KakaoBank boosts SEA expansion via Superbank partnership

KakaoBank is increasing its overseas activity by deepening its partnership with Superbank, an Indonesian digital bank where it holds a 10% stake.

The Korean internet-only bank has been involved in Superbank’s product planning and service design since its investment in 2023, including the launch of Kartu Untung, a gamified savings product that attracted over 100,000 users within two weeks.

Superbank, backed by major shareholders including Grab and OVO, has grown its customer base to around 5 million, with about 60% coming from those ecosystems.

Superbank plans to list on the Indonesia Stock Exchange later this month after reporting a quarterly profit nine months post-launch.

🔗 Source: The Korea Times

🧠 Food for thought

Implications, context, and why it matters.

Superbank IPO lacks details for KakaoBank

Superbank’s prospectus filed with the Indonesia Stock Exchange (IDX) plans up to 4.41 billion shares at IDR 525-695 for up to IDR 3.06 trillion, yet it omits post-IPO valuation multiples that investors and KakaoBank (a shareholder and product partner) need to benchmark 1.
70% of proceeds go to capital and to expand lending with digital partners 1. It does not say which tie-ups get priority or post-offering stakes (including dilution or control right shifts), so KakaoBank’s influence stays unclear.
Loans rose 84% YoY to IDR 9.04 trillion, driven by ecosystem-linked products 1. That raises concentration risk if partners change terms, while the filing gives no detail on protections or revenue sharing for long-run profit.

Virtual bank vendors face a short window in Thailand

Thai virtual banks must pass Bank of Thailand (BOT) readiness checks and launch within a year from June 19, 2025 2. Procurement starts now for core banking and Know Your Customer (KYC)/Anti-Money Laundering (AML) tools, with cloud and fraud systems next.
One group pairs SCBX (Siam Commercial Bank’s holding company) with KakaoBank and WeBank (a Tencent-backed digital bank in China) 3 4. Another links Krungthai (a major state-owned Thai bank) with AIS (Advanced Info Service, Thailand’s largest mobile operator) plus PTT (Thailand’s national energy company). ACM Holding is the third group. Vendors win with Thai language support, localization, or links to TrueMoney or AIS.
Investors should watch which vendors land two or three consortium deals in Thailand. Wins across groups can lift 2026 revenue for cloud providers, payment processors, and regulatory technology firms.