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Cellum to set up JV in Bulgaria

Cellum Gobal, a unit of Cellum, Hungary's market leader in developing mobile payment technology, has signed an agreement to establish a joint venture in Bulgaria.

Cellum Global signed the agreement with Bulgaria's Corpbank.

The JV, called Cellum Bulgaria, is expected to start operating in Q4 2011.

Cellum Bulgaria's other partner will be Velder Consult.

Venture capital fund PortfoLion, a unit of OTP Bank, Hungary's biggest commercial lender, recently invested HUF 400 million in Cellum Global which was set up to support Cellum's expansion on foreign markets