KakaoBank to acquire 10% stake in Super Bank Indonesia
Eui-jin Jeong
Oct 10, 2023 (Gmt+09:00)
South Korea's KakaoBank Corp. announced on Tuesday its decision to invest in Indonesia's digital banking entity PT Super Bank Indonesia.
This move places KakaoBank alongside major consortium stakeholders like Southeast Asia's top super app Grab, and Singapore Telecom.
The investment emphasizes KakaoBank's ongoing partnership with Grab and its ambition to expand its foothold in the thriving Southeast Asian market.
Alongside the 10% equity investment, KakaoBank will also collaborate with SuperBank in the planning process for deposit and lending products and services.
Through this venture, KakaoBank envisions a deeper understanding of the Southeast Asian market, accumulating more business experience and subsequently strengthening its global competencies.
"With this investment as a starting point, we intend to discuss constructing a global digital banking network via strategic service alliances and technical cooperation," CEO of KakaoBank Yoon Ho-young said.