Miguel Cordon · · 1 min readIndonesia’s Bank Fama rebranded as Superbank in digital push
Superbank’s Tigor Siahaan / Photo credit: Superbank
Bank Fama International, an Indonesian lender backed by Grab and Singtel, has been rebranded to Super Bank Indonesia (Superbank) to strengthen its digital-based services.
Tigor Siahaan, Superbank’s newly appointed president director, will lead its digital transformation, targeting underbanked small businesses and retail customers.
The main objective is to expand access to financial services for more Indonesians, notably MSMEs. Superbank plans to leverage its extensive data, tech, and network assets. Some of its existing ecosystem partners include Emtek Group, Grab, and Singtel.
Emtek acquired Bank Fama in November 2021. Earlier in January, Grab and Singtel bought minority shares in Bank Fama in a US$70 million deal. The Singapore-based firms are also building GXS, a digital bank in the city-state.
Digital banking in Indonesia has recently seen an uptick in adoption. Citing a report from Bank Indonesia, Superbank said digital banking transactions hit about US$3.46 billion in 2022, a 28.7% surge from the previous year.
See also: Can FinAccel’s digital bank boost its upcoming IPO?
Editing by Thu Huong Le and Eileen C. Ang
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