Superbank is an Indonesian digital bank owned by Emtek Group. OVOa digital wallet backed by Grab.
In collaboration with OVO, super bank aims to expand its financial services offering.
OVO’s digital wallet service complements Superbank’s digital banking products and provides customers with a more comprehensive suite of financial tools.
The digital bank has raised more than 5 trillion rupiah (US$308 million) from investors, including a recent 1.2 trillion rupiah (US$74 million) investment From Grab, Singtel and KakaoBank in July 2024.
Tigor Siahaan, President and Director, said: deal street asia Superbank said it would prioritize deepening its relationship with existing investor Grab.
Superbank also plans to leverage the expertise of Singtel and Kakao Bank to enhance its product development and customer engagement strategies.
The digital bank launched on the Grab platform in June 2024 and has already gained over 2 million customers.
Superbank attributes this rapid growth to its user-friendly platform, attractive promotions, and seamless integration with Grab.
Originally founded as Bank Fama in 1993, Superbank was acquired by Emtek Group in 2021 to strengthen the conglomerate’s position in Indonesia’s financial services sector.
Mr Siahaan said that although the focus is initially on Grab, Superbank would also consider similar partnerships with Mtech and Bukarapac in the future.
Indonesia’s digital banking landscape is becoming increasingly competitive, with companies such as WeLab-backed Jasa Jakarta Bank, Credibo’s Chrome Bank, GoTo-backed Jago Bank, Sea’s Seabank, and Akrak’s Neocommerce Bank gaining market share. are fighting.
Superbank believes that strong investor support and ecosystem strategy will be key differentiators in this crowded market.
Despite facing stiff competition, the superbank is optimistic it can achieve profitability within the next two years.
Siahan believes this is possible due to the bank’s recent product launches and growing customer base.
The superbank’s losses widened to Rp 285.74 billion in the first nine months of 2024, while loan disbursements and deposits showed a significant increase compared to the same period in 2023.
Superbank has introduced several innovative products, including Celengan, a savings product with a 10% annual interest rate that allows customers to save small amounts every day, and Saku, which allows users to create multiple savings accounts.
The bank also launched Pinjaman Atur Sendiri, an unsecured digital loan product with flexible credit limits and terms, especially designed for Grab merchants and users who prefer revolving loans.
Superbank plans to expand the availability of Pinjaman Atul Sendiri to wider markets in the future.
Additionally, the superbank has partnered with venture financing firm Genesis Alternative Ventures to establish a Rp600 billion (US$40 million) loan facility to support local startups.
Mr. Siahan highlighted the bank’s commitment to investing in small and medium-sized enterprises across various sectors including FMCG, logistics and agriculture.
Featured image credit: Edited from Freepik
