Jakarta, Indonesia - KakaoBank, a digital-only bank from South Korea, has agreed with Superbank, an Indonesia-based digital bank.
Why it matters:
The agreement highlights the increasing convergence of digital banking platforms across borders.
The Key Points
- KakaoBank will acquire a 10% stake in Superbank by issuing new shares.
- Superbank, which is shifting to a digital focus, is affiliated with Grab, Singtel, and Emtek Group.
- The agreement prioritizes product and service development, leveraging KakaoBank's digital experience and user base in South Korea.
- Superbank plans to launch its app this year, leveraging KakaoBank's domestic insights to navigate the Southeast Asian market.
What the executives say:
Yun Ho Young, CEO of KakaoBank, mentioned that the agreement marks KakaoBank's first global initiative. The goal is to build a global digital banking infrastructure, with the first collaboration being with Superbank in Indonesia. KakaoBank aims to integrate its mobile financial technology with Grab's operations in Southeast Asia.
Tigor M. Siahaan, President Director of Superbank, welcomed KakaoBank's investment. He sees the partnership as a blend of international capabilities and Indonesian opportunities. The common goal is to expand financial access through technology, targeting Indonesia's underbanked communities, MSMEs, and retail segments.
More about Superbank
Superbank has partnerships with Grab, Singtel, and Emtek Group:
- Emtek engages a broad audience through its multi-platform media and plays a significant role in online commerce.
- Grab has millions of platform users.
- Singtel operates in 21 markets and provides services to many mobile users and enterprises.
Superbank intends to leverage these affiliations to provide specialized financial services to Indonesia's underbanked MSMEs and retail segments.
