Telkomsel, a cellular operator subsidiary of state-owned communications company PT Telkom Indonesia, announced on Monday a US$40 million investment to develop the digital economy ecosystem.
The funds were invested in collaboration with Telkom's MDI Ventures and Singtel Innov8, the corporate venture capital (CVC) arm of Singtel, according to Telkomsel’s press statement received by The Jakarta Post.
The statement said the initiative would involve a 100 percent owned subsidiary called Telkomsel Mitra Inovasi (TMI) that would be responsible for investments along with synergy and collaboration between Telkomsel's various business units.
"Recognizing that Southeast Asia is a fast-growing region, our partnership with Telkom’s MDI Ventures and Singtel’s Innov8 through TMI will allow Telkomsel to proclaim a more agile and reliable engagement model to startups,” Telkomsel president director Ririek Adriansyah said in the statement.
Ririek added that Telkomsel expected TMI to act as a platform to access a range of emerging opportunities in the technology sector.
To read the rest of the article, please use this link: https://www.thejakartapost.com/news/2019/05/14/telkomsel-invests-us40-million-in-startups.html