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KakaoBank acquires stake in PT Super Bank to fortify global digital banking network

EditorHari G
Published 10/10/2023, 09:25 AM
© Reuters.

South Korea's KakaoBank, led by CEO Yun Ho-young, has announced the acquisition of a 10% stake in PT Super Bank Indonesia, a move that strengthens its strategic alliance with co-owners Grab Holdings, Singtel, and Emtek. This acquisition is a part of KakaoBank's larger ambition to establish a global digital bank network.

PT Super Bank Indonesia, which transitioned into a fully digital platform after shutting down its offline business in 2021, is set to launch its services either this year or next. As part of the partnership, KakaoBank will utilize its expertise in user interface and user experience design to aid in the establishment of the digital service.

The Indonesian market presents a significant opportunity for this digital banking venture due to its high mobile phone usage rate, geographical fragmentation across 18,000 islands, and a considerable unbanked population. Tigor M.Siahaan, CEO of PT Super Bank Indonesia, expressed optimism that this move would improve banking access for financially excluded individuals.

However, the financial details of KakaoBank's investment in PT Super Bank Indonesia remain undisclosed at this time.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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