South Korean digital bank KakaoBank has formed a strategic alliance with Indonesia's Superbank to bolster digital banking in Indonesia. As part of the deal, KakaoBank will acquire a 10% stake in Superbank through a new share issuance. Superbank, backed by industry giants like Grab, Singtel, and Emtek Group, plans to introduce its app to the public later this year. KakaoBank, renowned for its top-ranking digital platform in South Korea, will collaborate on Superbank's product and service development. KakaoBank's CEO, Yun Ho Young, envisions a global digital bank network stemming from this collaboration, while Superbank President, Tigor M. Siahaan, emphasizes the partnership's potential to serve underbanked communities in Indonesia. Both parties are committed to delivering innovative financial solutions leveraging their combined expertise.
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