Heaptalk, Jakarta — South Korea’s digital-only bank KakaoBank established a strategic partnership with Indonesia’s digital-focused bank Superbank (10/10). KakaoBank will acquire a 10% Superbank stake through the issuance of new shares.
Through the partnership, KakaoBank will actively work together in developing Superbank products and services. Backed by Grab, Singtel, and Emtek Group, Superbank plans to release its app in 2023.
CEO of KakaoBank Corp, Yun Ho Young said that the partnership with Superbank is the first step of KakaoBank’s global business expansion. By collaborating with major partners in Southeast Asia, the company wants to create the future of finance by building a 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,” explained Yun.
Founded in January 2016, KakaoBank launched its services in July 2017 after obtaining the final full banking license from the Republic of Korea Financial Services Commission in April 2017. The bank leverages the latest technologies such as chatbots and artificial intelligence to provide mobile banking service.
Serving the underbanked communities, primarily MSMEs and retail customers
Meanwhile, President Director of Superbank Tigor M. Siahaan 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.”
Tigor is optimistic that the partnership will not only strengthen Superbank’s capabilities but also bring the company closer to its mission of serving the financial needs of the underbanked communities, primarily 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,” Tigor added.
Formerly known as PT Bank Fama International, Superbank has carried out a transformative journey into a digitally focused bank. Founded in Bandung, West Java in 1993, the bank became part of Emtek Group at the end of 2021, then backed up by Grab and Singtel in early 2022, and KakaoBank in 2023.
