SINGAPORE: Singapore Telecommunications will raise its investment in digital service companies in Southeast Asia, attempting to seize opportunities in the region, the company said today, as the Covid-19 pandemic weighs on its traditional mobile carrier business.
Singtel said it will leverage the customer base it has built through group companies in the region. It has stakes in other telecom operators in the region, including Indonesia’s Telkomsel, the Philippines’ Globe Telecom, and Thailand’s Advanced Info Service. Public investors are also eyeing the region’s digital businesses as some of the biggest players, such as Grab and the Indonesian combination of Gojek and Tokopedia, plan to go public.
The digital investment is a part of Singtel’s “strategic reset,” which the company expects to take several years. Other focus areas announced Thursday include 5G telecommunications and business-to-business services for governments and enterprises.