Grab-backed Superbank introduces auto-savings product in Indonesia

Photo credit: Superbank

Superbank, the Indonesian digital bank backed by Grab and Singtel, has introduced a new savings feature called Celengan. Accessible through its app, the product lets users automatically save a set amount of money every day.

With the feature, which means “piggy bank” in Bahasa Indonesian, users can start saving with as little as US$0.07 a day. The virtual piggy bank will automatically “break” once it reaches US$333.

Celengan also continues a trend from other digibanks in offering a high interest rate at launch. In this case, Superbank is offering 10% per annum, while Akulaku-backed Bank Neo Commerce previously offered 8% and SeaBank at 7%.

Superbank had rebranded from Bank Fama in February 2023. It has since launched financing products such as working capital loans for female entrepreneurs and a US$40 million fund for startups, though – aside from the basics – Celengan appears to be its first consumer-focused offering.

GXS Bank, Singapore’s equivalent for Superbank that Grab and Singtel launched in 2022, has also rolled out a personal savings product, a personal loan product, and a debit card. Separately, the GrabPay Card – which Grab launched with Mastercard in 2019 – will be discontinued from June 2024, a move that will likely benefit GXS.

Meanwhile, GXBank – Grab’s digibank offering in Malaysia – launched in November 2023, making it the country’s first digital bank. Its app offers a targeted savings goals feature called Pockets, which earn daily interest of up to 3% per annum.

See also: Mapping the Indonesian fintech players navigating a tech winter