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Tag: Singapore

  • M1 1H profit falls 17.6%

    M1 1H profit falls 17.6%

    Singapore’s M1 has reported a 17.6% slump in net profit for the first half of the year to S$68.8 million ($50.3 million) as a result of flat revenue and higher depreciation and interest expenses.

    Service revenue stayed at $406.2 million despite a 22.3% year-on-year increase in fixed service revenue to S$61.2 million.

    Mobile revenue by contrast fell 2.9% to S$317.1 million, and international call services revenue declined 9.6% to S$28 million.

    M1’s total customer base grew 4.5% during the six-month period to 2.2 million, including 176,000 fiber customers.

    On the mobile front, postpaid customers grew 3.7% to 1.3 million with prepaid customers up 2.5% to 777,000. But the shutdown of the operator’s 2G network during Singapore’s 2G switch-off led to a slight decline in total mobile customers to 2.04 million.

    M1 also announced an increase in average postpaid smartphone data usage to 3.9GB per month, up from 3.3GB a year ago. Mobile data’s contribution to total service revenue meanwhile increased 1.5 percentage points to 55.5%.

    Based on the first-half results and the current economic outlook, M1 said it is forecasting an overall decline in net profit for the full year, but CEO Karen Kooi said the company is positioned for long term growth.

    “M1 is well positioned to capture new opportunities presented by the digital economy. We have been investing in NB-IoT network and digital solutions, and expanded our offerings to include managed infrastructure services, cyber security, business solutions and analytics,” she said.

    “This would enable us to better serve our customers and generate new revenue streams for future growth.”

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  • Mandiri aims to tap Singapore asset pool uncovered in tax hunt

    Mandiri aims to tap Singapore asset pool uncovered in tax hunt

    Bank Mandiri, Indonesia’s largest state-owned lender, on Wednesday said it is seeking to establish a private banking business in Singapore. The move comes amid a global crackdown on tax evasion that has exposed vast Indonesian wealth parked in the city-state.

    Indonesia’s nine-month tax amnesty program, in which the government allowed citizens to report previously hidden domestic or overseas holdings and pay a small penalty, turned up some 4,900 trillion rupiah ($367.5 billion) in declared assets. In a news conference on Wednesday, Mandiri President Kartika Wirjoatmodjo said around 700 trillion rupiah in declared cash and securities are still parked in overseas banks — mostly in Singapore.

    “It’s quite a sizable portion,” Wirjoatmodjo said. “We want to capture this market by giving them services in Singapore. We already have a complete range of products.”

    Indonesia has also pledged to join the Automatic Exchange of Information, a framework developed up by the Organization for Economic Cooperation and Development in which financial regulators will share information about foreign taxpayer accounts. “There will be no more space to place money that cannot be traced by tax authorities,” Wirjoatmodjo said, “so there will be a level playing field.” He explained that wealthy Indonesians have shunned state-owned banks like Mandiri to avoid scrutiny by authorities.

    At the moment, Mandiri can only serve corporate clients in Singapore. In order for the bank to serve wealthy individuals, it needs to be designated a “Qualified ASEAN Bank” by the Monetary Authority of Singapore under a bilateral agreement with Indonesia’s Financial Services Authority, according to Wirjoatmodjo. QAB status, a concept developed by Association of Southeast Asian Nations members, enables banks to operate as local lenders in ASEAN markets.

    Earlier in July, Mandiri became the first bank to obtain the QAB designation in Malaysia. Talks between Singapore and Indonesia, however, have not been officially announced.

    Mandiri is hardly the only bank targeting previously hidden assets. Oversea-Chinese Banking Corp., Singapore’s second-largest bank by assets, in May launched private banking operations in Indonesia to cater to high-net-worth Indonesians with assets of more than $1 million.

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  • Singapore exports rebound in June, beating forecasts with 8.2% rise

    Singapore exports rebound in June, beating forecasts with 8.2% rise

    Non-oil domestic exports (NODX) bounced back in June, topping expectations with an 8.2 per cent increase from the year earlier, with a strong rise in non-electronic shipments offsetting a smaller increase in electronic sales.

    Analysts polled by Bloomberg had expected NODX to rise 5.1 per cent in June from the same month a year ago. Exports in May edged up just 0.4 per cent in May, revised up from an earlier estimate of a 1.2 per cent decline, and dipped 0.3 per cent in April, after expanding for six straight months.

    On a month-on-month seasonally adjusted basis, NODX declined by 2.7 per cent in June, after the previous month’s 9.4 per cent increase, as the decline in electronic shipments outweighed the increase in non-electronic sales, data from trade agency International Enterprise (IE) Singapore showed on Monday (July 17). Some S$14.5 billion exports were recorded in June, lower than the S$14.9 billion in May.

    Exports of electronics cooled in June, expanding by 5.4 per cent year-on-year compared to the 28.9 per cent surge in May. Data last Friday showed that Singapore narrowly avoided a technical recession, growing at 0.4 per cent in the second quarter from the quarter before, saved by solid global demand for its tech products.

    Electronic exports in June were led by ICs, disk media products and capacitors which increased by 20.7 per cent, 2.9 per cent and 10.5 per cent respectively.

    Exports of non-electronics grew by 9.3 per cent year-on-year, in contrast to the 8.6 per cent drop in the previous month. Economists have been concerned that the pick-up in Singapore’s economic growth has thus far been driven limited to certain segments of the economy – mainly, electronics manufacturing.

    Exports in non-electronics were lead by non-monetary gold, specialised machinery and petrochemicals, which increased by 148 per cent, 76.1 per cent and 13.7 per cent respectively.

    In terms of export markets, the top contributors to the NODX increase were China (+48.9 per cent), South Korea (+56.9 per cent) and Japan (+26.7 per cent) – outweighing the declines to the US, Taiwan, the EU 28, Thailand and Indonesia.

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  • Siemens launches Digitalization Hub in Singapore

    Siemens launches Digitalization Hub in Singapore

    Siemens has launched its first fully integrated Digitalization Hub in Singapore in a bid to bring its expertise and innovations in the IoT to the Southeast Asian market.

    The company will be co-creating future digital applications with customers and partners to build a digital ecosystem.

    Supported by the Singapore Economic Development Board (EDB), the Hub brings together data scientists, solution architects, software engineers, system experts and domain specialists from the urban infrastructure, industrial and healthcare sectors. These professionals will experiment, learn, develop and test-bed innovations and future-ready digital solutions that help businesses become more efficient and sustainable.

    An integral part of the Digitalization Hub concept is MindSphere, an open, cloud-based IoT operating system that offers data analytics, connectivity capabilities and tools for developers, applications and services. This platform helps evaluate and process data to gain insights and optimize asset performance for maximized productivity.

    “Singapore is the ideal location for this Hub because of its distinctively advanced industrial and urban infrastructure development, combined with the government’s Smart Nation thrust to enable a digital economy,” Siemens CEO Joe Kaeser said.

    Sixty specialists from a variety of disciplines will work at the Hub at the outset. The number of digitalization experts is expected to reach 300 by the year 2022. The key target areas for the Hub are urban infrastructure, advanced manufacturing and healthcare.

    To mark the launch of the Siemens Digitalization Hub, three collaboration agreements were signed with Singapore partners. Nanyang Technological University, Singapore (NTU Singapore) will partner with Siemens to create and showcase data-driven innovations for urban infrastructure.

    SP Group will collaborate with Siemens to build a next-generation energy management software platform for SP’s 24/7 control centers, to enable more robust planning, surveillance and predictive maintenance of Singapore’s electricity network.

    The electronics arm of Singapore Technologies Engineering, Singapore Technologies Electronics, and Siemens also signed a partnership agreement to co-create and proactively market innovative digital use cases in the field of transportation (roads, harbors, airports and mass transit).

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  • New brands joining line-up at The Shoppes

    New brands joining line-up at The Shoppes

    New brands will join The Shoppes at Marina Bay Sands in the next few months.

    They include award-winning Singapore fashion label In Good Company, which will showcase its signature womenswear and Mini Me collections for children three to eight years old. The 1600 sqft (148.6 sqm) store will also have a play area for children.

    Meanwhile, the outlet for local luxury leather goods and accessories brand Kwanpen will be extensively renovated to become its largest flagship boutique in Singapore. Opening next month, the boutique will triple in size to more than 2500 sqft.

    Other anticipated openings in the coming months include new-to-market Hong Kong fashion and accessories label EQ:IQ with a standalone boutique, as well as French luxury brand Balmain’s first standalone store for Southeast Asia. Its 1647 sqft store will feature an interior concept that echoes its traditional Parisian boutiques.

    Two boutiques will be the first for Southeast Asia, for diamond jeweller Nirav Modi and perfume house Henry Jacques.

    Bespoke beauty offerings include the re-opening of perfumery Jo Malone and a new standalone Estee Lauder boutique. Also renovated, Chanel Fragrance & Beauty offers a new private facial cabin, as well as personalised beauty and fragrance consultations.

    Following the unveiling of the Chanel Ephemeral boutique last month, Fendi has also launched a menswear pop-up for the first time at The Shoppes until Sunday. For the first time in Asia, The Fendi Ape Car is showcasing the latest Fendi Vocabulary Capsule Collection.

    Singaporean designer label Chi Chi Von Tang will also open a pop-up store, featuring a personalised shopping experience.

    Joining the F&B line-up will be French tearoom/patisserie Angelina, and homegrown Da Paolo Gastronomia, a gelato bar along the waterfront promenade. Also new to the promenade are The Bird Southern Table & Bar and Dallas Cafe & Bar.

    TWG Tea will re-open at a new location at The Shoppes next month with a 50-seat salon and boutique featuring a counter for tea-infused chocolate.

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  • Singapore sets e-commerce target for growth

    Singapore sets e-commerce target for growth

    Singapore has set a three-year target to grow the share of e-commerce from the current 3 per cent to 10 per cent of total receipts.

    This would match where China was three years ago, according to Senior Minister of State for Trade and Industry Sim Ann.

    She told Parliament that benchmarked against the 2014 figures of the UK (13 per cent) and the US (6.5 per cent), Singapore’s target was not unrealistic.

    One in four online retail transactions in Singapore were with foreign businesses, she said.

    Total e-commerce with locally issued credit and debit cards was valued at S$24.7 billion (US$17.8 billion) over the past three years, with foreign entities accounting for $6.4 billion worth of these transactions, said Sim in response to an MP query.

    “While e-commerce presents competition to our retailers, it also gives them the opportunity to expand their reach to the region and beyond,” she said.

    The retail industry transformation map outlined last year by the government envisioned a “vibrant” retail industry spanning physical stores, online retailing and mobile channels, as well as local brand owners with global presence.

    Sim said government initiatives were helping retailers build digital capabilities and access e-commerce…

    Enterprise agency Spring Singapore and the Info-Communications Media Development Authority (IMDA) have teamed up to pre-qualify e-commerce packaged solutions that can be readily adopted by small and medium enterprises.

    Spring is also partnering companies such as Google to help SMEs strengthen their digital marketing, while other private firms like DBS, Mediacorp and SingTel have given support by setting up an e-marketplace and training opportunities.

    Trade agency International Enterprise Singapore helps companies leverage e-commerce to unlock growth opportunities in overseas markets.

    At the same time, said Sim, trade associations and chambers of commerce were reaching out to SMEs to encourage them to adopt e-commerce.

    Being launched this year is Spring’s initiatives with SkillsFuture Singapore to help the retail industry workforce adapt and upskill to keep up with developments in e-commerce and digital marketing.

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  • Singapore ready to exchange financial data with Indonesia

    Singapore ready to exchange financial data with Indonesia

    Indonesias finance minister Sri Mulyani said here on Thursday that Singapore was ready to provide information about the financial data of Indonesian citizens as part of the implementation of Automatic Exchange of Information (AEOI) program for tax purposes.

    “Singapore has stated that Indonesia has been considered as being eligible and included in their Multilateral Competent Authority Agreement (MCAA), meaning the AEOI agreement can automatically be carried out according to its timeline,” she said.

    Mulyani confirmed that Singapore would not only exchange information with Indonesia but also with other countries that have signed MCAA in connection with AEOI in the Netherlands in June 2017.

    In order to prepare for the information exchange, Indonesia will conduct improvement with regard to primary legislation issuance, information technology, data security, and business process renewal to match with the Common Reporting Standard.

    “We will continue to meet it and later in September, the OECD will review its aspects. If Indonesia is considered to have met the requirements set in the OECD global forum, it means we have met the requirements to implement AEOI with Singapore,” she asserted.

    On the sidelines of the Indonesia-IMF joint conference on Wednesday, Sri Mulyani met Singapores minister of law and finance, Indranee Rajah, to discuss a number of issues.

    Besides the implementation of AEOI, they also discussed revision of double taxation agreement for Singapore investors and Singapores offer as an international banking hub for Indonesias infrastructure projects.

    According to the Indonesian ministry of finances website, Singapore has confirmed its readiness to carry out AEOI with Indonesia to maintain equality in role and function and share responsibility along with other financial centers.

    Singapore has included Indonesia in the list of its partners that have participated in MCAA.

    The commitment is a form of agreement to provide standardization and efficiency scheme to facilitate for AEOI. Hence, bilateral agreement need not always be done.

    The reciprocal exchange of information will be started after the two jurisdictions introduce the regulations needed to implement CRS and to keep confidentiality and protect exchanged data.

    Confidentiality and protection of financial data being exchanged are international prerequisites set by Global Forum on Transparency and Exchange of Information for tax purposes.

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  • Singapore retail sales up 0.9% in May

    Singapore retail sales up 0.9% in May

    A surge in takings at petrol pump stations lifted Singapore‘s retail sales in May, though a broad fall in sales by food retailers and other consumer goods sellers has left shops and restaurants here worried.

    Total retail turnover in May was S$3.7 billion, up 0.9 per cent from May last year, according to Department of Statistics data out on Wednesday (July 12).

    This was due mainly to a 11.3 per cent jump in sales at petrol service stations, a 4.5 per cent rise in sales of medical goods and toiletries, as a well as a 2 per cent rise in motor vehicle sales.

    Singapore Retail sales - Retail in Asia

    Excluding motor vehicles, retail sales rose 0.6 per cent from May last year.

    On a month-on-month, seasonally adjusted basis, retail sales dropped 1 per cent in May over the previous month. Excluding motor vehicles, takings were down by a bigger margin of 3 per cent.

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  • Singapore Airlines adds more flights on Dhaka-Singapore route

    Singapore Airlines adds more flights on Dhaka-Singapore route

    Singapore Airlines has increased the number of its weekly flights on the Dhaka-Singapore route from seven to 10.

    The new flights will be operated on Sundays, Wednesdays and Thursdays from July 19 with an Airbus A330 aircraft, the airline said in a statement.

    “With 10 flights a week, it will be more convenient than ever to re-visit the places you love and explore the 135 destinations in our group network,” said TM Wang, general manager for Bangladesh at Singapore Airlines. The additional frequencies will also give a boost to the air cargo capacity out of Hazrat Shahjalal International Airport, Wang said.

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  • Consoveyo Singapore enters two key Asian markets

    Consoveyo Singapore enters two key Asian markets

    Consoveyo Singapore, part of Körber Logistics Systems, is proud to announce new projects with Zuellig Pharma Vietnam Ltd (Zuellig Pharma) in Vietnam and Thai Tobacco Monopoly (TTM) in Thailand. For both projects, Consoveyo will provide automated logistical technologies in a total of three new warehouse installations. These solutions include Consoveyo’s Automatic Storage and Retrieval System (ASRS), Conveyors, Rail Guided Vehicles and Lifter Systems including Radio-Frequency Identification (RFID). A Warehouse Management System (WMS) will also be implemented by Inconso, a company under the Körber Logistics System.

    Poul Lorentzen, general manager at Consoveyo Singapore, shared, “Both projects are significant additions to Consoveyo’s growing list of references in Asia. Vietnam and Thailand are important markets for Consoveyo, and we are proud that Consoveyo is becoming increasingly recognized by leading companies in both countries. These two projects also showcase Consoveyo’s capabilities in tailoring our first-in-class automated warehousing solutions, and demonstrate our abilities to support various industries and different clients.”

    Zuellig Pharma

    Marking Consoveyo’s first foray into Vietnam, the project with Zuellig Pharma saw Consoveyo providing an efficient transport system within the client’s new warehouse in Ho Chi Minh City. To increase warehouse efficiency, Zuellig Pharma had to ensure that its pharmaceutical products can move between floors effortlessly.

    Proposing a modified conveyor and lifter solution for Zuellig Pharma, Consoveyo provided two units of pallet lifters with safety interlocks and buffer conveyors for pallet input and output. Consoveyo also ensured that its solution could interface directly with supplemented pallet jacks or forklifts. In addition to supplying and installing its conveying solutions, Consoveyo provided Zuellig Pharma’s warehouse operators with training, allowing them to achieve higher levels of warehouse productivity.

    A spokesperson at Zuellig Pharma shared, “This warehouse plays a crucial part in our overall Reach and Access corporate strategy to focus on making healthcare more accessible to all Vietnamese. With Consoveyo’s comprehensive solution and support, we are now one step closer to our goal.”

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  • Indonesia to bring home tax money parked in Singapore

    Indonesia to bring home tax money parked in Singapore

    The government is to hunt down tax money from Indonesians who park their money in Singapore, following an offer from Singapore to allow Indonesia to access the financial data of Indonesians in the neighboring country.

    Singapore and Indonesia are soon to sign a Bilateral Competent Authority Agreement (BCAA) to implement the Automatic Exchange of Information (AEoI) between the two countries.

    Finance Minister Sri Mulyani Indrawati received the offer from Singapore on the sidelines of the G20 Summit in Germany last week.

    “This is a positive. I will follow up so that we can benefit from the agreement,” said Sri Mulyani.

    Sri Mulyani estimated that Indonesian wealth parked overseas amounted to about Rp 1 quadrillion (US$74.68 billion), 60 percent of which was in Singapore.

    Meanwhile, the Finance Ministry’s tax compliance expert Suryo Utomo said that of the Rp 835.7 trillion parked in Singapore that was declared during the tax amnesty, only Rp 84.52 trillion had been repatriated.

    Taxation Directorate General spokesman Hestu Yoga Saksama said that Sri Mulyani and Director General of Taxation Ken Dwijugiasteadi would visit Singapore sometime this month to follow up on the agreement initiated by Singapore.

    Indonesia and Singapore has an open exchange of information, said Hestu. He added that Indonesia should also seek a BCAA with Hong Kong, as well as stipulate confidentiality and data safeguards.

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  • Singapore Myanmar Investco reports encouraging initial retail results at Yangon International

    Singapore Myanmar Investco reports encouraging initial retail results at Yangon International

    Singapore Myanmar Investco Limited has reported revenue of US$13.3 million in its travel and fashion retail segment for the year ended 31 March 2017.

    Subsidiary SMI Retail only began duty free operations at Yangon International Airport in September 2016, meaning there is little meaningful basis for year-on-year comparison. The company was awarded contracts for duty free, other retail and food & beverage outlets in 6,700sq m of space at the airport’s new International Terminal in December 2015.

    The 6,700sq m of retail space includes a multibrand and multicategory duty free area of almost 2,000sq m on three levels

    Singapore Myanmar Investco Limited reported overall group revenue of US$23.3 million for the year, and a gross profit of US$4.8 million. Net of tax, the company reported a loss of US$7.3 million.

    “The initial results of retail operations at Yangon International Airport are encouraging although it will take time for the new terminal to reach traffic flows at projected levels,” said SMI President and CEO Mark Bedingham in the company’s annual report.

    “We have received much positive feedback from passengers and the airport management company on the quality of the duty free and travel retail stores that we have created and this initial success has been widely noticed in the city itself.

    “Notably, we have used our relationship with DFS to supply a comprehensive portfolio of international wines & spirits and beauty brands for both departures and arrivals at Yangon International Airport and have introduced more than 30 international fashion and lifestyle brands to create an outstanding retail experience for this very modern, newly-built terminal.

    “This new terminal has dramatically increased the capacity of Yangon International Airport to meet the expected rapid rise in international travellers; for business, for tourism and for Myanmar nationals who are also starting to travel overseas in greater numbers. This new terminal is already scheduled for further expansion and this will undoubtedly create new opportunities for SMI in travel retail at the airport.”

    Bedingham also noted that a number of mall owners and developers in Myanmar saw SMI as a “highly desirable partner”. He continued: “We have been pleased to work with Junction City – a new integrated upscale development in downtown Yangon. We have been able to introduce several international brands that we work with at the airport into Junction City and nearly all of these retail stores have been opened by the end of April 2017.”

    SMI signed an exclusive distribution agreement with Shiseido Asia Pacific in February 2017 and the first Shiseido flagship counter in Myanmar will open in Junction City by mid-year 2017.

    Non-Executive Chairman Ho Kwok Wai said that SMI would now move focus on organic growth across its diversified business portfolio.

    He noted a World Bank report issued on 30 January 2017 which stated that Myanmar’s economy will grow an average of +7.1% per year in the next three years.

    “The landscape in Myanmar was very different when we began our transformation in 2013 but our objective for the group remains the same: to build a diversified business model to capitalise on the strong trends in consumer spending, international tourism and infrastructure investment in this frontier market,” he said.

    “From the encouraging results shown in our portfolio of businesses so far, there is positive sentiment that we are on the cusp of major advances in Myanmar, with strong growth potential.”

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  • Giti Tire Building $560 Million Manufacturing-Distribution Campus

    Giti Tire Building $560 Million Manufacturing-Distribution Campus

    Giti Tire, the 10th largest tire company in the world based in Singapore, is on track to open its first first North American manufacturing facility on a 1,100-acre site, 170 miles northeast of Charleston, in Richburg, South Carolina.

    The company expects to invest $560 million and create 1,700 new jobs over the next decade in Chester County. The new facility, which will be located on the Carolinas I-77 Mega Site, will combine manufacturing and distribution activities, with total building area estimated to be 1.8 million square feet.

    Giti Tire will produce both passenger and light truck tires for the Original Equipment Manufacturer (OEM) and replacement markets in the Chester County plant.

    “This significant investment represents our strong commitment to customers in North America. This is a key milestone for Giti Tire and an important part of our growth strategy worldwide. Existing business and strong demand for Giti Tire’s passenger and light truck tires in North America has made this significant investment in South Carolina possible,” Enki Tan, executive chairman of Giti Tire Group said.

    During the first phase of production, the plant’s capacity is expected to be 5 million tires annually. Giti Tire plans to further increase production capacity in response to future market demand and conditions. The Chester County facility represents Giti’s ninth manufacturing plant in its global system.

    “Chester County is an excellent location for Giti Tire, offering extensive and efficient infrastructure network including interstate highways, rail, close proximity to airports and a major metropolitan area to support the company’s needs and growth for many years to come,” Lei Huai Chin, Managing Director of Giti Tire Group said.

    According to the State Department of Commerce the company’s decision to locate in South Carolina was driven by a number of factors, including the area’s workforce and training opportunities through the technical college system, proximity to major transportation infrastructure and deep-water port facilities in Charleston, market access to the growing Southeast region and the state’s business-friendly environment.

    As an incentive ready SC will be assisting the company with the recruiting and training of its initial workforce.

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  • StarHub to pursue analytics to offset mobile squeeze

    StarHub to pursue analytics to offset mobile squeeze

    Singapore’s StarHub plans to lean on providing data analytics based on its customers’ consumption habits to compensate for the increased competition set to be caused by the introduction of a fourth player to the mobile market.

    The operator is already facing intense competition in the mobile sector, and this will intensify with the entry of Australia-based TPG Telecom, the recent winner of Singapore’s fourth mobile license.

    StarHub is preparing for a worst-case scenario involving TPG offering unlimited mobile data services, and bundling its offer with broadband, leading to competition for StarHub on two fronts.

    In an interview with Bloomberg, StarHub CEO Tan Tong Hai said the company is pursuing generating revenue by providing analytics based on consumers’ use of mobile phones, broadband and TV services to corporate clients.

    The enterprise segment is already generating increasing proportions of StarHub’s revenue – earnings from StarHub’s corporate customers now account for around 42% of StartHub’s annual revenue, up by more than double from eight years ago.

    But StarHub is facing competition in the analytics segment from incumbent Singtel. The report also cites an OCBC analyst as expressing skepticism that the extra revenue generated from analytics will be enough to offset the impact of TPG’s entry into the market on StarHub’s bottom line.

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  • MyRepublic planning IPO by end-201

    MyRepublic planning IPO by end-201

    Singapore-based MyRepublic is gearing up to conduct an IPO by the end of next year, and use the funds to expand its operations to cover at least 10 countries in the next five years.

    In a media briefing, MyRepublic said it is currently exploring listing on the Singapore, Hong Kong and/or Australian stock exchanges.

    MyRepublic is meanwhile planning an entry into the Singapore mobile market in the fourth quarter and expects to subsequently expand its mobile operations to other parts of the region by next year onwards.

    The company is likewise planning to launch TV services in the region, bcoming a quad-play provider.

    MyRepublic currently operates in Singapore, Indonesia, Australia and New Zealand, and is evaluating expanding to Myanmar, Sri Lanka, Vietnam, Myanmar, the Philippines, Thailand, Cambodia and Malaysia. By June, the company reached 200,000 broadband subscribers across the region.

    The company leverages NBN rollouts in the markets with strategic deployment of passive infrastructure to remain infrastructure agnostic and enable rapid expansion at a low cost of market entry.

    MyRepublic said it can enter a new market in 60 days and launch new products in three months. The company has entered a new market every year since 2014 and turns ebitda-positive within two years of entering each new market.

    At the briefing MyRepublic also denied reports that the company is pursuing an acquisition of Singapore’s M1. While the operator has put in a bid, it is not pursuing the acquisition, the company said, noting that while M1 is a traditional telco, MyRepublic is an “internet platform company.”

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