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Telkom Indonesia buys into mobile payment service provider

Indonesian telecommunications company PT Telekomunikasi Indonesia Tbk said it has agreed to acquire a 30.4% stake in Hungarian mobile payment service provider Cellum Global Zrt, marking its foray into the financial technology industry.

Telkom Indonesia said its digital payments and advertising unit, MetraNet, will initially buy a 20.4% stake in Cellum Global for $4 million, then purchase the remaining 10% for $2 million.

Cellum Global and Telkom Indonesia have also reached an agreement to collaborate on a mobile payment platform in Indonesia.