Indonesia Digital Bank 'Superbank' to Launch New Financial Products in the First Half of Next Year
KakaoBank announced on the 27th that it has signed a financial consulting advisory contract with the Indonesian digital bank ‘SuperBank’. Last September, as part of a partnership for business cooperation with Grab, Southeast Asia’s largest super application (app) and IT (information technology) platform, KakaoBank invested in a 10% stake in SuperBank.
Through this contract, KakaoBank will provide advisory services for the launch of new financial products by SuperBank. These products are scheduled to be introduced to the Indonesian market in the first half of next year. By actively participating in the planning and development process of local financial products in Indonesia, KakaoBank aims to enhance its overall understanding of the Southeast Asian market, accumulate business experience, and strengthen its global capabilities.
SuperBank secured 2.5 million customers within five months of its official launch, based on its partnership with Grab and differentiated products and services. This is faster compared to other digital banks in Indonesia, which took about six months to a year to reach 1 million customers.
SuperBank increased convenience and financial accessibility by leveraging the ecosystem of its major shareholder, Grab. Customers can open a SuperBank account directly through the Grab app, and link their SuperBank accounts as a payment method for various Grab services such as Grab Food and Grab Bike. In fact, more than half of SuperBank’s customers have linked their accounts to the Grab app.
A KakaoBank official said, “The financial consulting advisory contract with SuperBank is significant in that it allows for deeper and more strategic collaboration in product and service development,” adding, “It will be an opportunity to expand the KakaoBank brand influence in the global market and showcase the technological capabilities of Korean finance.”
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