Grab to consolidate Indonesia’s Superbank into financial services segment; Singtel transfers stake to GXS Bank

[SINGAPORE] Grab will consolidate Indonesian digital bank Superbank into its financial services segment, after Singtel transfers its stake in the lender to GXS Bank, Grab’s joint venture with the telco. 

The Nasdaq-listed super app on Wednesday (May 20) announced that its combined shareholding in Superbank will rise to more than 50 per cent following the transfer, leading to the Indonesian lender becoming a subsidiary of Grab.

Superbank’s financial results will then be fully consolidated into Grab’s financial services segment. 

The digital lender, which completed an initial public offering on the Indonesia Stock Exchange in December 2025, has a market capitalisation of US$1.6 billion.

Apart from Grab, which has been investing in the lender since 2022, Superbank also counts Emtek, Singtel, KakaoBank and GXS Bank among its backers.

Grab said the consolidation will deepen its financial services commitment in Indonesia, where the company sees a major opportunity for digital financial services.

Grab also holds a 90 per cent stake in OVO, a leading digital wallet in Indonesia. 

“Grab and OVO’s scale across ride-hailing, food delivery and digital payments provides Superbank with a structural distribution advantage, while the depth of transactional data flowing through the Grab ecosystem enhances Superbank’s credit underwriting capabilities,” said Grab. 

Superbank posted its first full-year profit in FY2025.

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As at April 2026, its assets grew 72 per cent year on year to 24 trillion rupiah (S$1.7 billion), while net interest income rose 84 per cent year on year.

The digital bank, which launched its app in 2024, serves more than six million customers across Indonesia, with over one million transactions daily, Grab noted.

It also said Superbank’s financial results will be fully consolidated into its financial services segment from May 2026.

It added that it will provide updated group financial guidance at its second-quarter results call in August. 

Alex Hungate, president and chief operating officer of Grab, said: “This consolidation is about deepening that model and extending its impact, reinforcing our long-term commitment to improve financial inclusion in Indonesia.” 

Grab said that the transaction will bolster GXS Bank’s efforts to scale regionally, while deepening collaboration between Superbank and its operations in Singapore and Malaysia.

“Our digital banks share the same fundamental mission of making financial services more accessible to South-east Asians,” said Lai Pei-Si, chief executive officer of GXS Bank.