Indonesian digital banking player Superbank has officially launched its services on the Grab platform which will allow the super-app’s users and partners to open bank accounts and use it as a direct payment app for all Grab services without installing an additional app, the company said on Wednesday.
Superbank offers a 6% annual interest on savings that can be withdrawn anytime, alongside a 75% discount on GrabFood and GrabBike services and exclusive dine-out discounts for GrabFood users at over 1,000 renowned merchants. Additionally, Superbank is gradually introducing Pinjaman Atur Sendiri (PAS), an unsecured digital loan product with flexible credit limits and terms, and transparent interest and fee information to select Grab users.
“Grab and Superbank share the same vision. Grab aims to provide access and opportunities for people from all walks of life, including micro, small, and medium enterprises (MSMEs), to earn income. We want everyone in Indonesia, including the unbanked and underbanked, to be served, as we believe everyone has the right to receive banking services,” Neneng Goenadi, Country Managing Director of Grab Indonesia, told media at the launch event.
In April, Superbank launched Celengan by Superbank, a savings product that allows customers to save small amounts daily with an annual interest rate of 10%. This complements its main savings products and another service called Saku by Superbank which allows users to allocate money by creating different savings accounts according to their needs.
“We are very excited to see how people can easily open accounts, save, and make payments directly through the Grab app,” said Tigor M Siahaan, President Director of Superbank. “Superbank on Grab provides a more inclusive and relevant banking experience for users, enabling them to manage their finances more effectively and leverage more accessible financial services,” he added.
Superbank counts formidable names such as Grab, PT Elang Mahkota Teknologi Tbk (Emtek), Singapore Telecommunications (SingTel), as well as KakaoBank Corp as its stakeholders. According to Superbank’s shareholder information, Emtek is the largest shareholder with 34.58% of shares, followed by Grab’s PT Kudo Teknologi Indonesia [21.29%], and Singtel Alpha Investments Pte Ltd [18.93%]. Meanwhile, KakaoBank holds 10% shares.
Superbank, which started life as Bank Fama in 1993 before being rebranded in February last year, was acquired by the Emtek Group in 2021—a move aimed at boosting the conglomerate’s presence in Indonesia’s lucrative financial services sector. Subsequently, in Jan 2022, Singtel and Grab invested in the lender.
It is one of the latest additions to Indonesia’s crowded digital banking sector, which has seen significant developments over the past five years. This growth includes new digital banking platforms, ranging from standalone digital banks and ecosystem players to those backed by major existing banks.
Superbank is facing competition from GoTo-backed Bank Jago, Sea’s Seabank, and Akulaku’s Bank Neo Commerce, as well as Jenius by BTPN, Blu by BCA Digital, and Livin by Bank Mandiri.
| Bank | Backers | Profit/loss [Dec 2023] |
|---|---|---|
| Bank Jasa Jakarta | Astra, WeLab | (47 billion IDR) |
| Super Bank Indonesia | Emtek, Grab, Singtel, KakaoBank | (385.1 billion IDR] |
| HiBank Indonesia | BNI, Mayora Inti Utama | 163.3 billion IDR |
| Bank Jago | GoTo | 72.3 billion IDR |
| Bank Neo Commerce | Akulaku | (575 billion IDR) |
| Allo Bank | CT Group, Bukalapak, Salim, Grab, Carro, Traveloka | 444.5 billion IDR |
| SeaBank Indonesia | Sea Group | 241.4 billion IDR |
| Bank Amar Indonesia | Tolaram Group, Investree | N/A |
| Bank Aladin Syariah | Alfamart | (226.738 billion iDR) |
| Source: companies’ quarterly reports. | ||