Potential GOTO-Grab Merger Raises Questions About Bank Jago and Superbank Future

Background of the Merger Rumors

Rumors about a potential merger between PT GoTo Gojek Tokopedia Tbk (GOTO) and Grab have resurfaced, creating significant attention in the Indonesian financial and technology sectors. The news was indirectly confirmed by Minister Secretary of State Prasetyo Hadi, who stated that the government is discussing the possibility of merging the two ride-hailing giants.

Impact on Associated Digital Banks

The merger rumors have raised concerns about the future of two digital banks associated with these technology giants: Bank Jago, which is part of the GOTO ecosystem, and Superbank, which is affiliated with Grab. The potential consolidation could significantly affect their business strategies, customer acquisition processes, and overall financial performance.

Bank Jago's Current Financial Performance

Bank Jago has demonstrated strong financial performance in 2025. As of Q3 2025, the bank reported a net profit of Rp199 billion, representing a 132% increase compared to the previous year. The bank's third-party funds reached Rp23.9 trillion, growing by 41%, while the total number of customers surpassed 18.6 million. The bank's credit disbursement amounted to Rp23.5 trillion, with a growth of 36%, and maintained a healthy asset quality with a gross NPL ratio of only 0.4%. The bank's assets increased to Rp34.5 trillion, with a strong capital adequacy ratio of 32.9%.

Superbank's Financial Recovery

Superbank, on the other hand, has shown signs of recovery in 2025 after reporting losses for three consecutive years until 2024. In Q1 2025, the bank recorded its first net profit of Rp251 million, followed by Rp20.1 billion in the first half of the year, and Rp60.12 billion in Q3 2025. The bank's net interest income has grown significantly, driven by a rapid increase in credit disbursement, which surged by more than 120% in the first half of 2025.

Potential Scenarios and Expert Opinions

Financial experts have varying opinions about the potential impact of the GOTO-Grab merger on their associated digital banks. Moch Amin Nurdin, Advisor at Banking & Finance Development Centre, believes that if the merger occurs, Superbank might face negative consequences due to its dependence on Grab's ecosystem. He suggests that Superbank would need to find new partners or build a different ecosystem, which could be challenging given that most major e-commerce platforms in Indonesia already have their own digital banking partners.

In contrast, Trioksa Siahaan, Head of Research at Lembaga Pengembangan Perbankan Indonesia (LPPI), notes that Superbank's growth prospects depend on which entity becomes dominant in the merged structure. If Grab remains the dominant entity and maintains its affiliation with Superbank, the bank could benefit from increased synergy and market expansion.

Future Outlook

The potential merger between GOTO and Grab is not just a matter of changing the landscape of ride-hailing and e-commerce services; it could also significantly impact the digital banking sector in Indonesia. The outcome will depend on how the merged entity structures its financial services and which digital bank becomes the primary banking partner. As the situation develops, both Bank Jago and Superbank are likely to face strategic decisions that will determine their future growth and competitiveness in the rapidly evolving digital banking landscape.