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Grab plans $700M investment in Indonesia

Southeast Asian ride-hailing service Grab will invest $700 million in Indonesia over the next four years, The Wall Street Journal reported Feb. 2.

The move comes as Grab faces off with its U.S.-based counterpart Uber Technologies Inc. and local player PT Go-Jek Indonesia for market share in the country.

The company said $100 million of the amount would be directed toward local fintech companies, according to the report. Grab's other plans for the investment include developing a research center in Jakarta and expanding use of its mobile payment service GrabPay.