[Apha Biz=(Chicago) Reporter Paul Lee] Kakao Bank will make strategic equity investments in Superbank, an Indonesian digital bank.

According to Kakao Bank on the 11th, Indonesia is the world's fourth-largest country with a population of 270 million, but according to a report published by the World Bank (WB), about half of the population over the age of 15 does not have a bank account. This is because there are many areas where banking services do not reach, consisting of more than 18,000 islands. According to KOTRA, the penetration rate of mobile phones is expected to reach 100%, so the growth potential of digital banking in Indonesia is high.

'Superbank' is an Indonesian digital bank with a consortium of 'Grab' and 'Singapore Telecom', the largest super apps in Southeast Asia. 'Grab' provides services such as mobility, delivery and e-wallet in eight Southeast Asian countries, and 'Singtel' is a global telecommunications company with mobile subscribers from 21 countries including Singapore and Indonesia. Grab' and 'Sintel' established a digital bank 'GXS' in Singapore last year through a joint venture. In addition, Superbank is Indonesia's largest media platform company and has joined Mtech, which has the No. 1 and No. 2 airwave channels and the No. 1 OTT service as a shareholder, and is considered a rising star in the Indonesian financial market.

Kakao Bank has decided to cooperate with Superbank in the process of planning Yeosu new products and services along with a 10% stake investment. Through this, it is a strategy to enhance understanding of Southeast Asian markets and to strengthen global capabilities by accumulating business experience.

 

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