Kakao Bank CEO joins Grab's board

Yun Ho-young, CEO of Kakao Bank, has been appointed as a new board member for Grab, the largest super-app operator in Southeast Asia, the Internet-only lender confirmed Wednesday.

Yun was officially appointed as an outside director of Grab's board on Monday and will serve as a member of the board's audit committee.

Yun's appointment follows the strategic partnership formed between the two companies last year. In October, Kakao Bank announced the acquisition of a 10 percent stake in PT Super Bank Indonesia, a digital-focused bank in which Grab invests as the largest shareholder, through a consortium with Singapore-based telecommunications firm Singtel.

The partnership marked Kakao Bank's first overseas investment. Drawing on the synergies between Kakao Bank's digital finance expertise and Grab's established success in Southeast Asia, the companies are focused on enhancing user experiences through service integration, while also exploring joint ventures in business and technology development.

Meanwhile, Kakao Bank has been rapidly expanding its presence in the flourishing Southeast Asian market. In June, the firm secured a memorandum of understanding with Thailand's prominent finance technology group SCBX to pursue a license for operating a virtual bank.

An official from Kakao Bank said, "CEO Yun's addition to the board stems from his accomplished background in the digital finance sector. He aims to make significant contributions towards enhancing Grab's position as a leading global technology firm."