Southeast Asian tech giant Grab Holdings will consolidate Indonesian digital lender Superbank after its banking arm, GXS Bank, acquires additional shares from Singtel, deepening Grab’s push into financial services in Southeast Asia’s largest economy.
The Nasdaq-listed company said on Wednesday that Singtel Alpha Investments will transfer its stake in Superbank to GXS Bank, Grab’s digital banking joint venture with Singtel. Following the transaction, expected to close this month, Grab’s combined direct and indirect ownership in Superbank will exceed 50%.
Starting May 2026, Superbank’s financial results will be fully consolidated into Grab’s Financial Services segment. Grab said it will provide updated group financial guidance with its second-quarter 2026 results in August.
Superbank, which is backed by Grab, Emtek, Singtel, KakaoBank, and GXS Bank, has more than 6 million customers in Indonesia and reported its first full-year profit in 2025. The lender also posted a 72% year-on-year increase in assets to 24 trillion rupiah and an 84% jump in net interest income as of April 2026.
Grab president and chief operating officer Alex Hungate said the consolidation reflects the company’s long-term ambition to strengthen financial inclusion through its ecosystem strategy.
Hungate said, “The ecosystem strategy gives Superbank two structural advantages: a scalable, lower-cost distribution channel through Grab and OVO’s platforms, and enhanced credit underwriting powered by Grab’s transaction data.”
He added that the move is “about deepening that model and extending its impact, reinforcing our long-term commitment to improve financial inclusion in Indonesia.”
Grab said around 60% of Superbank customers also hold a Grab and/or OVO account, underscoring the close integration between the bank and the broader Grab ecosystem. The company believes its ride-hailing, food delivery, and digital payments businesses provide Superbank with a distribution edge and richer transaction data to support credit underwriting.
Tigor M. Siahaan, president director of Superbank, said the consolidation would strengthen collaboration across the ecosystem and help accelerate product innovation.
“With increasingly integrated support from Grab, we are optimistic that we can accelerate product innovation, expand access to digital financial services, and deliver an even more seamless, secure, and relevant banking experience for millions of customers across Indonesia,” he said.
Pei-Si Lai, chief executive officer of GXS Bank, said the increased stake reflects growing collaboration among the group’s regional digital banking operations.
“With the close collaboration of our three digital banks and the extensive support from our ecosystem of shareholders and partners, we will be able to double down on our efforts and drive product innovation more effectively for our customers,” Lai said.
