Kakao Bank's CEO, Yoon Ho-young, has been appointed as an outside director on Grab's board, the leading platform in Southeast Asia. Yoon will also be an active member of the audit committee.
Anthony Tan, the CEO and co-founder of Grab, expressed his excitement about Yoon's board membership, highlighting his extensive experience in digital financial services and the positive impact it will have on Grab's strategic vision, growth, and profitability.
In a strategic move, Kakao Bank has invested in Super Bank, a digital bank in Indonesia, as part of its collaboration with Grab for expansion into Southeast Asia. Super Bank is predominantly owned by a consortium consisting of Grab and Singapore Telecommunications.
Kakao Bank and Grab plan to establish a multifaceted partnership. Based on Kakao Bank's mobile financial technology capabilities and Grab's business in Southeast Asia, they are devising ways to enhance user convenience through service integration between Kakao Bank and Grab, as well as exploring collaboration in business partnerships and technology development.
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