Grab takes control of Indonesia's Superbank

Grab said on May 20 that it will make Indonesian digital lender Superbank a subsidiary after Singtel transfers its stake to GXS Bank and lifts Grab’s combined holding above 50%.

Superbank listed on the Indonesia Stock Exchange in December 2025 and had a market value of about US$1.6 billion as of May 20.

GXS Bank is Grab’s digital banking joint venture with Singtel.

Grab said Superbank’s results will be fully consolidated from May 2026, adding that it will update group guidance at its second-quarter earnings call in August.

Superbank posted its first full-year profit in 2025. The company said it had more than six million customers and over one million daily transactions across Indonesia as of April 2026.

🔗 Source: The Business Times

🧠 Food for thought

Implications, context, and why it matters.

Superbank’s profitability stems from a clear ecosystem strategy

Superbank grew fast by going after Indonesia’s underserved market, where 77% of adults are unbanked or underbanked 1.
It brings in users through an “Ecosystem Clearing House” approach that taps shareholder platforms such as Grab and OVO, an Indonesian digital payments and services platform 1.
Products like Celengan, a micro-savings product with a 10% p.a. rate, helped drive adoption 1.
The bank posted net profit in less than a year after its June 2024 launch. By December 2025, its Net Interest Margin (NIM), a measure of lending profitability, reached 10.64%. Its Capital Adequacy Ratio (CAR), which measures capital against risk, stood at 93.24% 1.

Consolidation signals a new phase in Southeast Asia’s digital bank race

The deal fits Grab and Singtel’s plan to build digital banking businesses across markets. They are shareholders in GXS Bank in Singapore, whose group also has GXBank as its digital bank subsidiary in Malaysia 2.
The playbook changes by market. Superbank leans on its ecosystem, while GXS Bank in Singapore bought small-business lender Validus Capital (Validus Capital Pte Ltd) to widen lending for small and medium-sized enterprise (SME) customers 3.
Adding a profitable bank gives Grab another source of revenue. Grab also warned that consolidating Superbank carries risks, including execution and integration challenges 4.
The deal may set a marker for regional super-apps. It suggests an integrated digital bank can become a lasting profit engine instead of a costly side business.