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SINGAPORE – In a significant reshuffling of Indonesia’s digital banking landscape, Singapore Telecommunications Ltd. (Singtel) has transferred its 7.36% stake in Superbank (SUPA) to GXS Bank, a joint venture between Grab Holdings and Singtel.
The move, finalized on May 29, 2026, underscores the intensifying competition among regional tech giants and local conglomerates in Indonesia’s fast-growing financial technology sector.
Transaction Highlights
Singtel’s divestment involved the transfer of 2.49 billion shares to GXS Bank, raising GXS’s ownership in Superbank from 10.44% to 17.66%.
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Despite this increase, Emtek Group’s PT Elang Media Visitama (EMV) remains the controlling shareholder with 27.59%. Other major stakeholders include A5-DB Holdings (16.14%) and PT Kudo Teknologi Indonesia (16.67%).
Grab, meanwhile, has consolidated its influence through multiple channels.
It directly holds 32.81% of Superbank via Kudo Teknologi and A5-DB, while indirectly controlling another 17.66% through GXS Bank, in which it owns a 60% stake.
This layered ownership structure positions Grab as a dominant force in shaping Superbank’s strategic direction, even though Emtek retains formal control.
Superbank, formerly known as Bank Fama, was rebranded in February 2023 following a US$70 million capital injection from Singtel and Grab.
Since then, the bank has aggressively pursued digital expansion, launching its mobile app in June 2024 and integrating services with Grab and OVO.
These partnerships have allowed Superbank to embed itself within Indonesia’s digital ecosystem, targeting millions of users who rely on super-apps for daily transactions.
The latest divestment reflects Singtel’s strategic recalibration.
By channeling its stake into GXS Bank, Singtel maintains exposure to Indonesia’s digital banking sector while aligning more closely with Grab’s regional ambitions.
For Grab, the transaction strengthens its financial services arm, reinforcing its super-app model that combines ride-hailing, food delivery, and digital payments.
Market Implications
For Emtek, retaining majority control ensures that domestic oversight remains central to Superbank’s governance.
This balance between local conglomerate leadership and regional tech partnerships mirrors Indonesia’s broader approach to digital finance, where foreign investment is welcomed but national interests remain safeguarded.
Investors view the ownership reshuffle as a sign of intensifying competition in Southeast Asia’s digital banking sector.
With Grab deepening its foothold and Emtek safeguarding its control, Superbank is poised to play a pivotal role in shaping Indonesia’s financial technology future.
The transaction highlights a broader trend Indonesia’s digital banks are becoming battlegrounds for regional tech giants and local conglomerates, each seeking to capture the country’s vast unbanked population and growing middle class.
