KakaoBank and Superbank Forge Strategic Alliance to Fuel Digital Banking Advancements in Indonesia

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KakaoBank, South Korea’s pioneering digital-only bank, and Superbank are thrilled to announce a significant milestone through their strategic partnership. As part of this collaboration, KakaoBank will obtain a 10% stake in Superbank by issuing new shares. Superbank, a transitioning digital-focused bank in Indonesia, is supported by a consortium including Grab, Singtel, and Emtek Group, and is set to unveil its app to the public later this year.

Through this partnership, KakaoBank plans to actively engage in the advancement of Superbank’s products and services. Leveraging its proven expertise in digital finance and platform competence domestically, along with its leading position as the most used banking app in South Korea, KakaoBank aims to deepen its understanding of the Southeast Asian market and its customer base. This collaboration underscores KakaoBank’s commitment to enhancing its global competitiveness, gaining valuable insights, and actively contributing to the progress of digital finance in the Southeast Asian region.

Yun, Ho Young, CEO of KakaoBank Corp., remarked, “Through this strategic investment and collaboration with Superbank, which marks KakaoBank’s initial step into the global market, we aspire to shape the future of finance by partnering with major stakeholders in Southeast Asia to build a mobile financial technology platform, starting with Superbank in Indonesia.” He further emphasized, “This partnership also reflects our enduring dedication to generating synergy between KakaoBank’s mobile financial technology and Grab’s successful business in Southeast Asia. Ultimately, our goal is to establish a global network of digital banks through our technological and service-oriented partnership.”

Tigor M. Siahaan, President Director of Superbank, expressed his gratitude, stating, “We are honored to receive the confidence of KakaoBank, the leading digital bank in their market with an impressive track record. This partnership signifies the fusion of international expertise with the limitless potential of Indonesia. Aligned with a commitment to financial inclusion and technology-driven progress, this collaboration not only strengthens Superbank’s capabilities but also brings us closer to our mission of serving the financial needs of underserved communities, particularly MSMEs and retail customers. We eagerly welcome KakaoBank as a strategic shareholder and look forward to leveraging their expertise to provide innovative financial solutions to Indonesian consumers.”

Superbank draws its strength from its ecosystem, comprising notable entities such as Grab, Singtel, and Emtek Group. These industry leaders have a substantial market presence across various sectors, including Emtek’s multi-platform media viewers and all-commerce online sellers, along with the extensive user base of the Grab platform. Singtel’s widespread reach across 21 markets caters to millions of mobile customers and enterprises. Capitalizing on the advanced technology, insights, and network assets within the ecosystem, Superbank is strategically positioned to cater to the financial needs of underserved MSMEs and retail customers in Indonesia, offering tailored financial services.