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South Korea’s KakaoBank to secure 10 percent stake in Superbank
The rebranded Indonesian digital bank plans to launch its app later this year.
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Superbank president director Tigor Siahaan poses in an undated picture with the Superbank logo. (Superbank/-)
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T Super Bank Indonesia (Superbank) is set to secure investment from South Korea’s KakaoBank through the issuance of new shares and collaboration in product and service development.
As announced in a press release from KakaoBank on Tuesday, the South Korean digital-only lender will acquire a 10-percent stake in Superbank.
Supported by a consortium featuring Indonesia’s Emtek Group and Singapore’s Grab and Singtel, Superbank plans to launch its app to the public later this year, as per the release.
Superbank president director Tigor Siahaan highlighted that the bank was positioned to cater to micro, small and medium enterprises (MSMEs) and retail customers in Indonesia, providing them with customized financial services.
“The partnership will not only strengthen Superbank’s skill but also bring us closer to realizing our vision of catering to the financial needs of the underbanked communities,” Tigor said on Tuesday, according to the release.
KakaoBank CEO Yun Ho Young was quoted as saying on the same day that the investment in Superbank marked the initial step in KakaoBank’s expansion into the global market. He also expressed the company’s aspiration to establish a worldwide digital banking network, harnessing the newly established relationship with Southeast Asian tech players.
“Starting with this strategic investment and collaboration with Superbank, KakaoBank will shape the future of finance by collaborating with major partners in Southeast Asia to jointly build a mobile financial technology platform,” said Yun, as quoted in the release.
