South Korea’s leading internet-only bank, KakaoBank, signed a financial consulting deal with Indonesia’s digital bank Superbank. The partnership was announced on November 27 as part of the ongoing deal between the two companies. This follows the initial step when KakaoBank acquired a 10% stake in Superbank in September 2023 as part of its business cooperation with Grab, the largest super app and IT platform in Southeast Asia.
Since it was launched officially, Superbank has been remarkable in growth; it gained 2.5 million customers within the first five months. This success is largely due to the bank’s integration with Grab’s extensive ecosystem. Users can open a Superbank account directly through the Grab app and link it as a payment method for various Grab services, including Grab Food and Grab Bike. As much as half of Superbank’s users have connected their accounts with the Grab platform because it is very convenient and easy to use.
The new agreement signed under this will enable KakaoBank to offer financial consulting services to Superbank. This will allow it to be part of the process in developing and launching new financial products. The new financial products are expected to be launched in the Indonesian market during the first half of 2025. This will make KakaoBank better understand the Southeast Asian market, thus assisting in the broader global expansion strategy of the bank.
A representative from KakaoBank said the consulting agreement was strategically important, “The financial consulting contract with Superbank is significant as it deepens our collaboration in the areas of product and service development.” He said the partnership will open up opportunities for the enhancement of the brand globally while propelling the technological capabilities of South Korean financial services.
It was founded in 2017 and fast became one of South Korea’s most leading digital banks. The company operates through Kakao Corporation, a company that owns the very popular messenger application, KakaoTalk. By means of technological superiority and people-oriented strategy, the company managed to attract tens of millions of users and expand its share in a rather saturated market of digital banking.
This partnership with Superbank will be a big step toward KakaoBank’s improvement in capabilities for global services and becoming a leader in the thriving Southeast Asian financial market.
