Superbank Gets Additional Investation Of IDR 1.2 Trillion From Grab, Singtel, And KakaoBank

JAKARTA - PT Super Bank Indonesia or Superbank received additional investment of IDR 1.2 trillion from its three shareholders, namely Grab, Singtel, and KakaoBank, which will be used to improve the service and innovation of digital bank products.

"We really appreciate the trust of shareholders in supporting our efforts to continue to make innovative and relevant digital banking products and services," said Superbank President Director Tigor M Siahaan in a statement in Jakarta, quoted from Antara, Wednesday, July 3.

Furthermore, Tigor added that continued support from Grab, Singtel, and KakaoBank, was not only in the form of investment, but also leading technology, insight, and network assets to accelerate the growth of Superbank.

According to him, this additional investment will strengthen Superbank in expanding inclusive financial services and financing that are easily accessible to more retail and underbanked MSME customers in Indonesia.

Superbank also noted that this investment also confirms the confidence and support of shareholders for the vision and potential growth of Superbank.

Supported by an ecosystem consisting of major industry players such as Emtek Group, Grab, Singtel, and KakaoBank, Superbank views that this additional investment will significantly strengthen the capabilities and competitiveness of digital banks in the Indonesian market.

"With the strong support of our ecosystem partners, we are optimistic that we can further increase our role in encouraging sustainable growth for underbanked communities to help increase their productivity and welfare," said Tigor.

Superbank, formerly known as PT Bank Fama International, entered a new era when it became part of Emtek Group at the end of 2021, followed by Grab and Singtel in early 2022, and KakaoBank in 2023 as part of a consortium.

Referring to the page of the Superbank website, currently the composition of digital bank shareholders is mostly owned by Emtek Group through PT Elang Media Visitama, a subsidiary of PT Elang Mahkota Teknologi Tbk (EMTK), with a portion of 34.58 percent.

Then, Grab through PT Kudo Teknologi Indonesia owns 21.29 percent of Superbank shares, Singtel Alpha Investment Pte Ltd owns 18.93 percent of shares, KakaoBank Corp owns 10.00 percent of shares, and A5-DB Holdings Pte Ltd owns 7.10 percent.

Superbank, which focuses on the retail and MSME segments, recorded an increase in total assets of 53 percent yoy to IDR 6.2 trillion in the first quarter of 2024.

This growth was supported by gross lending which increased in the first quarter of 2024 by 222 percent yoy to Rp3.1 trillion compared to the position on March 31, 2023.

In line with the increase in lending, Superbank's net interest income (NII) also recorded an increase of 71 percent yoy to IDR 112 billion in the first quarter of 2024.

Then, in terms of funding, Superbank raised third party funds of IDR 603 billion in the first quarter of 2024, an increase of 28 percent yoy compared to the first quarter of 2023.

The capital adequacy ratio (CAR) of Superbank reached 178 percent in the first quarter of 2024, showing the strong level of Superbank capital supported by the composition of strong shareholders.