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Grab invests in Indonesia-owned digital wallet entity LinkAja

Move comes after Singapore unicorn buys into another similar business, OVO

Indonesia’s digital payments transaction volume rose 78% in 2019 from a year ago, while transaction value jumped more than threefold. (Photo by Akira Kodaka)

JAKARTA -- Singapore multinational mobile tech giant Grab has invested in Indonesian state-owned payments company LinkAja, a move that may lead to further realignment in the archipelago's fast growing electronic wallets market.

Grab, for which Indonesia is the largest market, is already a major shareholder in OVO, one of the country's top mobile payments company, which is in talks with another local e-wallet entity DANA over a potential merger.

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