Metranet, a unit of Southeast Asian telecom operator Telkom Indonesia, has taken a 30.4% stake in Hungary-based mobile wallet provider Cellum Global.

However, Cellum will continue to be managed by its existing management.

At the same time, Metranet also plans to facilitate coverage of Cellum’s services in Indonesia, the largest economy in Southeast Asia.

Telkom Indonesia senior vice president of media and digital business Joddy Hernady said: “Cellum’s platform provides a solid foundation for us to launch advanced fintech services that will improve the lives of consumers and boost the business of our corporate clients.

“We are looking forward to introducing various transaction services all across Indonesia in the near future.”

Cellum CEO Janos Koka added: “Having already been selected as Telkom’s official fintech platform provider for B2B services, we now have the largest Indonesian market player’s full commitment of to our partnership, which allows us to move to the next level in Indonesia and beyond. The capital increase makes us financially stronger and lets us keep up with our latest product development and expansion plans.”

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