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KakaoBank, a South Korean digital banking giant, has marked its initial venture into Southeast Asia by acquiring a stake in Indonesia's PT Super Bank.
According to The Korea Times, KakaoBank is buying a 10% stake in the mentioned Indonesian digital bank. The bank is purchasing part of its partnership deal with Grab Holdings Limited, which operates Southeast Asia's largest Grab super app.
KakaoBank will Offer Various Services via Indonesia's Superbank
PT Super Bank is operating digitally in Indonesia and is being supported by a consortium that includes Grab. It is fast emerging as a leading brand in the financial sector in the country, so KakaoBank's strategic acquisition of a stake is truly a beneficial investment.
Superbank, as the locals call PT Super Bank, is also excited about its partnership with KakaoBank and expects the Korean digital bank to apply its expertise to the products and services that Superbank offers customers. While expansion is the main reason for its collaboration with Superbank, it aims to deepen its understanding of the territory's market and customers.
KakaoBank's First Overseas Investment
The Korea Herald reported that this stake acquisition deal is KakaoBank's first investment outside South Korea. Thus, this is a significant deal for the company.
"With this strategic investment and collaboration with Superbank that marks the very first step of KakaoBank's global business, 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," KakaoBank's chief executive officer, Yun Ho Young, said in a press release.
The CEO added, "This partnership is also a realization of our long-term commitment to create synergy between KakaoBank's mobile financial technology and Grab's successful Southeast Asian business. Ultimately, we would like to establish a global digital bank network through our technology and service partnership."
Superbank's president director, Tigor M. Siahaan, commented, "We are honored for the trust from KakaoBank, as the leading digital bank in their market with a tremendous track record. This partnership signifies the fusion of international expertise with the boundless potential of Indonesia."
Photo by: KakaoBank Website
