Singapore’s largest telco Singtel said in May this year that it is “open to taking significant minority stakes” in startups focused on financial services, streaming, and gaming.
This is part of its “strategic reset” to spur business recovery and growth, among other plans like ramping up its 5G business.
The news comes as it hits a snag. The group’s net profit nosedived 93 per cent for the second-half of its fiscal year to S$88 million, from S$1.2 billion a year ago.
Singtel said the operating landscape remains challenging for the telecoms sector partly due to Covid-19. Its group CEO Yuen Kuan Moon said that with digitalisation sweeping across ASEAN, the company wants to make the most out of this growing appetite for digital services.
The group did not reveal specific targets, but expects this focus on digital investments to take several years. We take a deeper look at what these new focus areas mean and what opportunities they present.
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