Indonesian digital bank Superbank has officially launched its services on the Grab superapp, enabling users and partners to open bank accounts and utilize them directly for Grab services without needing an additional app.

This integration aims to simplify financial transactions for Grab’s extensive user base, as reported by DealStreetAsia.

Superbank offers a 6% annual interest on savings with flexible withdrawal options, and a 75% discount on GrabFood and GrabBike services along with exclusive dining discounts for GrabFood users at over 1,000 renowned merchants.

Additionally, the digital bank is introducing Pinjaman Atur Sendiri (PAS), an unsecured loan product with flexible terms and transparent interest and fee information, to selected Grab users.

In April, Superbank launched Celengan by Superbank, a savings product offering a 10% annual interest rate for small daily deposits.

This product complements their main savings offerings and another service, Saku by Superbank, which allows users to allocate money into different savings accounts based on their needs.

Superbank is backed by shareholders including Grab, PT Elang Mahkota Teknologi Tbk (Emtek), Singapore Telecommunications (SingTel), and KakaoBank Corp.

Emtek holds the largest share at 34.58%, followed by Grab’s PT Kudo Teknologi Indonesia with 21.29%, Singtel Alpha Investments Pte Ltd with 18.93%, and KakaoBank with 10%.

Originally established as Bank Fama in 1993, Superbank was rebranded in February last year following its acquisition by the Emtek Group in 2021. In January 2022, Singtel and Grab further invested in the lender.

Neneng Goenadi, Country Managing Director of Grab Indonesia, emphasized that both Grab and Superbank share a vision of providing access and opportunities for all, including MSMEs, to earn income.

The goal is to ensure that all Indonesians, particularly the unbanked and underbanked, have access to essential banking services.

Tigor M Siahaan, President Director of Superbank, highlighted the ease with which users can now open accounts, save, and make payments directly through the Grab app.

He noted that this integration offers a more inclusive and relevant banking experience, enabling users to manage their finances more effectively.

The article first appeared on Fintech News Singapore