Superbank, the Indonesian digital bank owned by Emtek Group, is set to expand its ecosystem by integrating with OVO, a digital wallet backed by Grab.
By collaborating with OVO, Superbank aims to broaden its financial service offerings.
OVO’s digital wallet services complement Superbank’s digital banking products, providing a more comprehensive suite of financial tools for customers.
The digital bank has raised over 5 trillion rupiah (US$308 million) from investors, including a recent 1.2 trillion rupiah (US$74 million) investment from Grab, Singtel, and KakaoBank in July 2024.
President director Tigor Siahaan told DealStreetAsia that Superbank plans to prioritise deepening its relationship with its existing investor Grab.
Superbank also plans to leverage the expertise of Singtel and KakaoBank to enhance its product development and customer engagement strategies.
The digital bank, which launched its services on the Grab platform in June 2024, has already garnered over 2 million customers.
Superbank attributes this rapid growth to its user-friendly platform, attractive promotions, and seamless integration with Grab.
Originally established as Bank Fama in 1993, Superbank was acquired by Emtek Group in 2021 to strengthen the conglomerate’s position in Indonesia’s financial services sector.
Siahaan indicated that while Grab is the initial focus, Superbank will also explore similar collaborations with Emtek and Bukalapak in the future.
The Indonesian digital banking landscape is increasingly competitive, with players like WeLab-backed Bank Jasa Jakarta, Kredivo’s Krom Bank, GoTo-backed Bank Jago, Sea’s Seabank, and Akulaku’s Bank Neo Commerce all vying for market share.
Superbank believes its strong investor backing and ecosystem strategy will be key differentiators in this crowded market.
Despite facing stiff competition, Superbank is optimistic about achieving profitability within the next two years.
Siahaan believes this is achievable, citing the bank’s recent product launches and growing customer base.
Although Superbank’s losses widened to 285.74 billion rupiah in the first nine months of 2024, its loan disbursements and deposits have shown significant growth compared to the same period in 2023.
Superbank has introduced several innovative products, including Celengan, a savings product with a 10% annual interest rate, which allows customers to save small amounts daily, and Saku, which allows users to create multiple savings accounts.
The bank also launched Pinjaman Atur Sendiri, an unsecured digital loan product with flexible credit limits and terms, specifically designed for Grab’s merchants and users who prefer a revolving loan.
Superbank plans to expand Pinjaman Atur Sendiri’s availability to a wider market in the future.
Furthermore, Superbank has partnered with venture lender Genesis Alternative Ventures to establish a 600 billion rupiah (US$40 million) financing facility to support local startups.
Siahaan emphasised the bank’s commitment to investing in SMEs across various sectors, including FMCG, logistics, and agriculture.
Featured image credit: Edited from Freepik
