SEOUL, December 12 (AJP) - KakaoBank is deepening its partnership with Indonesian digital lender Superbank, its first overseas equity investment, as the South Korean internet-only bank steps up efforts to expand abroad.
KakaoBank said on Friday it advised Superbank on the launch of a new financial product, following a financial consulting agreement signed between the two companies in November last year. Under the deal, KakaoBank has been sharing its mobile banking expertise and service-planning know-how to help Superbank introduce new digital services in Indonesia.
Superbank, backed by Grab and in which KakaoBank acquired a 10 percent stake in 2023, represents the Korean bank’s first major push into international markets. Since its investment, KakaoBank has supported Superbank’s product design, app interface development and service rollout, using the collaboration to build its own overseas capabilities.
The new product, “Kartu Untung (Lucky Card)," was developed over roughly a year based on an idea proposed by KakaoBank. The Korean lender participated in product planning and mobile design throughout the development process. The savings feature allows customers who deposit 50,000 rupiah (about 5,000 won) to draw a daily lottery-style cashback reward via the Superbank app.
Kartu Untung incorporates KakaoBank’s experience in revamping savings offerings — such as its 26-week installment savings and group account products — and adds gamified elements designed to boost engagement. The product gained traction quickly, signing up more than 100,000 customers within two weeks of launch.
Superbank has been growing rapidly, supported by access to the ecosystems of its major shareholders. The lender now has around 5 million users, with about 60% coming through Grab and digital wallet service OVO, underscoring the synergy among stakeholders.
Its expansion is expected to improve KakaoBank’s investment returns. Superbank became profitable on a quarterly basis just nine months after launch and, on the back of its performance and growth momentum, plans to list on the Indonesia Stock Exchange this month.
A KakaoBank official said the partnership has helped raise the company’s visibility in Southeast Asia and demonstrated the technological capabilities of South Korea’s digital finance sector. The bank plans to form consortiums with major international partners to pursue new business opportunities and extend its global footprint.
* This article, published by Aju Business Daily, was translated by AI and edited by AJP.
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