KakaoBank, South Korea’s first and leading digital-only bank, has entered into a strategic partnership with Superbank.
Superbank is a new transitioning digital-focused bank in Indonesia that’s backed by a consortium that’s made up of Grab, Singtel and Emtek Group. Superbank is expected to launch its app to the public in 2023.
On Oct 10, KakaoBank announced that it will acquire a 10% stake in Superbank through the issuance of new shares. It will then actively collaborate in the development of Superbank's products and services.
"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.” In addition, “This partnership is also a realisation 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,” says Yun Ho Young CEO of KakaoBank Corp.
"We are honoured 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. 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 (micro and small- and medium-sized enterprises) 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,” says Tigor M. Siahaan, president director of Superbank.
Shares in Singtel closed at $2.38 on Oct 9.
