Superbank Becomes a Digital Bank, Targeting MSME Actors and Retail Customers

Published on 21 Feb 2023

Photo credit: PT Super Bank Indonesia

The competition map for digital banks in Indonesia is getting crowded. Lately, PT Super Bank Indonesia (Superbank) officially launched on Monday (20/2), replacing PT Bank Fama International (Bank Fama).

Bank Fama was previously acquired by the Emtek Group in December 2021, then Grab and Singtel entered the initial capital investment in 2022. Superbank then transformed into a digital bank targeting Micro, Small and Medium Enterprises (MSMEs) and retail customers.

Superbank will also add to the list of other domestic digital bank business actors such as CT Corp and Salim's Allo Bank, Blu by BCA (Djarum Group), Jago Bank (Jerry Ng and GOTO), Neo Commerce Bank (Akulaku Group), Digibank (DBS Indonesia), to Seabank (Sea Group).

Superbank Main Director, Tigor M. Siahaan said Superbank's presence is expected to be a bank customers can rely on to provide guidance and financial support to meet their daily needs to help achieve their big aspirations. 

"This moment also strengthens our commitment to expanding access to easy and responsible financing for the underbanked segment," said Tigor, in a press statement, Monday (20/2).

Tigor assessed that the Indonesian banking industry has great potential. Customer deposits at commercial banks in Indonesia continue to increase, reaching IDR 8,203 trillion in 2022, growing by more than 8% compared to 2021.

Meanwhile, the value of digital banking transactions in 2022 increased 28.72% year-on-year to IDR 52,545.8 trillion and is projected to grow 22.13% to reach IDR 64,175.1 trillion in 2023.

“Superbank expected to reach millions of MSMEs and retail customers through the broad ecosystem owned by the EMTEK, Grab and Singtel Groups," said Tigor.

Furthermore, millions of Grab platform users in Indonesia, including Grab driver partners, merchants and agents, and millions of mobile and business subscribers in 21 global markets for Singtel which also includes but is not limited to Indonesia and the rest of Southeast Asia.

Not only that, Indonesia has the largest underbanked population in Southeast Asia. This includes MSMEs and retail customers from the underbanked segment with multiple sources of income, but still need loans to be able to continue to develop their businesses.

"The MSME segment and retail customers are our main target market. By increasing financial access to this segment, we can support their productivity while at the same time driving national economic growth," said Tigor.

This article has been published with the title "Superbank Becomes a Digital Bank, Targeting MSME Players and Retail Customers",

Author: Syahrizal Sidik

Editor: Syahrizal Sidik