KakaoBank, South Korea’s largest internet-only bank, is accelerating its global expansion through a deepened partnership with Superbank.

Superbank is an Indonesian digital bank in which KakaoBank made its first overseas equity investment.

The Korean lender acquired a 10% stake in Superbank in 2023 as part of a collaboration with Grab.

This investment laid the foundation for its push into international markets.

Since then, KakaoBank has provided support across multiple areas.

These include product and service planning, advisory input on user interface and user experience design, and guidance on the bank’s launch strategy.

Through this work, it has steadily built its global capabilities.

According to The Korea Times, KakaoBank most recently helped develop and launch Superbank’s new financial product, Kartu Untung.

Developed over more than a year of joint work, the product offers daily lottery-style cashback rewards to customers who deposit 50,000 rupiah.

In just two weeks, the gamified savings service attracted over 100,000 users.

KakaoBank’s direct involvement in product planning and mobile service design has allowed the bank to gain valuable insights into Southeast Asian markets and explore business models that could be applied in future international ventures.

Superbank has grown rapidly, leveraging the ecosystems of its major shareholders to build a customer base of around five million.

Nearly 60% of its users are acquired through Grab and the digital wallet service OVO.

This highlights the strong synergies created with its partners.

The bank achieved a quarterly profit just nine months after its launch. It is now preparing for an initial public offering on the Indonesia Stock Exchange later this month.

Building on its success with Superbank, KakaoBank plans to expand further.

In Thailand, where it secured regulatory approval in June, the bank will lead product and service development for a virtual bank and develop its mobile app.

A KakaoBank official said,

“Cooperation with Superbank has provided an opportunity to strengthen our brand presence in Southeast Asia while showcasing the technological capabilities of Korea’s financial industry. We plan to pursue new ventures through consortium partnerships with leading global players and expand our international business by building on the experience and networks we have accumulated.”

 

Featured image credit: Edited by Fintech News Indonesia, based on image by rawpixel.com via Freepik

This article first appeared on Fintech News Hong Kong