KakaoBank has announced that it will buy a 10% stake in Superbank, the Singapore Telecommunications and Grab-backed digital-focused bank in Indonesia. By leveraging this collaboration, KakaoBank will be working on the development of Superbank’s products and services as well as gaining experience in the Southeast Asian market.

The collaboration brings together KakaoBank's digital finance and platform proficiency in South Korea with Superbank's network of partners. This initiative is anticipated to deepen KakaoBank's insights into the Southeast Asian market and its clientele while facilitating Superbank's entry into the market with its services. According to the information given in the press release, KakaoBank will acquire the stake through the issuance of new shares.

Lender Bank Fama International was rebranded as Superbank in February 2023 in a bid to strengthen its digital-based services and expand its financial offerings. Superbank is controlled by the Emtek Group along with Southeast Asian super-app Grab and telco SingTel. These two firms own a combined 32.5% interest in Superbank after acquiring around 2.4 billion new shares for about USD 70 million in January 2022.

In a joint statement on Tuesday, KakaoBank and Superbank highlighted Superbank’s strength in its ecosystem of various entities such as Grab, Singtel, and Emtek Group, known for their market penetration across diverse sectors. More about KakaoBank KakaoBank is a South Korea-based mobile-only bank established by a financial group Korea Investment Holdings and an internet platform company Kakao Corp. It is an internet-only bank that offers all services online, from opening an account, transfer, and checking account balance to checking transaction details.

In June 2023, KakaoBank signed a Memorandum of Understanding with SCBX to obtain a virtual banking license from Thailand’s central bank. Following this announcement, KakaoBank aimed to obtain its banking license in order to run a digital banking platform from the Central Bank of Thailand. By partnering with the SCBX financial group, KakaoBank focused on its overall plan for business expansion into the Southeast Asian economies and industries.

Customers in Thailand will be given the possibility to access a wide range of financial services and products, with improved accessibility through technology. .