On May 27, under new group CEO Yuen Kuan Moon, Singtel announced a new strategic direction riding on three key tenets: Using the newly-deployed 5G networks to juice new growth in the mobile consumer segment and to inspire new uses and revenue potential from the enterprise market.
For years, Singtel (Singapore Telecommunications) was firing on all cylinders. Its regional associates were all posting steady growth as mobile usage increased while it enjoyed a comfortable domestic oligopoly in the mobile market.
But as markets became saturated with all sorts of phones and plans, earnings started to drop and Singtel was forced to curb its generous dividend. Then the pandemic hit, destroying high-margin roaming revenue on one hand while domestic competition intensified.
