South Korea-based KakaoBank laid out plans to take a 10 per cent stake in Superbank, a digital-focused financial services company in Indonesia backed by a consortium comprising Grab, Singtel and Emtek Group.
KakaoBank, the first digital-only bank in Korea set up in 2016, will acquire the interest in Superbank through the issuance of new shares, and collaborate on product and service development.
Superbank aims to launch an app later this year.
KakaoBank CEO Yun Ho Young stated the investment marks its first global move, with the aim to collaborate with major partners in Southeast Asia to jointly build a mobile financial technology platform, starting with Superbank in Indonesia.
Tigor Siahaan, president director of Superbank, noted the partnership “signifies the fusion of international expertise with the boundless potential of Indonesia”, adding the partnership not only boosts Superbank’s capabilities but also “brings us closer to our mission of serving the financial needs of the underbanked communities”.