KakaoBank to Snap Up 10% Stake in Indonesia’s Superbankby Fintech News Indonesia October 10, 2023
KakaoBank, a South Korean digital-only bank, is set to acquire a 10% stake in Superbank, a new digital-focused bank in Indonesia formerly known as Bank Fama.
Superbank is backed by a consortium comprising Grab, Singtel, and Emtek Group. It is expected to launch its app to the public this year.
KakaoBank will be collaborating in the development of Superbank’s products and services, and gain valuable experience in the Southeast Asian market.
The partnership brings together KakaoBank’s digital finance and platform expertise in South Korea as well as Superbank’s backing of a strong ecosystem of partners, including Grab, Singtel, and Emtek Group.
This allows them to connect with the underbanked MSMEs and retail customers in Indonesia, offering them tailor-made financial services.
The move is expected to deepen KakaoBank’s understanding of the Southeast Asian market and its customers, while helping Superbank to launch its services successfully.
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.
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,
“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.”