PT Super Bank Indonesia, backed by KakaoBank, launches

Finance

Published: 19 Jun. 2024, 18:16

PT Super Bank Indonesia, backed by KakaoBank, launches

PT Super Bank Indonesia, or Superbank, officially launched on Wednesday. [KAKAOBANK]

PT Super Bank Indonesia (Superbank), a digital bank affiliated with KakaoBank, officially kicked off in the Southeast Asian country on Wednesday.

The Korean mobile bank acquired a 10 percent stake in Superbank in September of last year for 103.3 billion won ($74.9 million) in partnership with Grab, Southeast Asia’s largest taxi-hailing and food-delivery service operator.

A consortium consisting of Grab and Singtel, a Singapore-headquartered telecom operator, holds the largest stake in Superbank, with Grab at 28.5 percent and Singtel at 19 percent. Jakarta-based Elang Mahkota Teknologi, or Emtek, owns 34.8 percent of the Indonesian firm.

Superbank, rebranded from PT Bank Fama International last year, shut its offline business down in December 2021 to transform into a digital bank. KakaoBank provided consultations for the Indonesian firm regarding financial products and digital services, and plans to take part in the development of new financial products.

The Korean internet-only bank said it will also continue to discuss further collaboration with Grab and enhance its global business capabilities.

“KakaoBank will contribute to advancing the region’s financial technologies with its unique mobile capabilities and strategic partnership, while also expanding its business operations by establishing a global digital banking network and more,” said a company spokesperson.

Meanwhile, KakaoBank CEO Yun Ho-young was appointed as a board member of Grab in April, after the two companies entered a partnership last year.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]