Grab Holdings Limited will consolidate PT Super Bank Indonesia Tbk (Superbank) after GXS Bank, its digital banking subsidiary jointly owned with Singapore’s Singtel, receives a shareholding transfer from Singtel Alpha Investments.
In a statement on Wednesday, Singapore-based superapp Grab said the transfer is expected to complete in May 2026, bringing Grab’s combined direct and indirect stake in Superbank to over 50 percent. Superbank’s financial results will then be folded into Grab’s Financial Services segment.
Superbank has been listed on the Indonesia Stock Exchange since December 2025 and carries a market capitalization of $1.6 billion. Its backers include Grab, Emtek, Singtel, KakaoBank, and GXS Bank. Following its IPO, the bank was elevated to KBMI 2 status under Indonesia’s regulator Financial Services Authority (OJK), a classification for banks with core capital between IDR6 trillion ($340 million) and IDR14 trillion.
Grab first invested in Superbank in 2022. Since the launch of Superbank’s app in June 2024, it has grown to over six million customers in Indonesia, with daily transactions exceeding one million. Around 60 percent of its customers also hold a Grab or OVO account. Superbank posted its first full-year profit in FY 2025 and reported 72 percent asset growth year-on-year to IDR 24 trillion, alongside 84 percent net interest income growth year-on-year, as of April 2026.
Singtel will remain a strategic investor in both GXS Bank and Superbank following the consolidation.
Grab’s revenue grew 24 percent year-over-year to $955 million in the first quarter of this year, driven by continued growth across its on-demand and financial services segments, the firm said in early May. The firm’s profit for the period was $120 million, growing from $10 million in the prior year period.