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South Korea’s KakaoBank to buy 10% stake in Superbank backed by Singtel, Grab

South Korea’s KakaoBank is joining Grab, Singtel and Emtek Group to invest in Indonesia’s Superbank by acquiring a 10% stake in the upcoming digital bank through the issuance of new shares. The move comes ahead of Superbank’s planned launch of its app to the public in 2023. Superbank was previously known as Bank Fama International, which was majority owned by Indonesia-listed media and technology conglomerate Elang Mahkota Teknologi, or Emtek Group.