10/10/2023 (South Korea) - South Korean digital lender, KakaoBank Corp, disclosed its plans on Tuesday, October 10, to purchase a 10% stake in Superbank. The latter is an Indonesia-based digital bank, backed by telecommunications firm Singtel and Southeast Asian tech giant Grab.
The acquisition will be made possible through the issuance of new Superbank shares. It's noteworthy that Superbank underwent a rebranding earlier this year. Previously known as Bank Fama International, the bank rebranded in February, signaling its intent to bolster digital services and widen its financial product spectrum.
Yun Ho Young, CEO of KakaoBank, remarked on this strategic move, saying, "KakaoBank will create the future of finance by collaborating with major partners in Southeast Asia to jointly build a mobile financial technology platform, starting with Superbank in Indonesia."
Currently, Superbank's ownership is largely influenced by the Emtek Group. Additionally, both Grab and Singtel have significant holdings, with a combined 32.5% share in the digital bank. This collaboration between Singtel and Grab was further solidified in January when they jointly acquired approximately 2.4 billion new shares in what was then Bank Fama, at an investment nearing US$70 million.