Provided Consulting for Superbank's Financial Product Launch Through Advisory Agreement
Superbank, the Starting Point of KakaoBank's Global Expansion, Pursues IPO Within the Year
Maximizing Shareholder Synergy... Surpasses 5 Million Customers
KakaoBank is accelerating its global expansion by strengthening its collaboration with Superbank, an Indonesian digital bank and its first equity investment target.
On December 12, KakaoBank announced that it had provided consulting services to Superbank for the launch of new financial products.
Previously, in November of last year, KakaoBank signed a financial consulting agreement with Superbank and has since provided advisory services utilizing its own successful mobile banking experience and service planning expertise, enabling Superbank to introduce innovative financial services in the Indonesian market.
By directly participating in the planning and development of products for overseas financial institutions, KakaoBank has deepened its understanding of the Southeast Asian market and its customers. This process has also provided an opportunity to discover and test new business models that can be applied when collaborating with various overseas financial institutions.
Superbank is an Indonesian digital bank in which KakaoBank invested a 10% stake in 2023 as part of a partnership with Grab. It also marks the starting point of KakaoBank’s global market challenge. Since acquiring the stake, KakaoBank has collaborated with Superbank across a wide range of areas, from the bank’s launch to product and service development, as well as UI and UX consulting, thereby building up its global capabilities.
The newly launched product 'Kartu Untung' by Superbank is the result of more than a year of collaboration between the two companies, based on an idea proposed by KakaoBank. KakaoBank participated not only in the product planning stage but also throughout the overall development process, including designing the necessary elements to realize the idea on mobile.
'Kartu Untung', which means 'Lucky Card', is a service that allows customers who save 50,000 rupiah (approximately 5,000 KRW) to draw a lottery-like cashback prize every day through the Superbank app. The product incorporates KakaoBank’s expertise in digitally reimagining financial offerings such as the 26-Week Savings Plan and Group Account, and features a 'gamification' element that adds fun and rewards. Thanks to this strategy of combining entertainment and benefits, 'Kartu Untung' surpassed 100,000 subscribers within two weeks, receiving a strong response from Indonesian customers.
Meanwhile, Superbank is rapidly growing, having secured 5 million customers based on the high convenience and accessibility provided by leveraging the ecosystems of its major shareholders. Approximately 60% of Superbank’s customers have joined through Grab and the digital wallet service OVO, maximizing synergies with its shareholders.
The growth of Superbank is also expected to lead to increased investment returns for KakaoBank. Having achieved quarterly profitability just nine months after its launch, Superbank is now pursuing an initial public offering (IPO) based on its solid business performance and growth potential, and is scheduled to be listed on the Indonesia Stock Exchange (IDX) later this month.
KakaoBank plans to use its successful collaboration with Superbank as a springboard to expand its global business. For the virtual bank in Thailand, which is preparing to launch services after obtaining approval in June, KakaoBank will take the lead not only in products and services but also in mobile app development. The company also plans to continue discussions with Grab, with whom it has signed a partnership for Southeast Asian business cooperation, in order to create further synergies.
A KakaoBank representative stated, "Through our collaboration with Superbank, we have been able to enhance the influence of the KakaoBank brand in the Southeast Asian market and showcase the technological prowess of Korean finance. Going forward, we will form consortium partnerships with leading overseas partners to pursue new businesses and expand our global operations based on our accumulated experience and network."
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