KakaoBank has deepened its partnership with Indonesian digital bank Superbank, in which it made its first overseas equity investment, to expand globally.
Back in 2023, KakaoBank acquired a 10% stake in Superbank as part of its collaboration with Grab, laying the foundation for the lender’s expansion strategy. Since then, the internet-only bank worked together with Superbank across a wide range of solutions, including the bank’s launch, product planning, and advisory support on user interface and experience. This enabled KakaoBank to build its international capabilities.
Expanding Korean solutions into Southeast Asia
Recently, KakaoBank supported Superbank in launching its new financial solution, Kartu Untung, which was developed through a year of work based on Kakao’s concept. The bank supported multiple parts of the process, including product planning and mobile service design. Kartu Untung literally means ‘lucky card’, and offers daily lottery-inspired cashback rewards to customers who deposit USD 2.99.
This gamified savings solution gained popularity fast, attracting 100,000 users within two weeks of its launch. Direct involvement from KakaoBank was key for deepening the bank’s understanding of Southeast Asian markets and customers, as well as identifying and testing new business models that could be applied in future collaborations with global partners.
Building on this partnership, KakaoBank aims to further grow its global business. It secured regulatory approval to launch a virtual bank in Thailand, which will enable it to accelerate product and service development while creating a mobile app. The company also plans to expand its collaboration with Grab and explore additional opportunities for synergy.
The alliance enabled the Korean bank to strengthen its presence in Southeast Asia while highlighting the technological capabilities of Korea’s financial industry. In the future, it aims to pursue new ventures through consortium partnerships with global players and expand its international business.
Superbank was chosen for its rapid growth, with a customer base of about 5 million, and for its return on KakaoBank’s investment. Achieving a quarterly profit in nine months after its launch, the Indonesian bank plans its IPO on the Indonesia Stock Exchange later this month, backed by growth potential and positive performance markers. Additionally, almost 60% of its customers originate from Grab and the digital wallet service OVO, reflecting its strong connection with its shareholders.
