Kakao Bank’s CEO, Yun Ho-young, has been named as a new board member for Grab, the largest super-app operator in Southeast Asia, as confirmed by the Internet-based lender on Wednesday.
Yun’s appointment to Grab’s board as an outside director and member of the audit committee was formalized on Monday, building upon the strategic partnership established between the two companies in the previous year. Last October, Kakao Bank disclosed its acquisition of a 10% stake in PT Super Bank Indonesia, a digital-focused bank with Grab as its major shareholder, through a consortium involving Singapore’s Singtel.
This collaboration marked Kakao Bank’s inaugural venture into overseas investments, leveraging the complementarity between its digital finance prowess and Grab’s established presence in Southeast Asia to enhance user experiences through integrated services. Additionally, the companies are jointly exploring opportunities for business and technological advancement.
Simultaneously, Kakao Bank has been diligently broadening its footprint in the thriving Southeast Asian market. In June, the company inked a memorandum of understanding with SCBX, a prominent commercial bank and financial technology group in Thailand, to pursue licensing for operating the first virtual bank for the second-largest country in Southeast Asia.
A representative from Kakao Bank highlighted, “CEO Yun’s appointment to Grab’s board underscores his extensive experience in the digital finance realm, underscoring his commitment to bolstering Grab’s stature as a foremost global technology company.”
