Bank Fama Changes Name to Superbank, Targets MSME and Retail Segments

PT Bank Fama International (Bank Fama) today (20/2) announced a change of name to PT Super Bank Indonesia (Superbank). This name change is expected to reinforce the company's commitment to expand access to financial services to more people with digital-based services supported by the ecosystem of the EMTEK Group. Grab, and SingTel.

On the same occasion, the company also inaugurated senior banker Tigor M. Siahaan as President Director. Previously, he had a career at Citi Indonesia for 20 years, his last position was Chief Country Officer Citi Indonesia. Outside of his professional career, Tigor also holds several important positions, one of the most recent being Head of Monetary Policy and Financial Services of the Indonesian Chamber of Commerce and Industry (KADIN) (2021-2026); Deputy Chairman of the Association of National Commercial Banks (PERBANAS) since 2016, and others.

"We are excited about the name change Superbank which is an important milestone in our journey to become a bank with digital-based services. [..] This moment also strengthens our commitment in expanding access to easy and responsible financing for the segment underbanked to help realize their full potential for growth and improve their well-being," said Tigor.

According to him, by combining the strengths of the digital ecosystem from Superbank shareholders, starting from data assets, technology and network, is one of the widest and most diverse assets in the industry. "We believe that we have a solid foundation to offer something different in the market and grow our business further."

Each Superbank shareholder also gave his statement.

EMTEK Group CEO Alvin Sariaatmadja said that digital development in the financial sector is a moment for EMTEK to be able to contribute to improving a better life through technology. He sees the addition of banks to the group's ecosystem will make the business grow sustainable.

"We will also invite everyone stakeholder part of our ecosystem to benefit from the services of this bank. Last but not least, we are very enthusiastic about Superbank for the existence of its partners and management track record outstanding in his field," said Alvin.

Well Grab and Singtel Group will contribute their expertise in technology, consumer insights, experience, and partnership network, to strengthen Superbank.

Superbank

Tigor said that the Indonesian banking industry has enormous 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. The value of digital banking transactions in 2022 increased by 28,72% year-on-year to IDR 52.545,8 trillion and is projected to grow 22,13% to IDR 64.175,1 trillion in 2023.

Indonesia is a country with population underbanked largest in Southeast Asia, including MSME and retail customers from the segment underbanked with several sources of income, but still need a loan to be able to continue to develop their business.

"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," added Tigor.

Superbank is expected to be able to reach millions of MSMEs and retail customers through the broad ecosystem owned by the EMTEK Group, Grab, and Singtel which are among the leading companies in their fields, including millions of multi-platform media connoisseurs and millions of online sellers all-commerce for the EMTEK Group; millions of platform users Grab in Indonesia, including driver partners, merchants and agents Grab; 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.

EMTEK Group taking over Bank Fama shares in 2021, through PT Elang Media Visitama and PT Nusantara Berkat Agung. Then, Grab join through A5-DB Holdings Pte. Ltd. And Singtel through Singtel Alpha Investment Pte. Ltd. Currently Superbank is included in the BUKU I category. So far the Superbank application has not been made available to the public.