KakaoBank buys 10% in Superbank, enters partnership to boost digital banking in Indonesia

Superbank is planning to publicise its mobile app later in the year.

South Korea's digital-only bank, KakaoBank, has acquired a 10% stake in Superbank by issuing new shares. Superbank, a digital-focused bank in Indonesia, is supported by a consortium that includes Grab, Singtel, and Emtek Group.

Superbank is also set to launch its app to the public later this year.

“This partnership is also a realization of our long-term commitment to creating 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.” Ho Young Yu, Chief Executive Officer of KakaoBank said.

ALSO READ: KakaoBank modernises data management system

Through this partnership, KakaoBank will contribute to the development of Superbank's products and services. 

The digital bank said this initiative aims to deepen its understanding of the Southeast Asian market and its customers, enhance global competitiveness, and advance digital finance in the region.