Joining Grab in the investment were the domestic wireless carrier Telkomsel, BRI Ventures, the venture arm of state bank BRI, and Mandiri Capital Indonesia. Telkomsel is a unit of Telkom Indonesia which is a publicly traded company that is majority-owned by the Indonesian government. The funds will be used to accelerate LinkAja’s growth to sign-up more middle class and “aspiring to middle class” consumers and small to medium-sized enterprises for acceptance, according to a press release.
Go-Jek had been competing with Grab for a primary investment position in LinkAja as part of the ongoing battle for mobile wallet dominance in Indonesia, according to media outlet KR-Asia, cited by paymentssource.com. By winning the primary investment, Grab is in a more competitive position against Go-Jek’s GoPay wallet.
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