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Indonesia's Go-Jek buys fintech startups to boost payments

Ride-hailing app operator to open e-wallet for third-parties

A woman rides on the back of a motorbike, part of the Go-Jek ride-hailing service, on a busy street in central Jakarta.   © Reuters

JAKARTA -- Indonesia's ride-hailing startup Go-Jek is bolstering its digital payment service by buying three local financial technology startups, as the country's most valuable startup looks to extend its lead against rivals Uber and Grab.

In a press release on Friday, Go-Jek said it had entered into "definitive agreements" for the acquisition of Kartuku, Midtrans and Mapan. Kartuku and Midtrans are payment-processing companies, with the former handling offline and the latter online payments. Mapan facilitates saving and lending for communities that do not have access to conventional banking services.

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