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Deepti Sri · · 1 min readSingtel to step up investments into digital service startups in Southeast Asia
“Singtel will raise its investment in digital service companies in Southeast Asia, attempting to seize opportunities in the region, the company said Thursday, as the Covid-19 pandemic weighs on its traditional mobile carrier business,” Nikkei reported.
Details:
- The telecommunications firm said it is “open to taking significant minority stakes” in startups focused on financial services, streaming, and gaming.
- Singtel also will leverage the customer base of Southeast Asian companies in its portfolio, including Indonesia’s Telkomsel, the Philippines’ Globe Telecom, and Thailand’s Advanced Info Service.
Context:
- In December 2020, a consortium led by Singtel and regional super app Grab was awarded a digital banking license in Singapore to provide retail customers with services such as assisting them in opening accounts and making deposits, as well as in applying for debit and credit cards.
- The increase in investment is part of Singtel’s “strategic reset,” which will also focus on areas like 5G telecommunications and business-to-business services for governments and enterprises.
Editing by Collin Furtado and Eileen C. Ang
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