Telkom Indonesia acquires stake in European mobile wallet provider Cellum

Telkom Indonesia, the largest state-owned ICT enterprise and telecommunications network in Indonesia, has acquired a significant stake in Europe-based multinational mobile wallet provider Cellum Global.

Cellum announced that it has signed a strategic fintech cooperation and investment agreement with Metranet, a wholly owned subsidiary of Telkom Indonesia, on Tuesday in Budapest, Hungary.

Under the agreement, Telkom will invest in Cellum in two tranches for a 30.4 percent stake. The Southeast Asian telecommunications giant will also facilitate the penetration of Cellum’s services in Indonesia, the region’s largest economy. Financial details of the deal have not been disclosed.

Cellum’s current management will retain control of the company’s operations, according to the announcement.

Established in 2000, Cellum began a major international expansion in 2011, establishing subsidiaries in several European, North American and Asian markets. As of 2015, Cellum Asia Pacific is headquartered in Singapore.

“This is a strategic milestone for Cellum, being much more than a significant financial investment… 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,” said Dr. János Kóka, CEO of Cellum Global.

Kóka added that the capital increase will make Cellum “financially stronger” and lets it keep up with the latest product development and expansion plans.

“When entrepreneurs from Central Europe are thinking about entering a major foreign market, they usually consider Western countries. Our industry is different: at the moment Southeast Asia is the world’s fastest-growing fintech market,” added Kóka.

Joddy Hernady, Senior Vice President of Media & Design Business At Telkom Indonesia, said Cellum’s platform provides a solid foundation for Telkom to launch advanced fintech services “that will improve the lives of consumers and boost the business of our corporate clients”.

Cellum’s banking-grade security solutions cover all areas of m-commerce, including mobile commerce and payments as well as NFC (contactless) technologies. Cellum is PCI DSS 3.2 Level 1 compliant, being one of the first mobile payment service providers in the world to comply with the most important security standard of the top global card companies.

Also Read:

Singapore: Payments co Fastacash forms strategic partnership with mobile wallet provider Cellum

Indonesia: Telkom agrees to buy Malaysia’s TS Global Network for $26m

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.