leveraging the advanced technology, insights, and network assets within the ecosystem, Superbank is strategically positioned to connect with the underbanked MSMEs and retail customers in Indonesia, offering them tailor-made financial services.

Re-disseminated by The Asian Banker

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