The nation wept as MyRepublic failed in their bid to become Singapore’s fourth telco, which instead went to TPG Telecom.
Now here we are, six months on from that heartbreaking news, and MyRepublic has so far stayed out of the limelight as they plotted their next move.
That was until yesterday though.
CEO Malcolm Rodrigues and CFO Lavinia Koh addressed members of the media regarding his company’s next move and we were there to hear it first hand.
MyRepublic Is NOT A Telco
The first agenda of the day was to clear up what kind of company MyRepublic is, and one thing is for certain – they by no means consider themselves a telco.
With that out of the way, the CEO himself proceeded to dispel any rumours about MyRepublic acquiring local telco M1.
Instead, the company identifies themselves as an “Internet Platform” that emphasises its cloud-based business model that has the potential to transform the telecommunications space not just in Singapore, but the world.
This is thanks to their business model that allows them to just “plug-in” to existing networks in a new market (if that market already has existing infrastructures).
If not, they are not adverse to laying down their own cables to create it via partnerships with local authorities and companies. Because of this, MyRepublic is able to become operational in a new market in as little as 60 days, and launch new products in 3 months.
That, and the fact that compared to a traditional telco, their operation costs are almost 40 times less enables them to keep a lean team in any market.
Financially Positive
Speaking of finances, MyRepublic is actually in the green of health, operating at a cashflow positive since the middle of 2016. Across the MyRepublic Group, they have an annualised revenue of $110 million.
All this is thanks to their steady growth since 2012, and they are proud to say that the company is still growing. MyRepublic is on course to growing their Singapore subscriber base pass 250,000 with a revenue of more than $140 million.
MyRepublic now find themselves in four markets – Singapore, Indonesia, Australia, and New Zealand.
Compared to their early years when Singapore accounted for 80% of their revenue, their overseas markets are now reaping in 90% of their revenues.
TV And Mobile Data Services Coming To Singapore
Perhaps the most exciting news that was mentioned is their comeback to the mobile arena.
You might remember that MyRepublic ran trials for their 4G network in Jurong two years ago in the lead up to their bid to become the fourth telco.
CEO Malcolm Rodrigues yesterday has said that consumers can expect a mobile broadband offering by the company towards the end of the year, and more details for their offerings will be made public in a month’s time.
All that was mentioned was that they have held talks with all three telcos and an agreement is in place with one of them as MyRepublic plots their return as an Mobile Virtual Network Operator (MVNO).
One thing for certain that was said is that they want to invoke the same memories of people who remember them as the Internet Service Provider who first came to market in Singapore a 1GBps broadband internet plan.
While no numbers were highlighted for their new mobility plans, they are at least confident that MyRepublic will be a disruptive force once more.
Beside mobile broadband, MyRepublic will also be introducing TV services some time in 2018, and are currently firming up the content.
Going To IPO In 2018
Not settled for just the four markets that they are in, MyRepublic have laid out a forecast of future markets that they plan to set up in.
In the next 5 years, they plan to enter 8 more markets with most of the countries in Southeast Asia, as well as Sri Lanka.
To fuel the growth within the region, two things will be done, and first of which will be to raise funds valued at $100 million.
Second, MyRepublic is looking to IPO by the end of 2018 and is currently looking list itself at either the Australian Securities Exchange (ASX), Singapore Exchange (SGX), and The Stock Exchange of Hong Kong (HKEX).
Despite their global ambitions, operations will still be deeply rooted right here in Singapore.
With a move into a new space in Toa Payoh currently in the works, the company will also be setting up MyRepublic Labs. The staff here will be the brains behind product deliveries in the 4 markets that they are in and those in the future as well.
What was most telling about the company’s direction though was with CEO Malcolm Rodrigues mentioning that they would like to be the Airbnb of telecoms.
With the way that they are heading, and well on their way to be one.