From bricks to clicks: Superbank’s digital rise

After nearly 30 years in traditional banking, Tigor Siahaan thought he had seen it all. But when he took on the task of building one of Indonesia’s first digital banks, Superbank, he found himself going back to the drawing board.

“I have managed and run a number of banks in my career, but I had never built one,” said the president-director of Superbank, which is owned by Indonesia conglomerate Emtek, as well as Grab and Singtel. “I had to put everything in place, including hiring the full team.”

Superbank’s Tigor Siahaan / Photo credit: Superbank

It was no doubt a steep learning curve, especially since it combined technology and banking, which called for a new mindset and approach.

Bridging the gap between bankers and tech experts at Superbank, one of Indonesia’s six standalone digital banks, was one of his biggest challenges.

“In the beginning, the bankers and tech people did not speak the same language, but having a healthy tension was very important to get the best solutions for the customer,” says Siahaan in an interview with The Business Times.

“This is a very regulated industry, and you cannot be a cowboy, so there was a lot of learning from both sides.”

Originally established as Bank Fama International, the bank was rebranded to Superbank in February 2023 following its acquisition by Emtek Group, marking its transition to focus on digital banking.

Having officially launched its services in June this year, Superbank quickly gained traction and has attracted about 2 million registered users.

In 2023, the digital bank’s net interest income almost doubled to 301 billion rupiah (US$19 million) from a year ago, while net loss widened to US$24,000 from US$9,700.

Driven by strategic partnerships, loan distribution for the bank surged 189% year on year to US$308 million. Meanwhile, its total assets rose 77% to US$610 million.

Targeting the underbanked

Superbank’s growth strategy is to target Indonesia’s underserved lower-income groups and micro enterprises, which drive a significant portion of the country’s gross domestic product and are central to its mission of economic empowerment.

Superbank is leveraging the ecosystems of its key shareholders to drive growth: Grab’s extensive ride-hailing and food delivery network, Singtel’s vast telecom customer base, and Emtek’s dominance as Indonesia’s largest over-the-top video platform.

Role of digital banks in Indonesia