Superbank, the Indonesian digital financial institution owned by Emtek Group, is about to broaden its ecosystem by integrating with OVO, a digital pockets backed by Seize.
By collaborating with OVO, Superbank goals to broaden its monetary service choices.
OVO’s digital pockets providers complement Superbank’s digital banking merchandise, offering a extra complete suite of monetary instruments for purchasers.
The digital financial institution has raised over 5 trillion rupiah (US$308 million) from buyers, together with a latest 1.2 trillion rupiah (US$74 million) funding from Seize, Singtel, and KakaoBank in July 2024.
President director Tigor Siahaan informed DealStreetAsia that Superbank plans to prioritise deepening its relationship with its current investor Seize.
Superbank additionally plans to leverage the experience of Singtel and KakaoBank to reinforce its product growth and buyer engagement methods.
The digital financial institution, which launched its providers on the Seize platform in June 2024, has already garnered over 2 million clients.
Superbank attributes this speedy progress to its user-friendly platform, enticing promotions, and seamless integration with Seize.
Initially established as Financial institution Fama in 1993, Superbank was acquired by Emtek Group in 2021 to strengthen the conglomerate’s place in Indonesia’s monetary providers sector.
Siahaan indicated that whereas Seize is the preliminary focus, Superbank will even discover related collaborations with Emtek and Bukalapak sooner or later.
The Indonesian digital banking panorama is more and more aggressive, with gamers like WeLab-backed Financial institution Jasa Jakarta, Kredivo’s Krom Financial institution, GoTo-backed Financial institution Jago, Sea’s Seabank, and Akulaku’s Financial institution Neo Commerce all vying for market share.
Superbank believes its sturdy investor backing and ecosystem technique will probably be key differentiators on this crowded market.
Regardless of dealing with stiff competitors, Superbank is optimistic about reaching profitability throughout the subsequent two years.
Siahaan believes that is achievable, citing the financial institution’s latest product launches and rising buyer base.
Though Superbank’s losses widened to 285.74 billion rupiah within the first 9 months of 2024, its mortgage disbursements and deposits have proven important progress in comparison with the identical interval in 2023.
Superbank has launched a number of progressive merchandise, together with Celengan, a financial savings product with a ten% annual rate of interest, which permits clients to avoid wasting small quantities every day, and Saku, which permits customers to create a number of financial savings accounts.
The financial institution additionally launched Pinjaman Atur Sendiri, an unsecured digital mortgage product with versatile credit score limits and phrases, particularly designed for Seize’s retailers and customers preferring a revolving mortgage.
Superbank plans to broaden Pinjaman Atur Sendiri’s availability to a wider market sooner or later.
Moreover, Superbank has partnered with enterprise lender Genesis Different Ventures to determine a 600 billion rupiah (US$40 million) financing facility to help native startups.
Siahaan emphasised the financial institution’s dedication to investing in SMEs throughout varied sectors, together with FMCG, logistics, and agriculture.
Featured picture credit score: Edited from Freepik
