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Singapore Telecommunications Limited is engaged in the operation and provision of telecommunication systems and services, and investment holding. SingTel has three segments: Singapore; Australia, and Associates & Joint Ventures. In November 2011, it incorporated SSBI Pte. Ltd. in Singapore. In January 2012, it liquidated eight subsidiaries. In March 2012, it formed a wholly owned subsidiary, Acorn Acquisition Corp. In April 2012, it incorporated SingTel Digital L!fe Pte. Ltd. and SingTel Mobile Marketing Pte. Ltd. in Singapore, as well as a wholly owned subsidiary in Delaware, United States, which include SingTel Mobile Marketing, Inc., STDL Pte. Ltd. and STMM Pte. Ltd. In April 2012, it divested its entire 3.98% equity interest in Far EasTone Telecommunications Co., Ltd.

  • Market News
RPT-ANALYSIS-Southeast Asia's mobile payments face shakeout as market booms
17 October 2019
source: reuters.com
 (Repeats to more subscribers)
    * Payment firms race to build up scale in fragmented market
    * Mobile payments market to grow 7-fold to $109 bln by
    * Wallets offering huge discounts to merchants
    * Initial signs of consolidation in Indonesia and Vietnam
    * Well-funded Grab and Go-Jek seen as winners in the sector

    By Phuong Nguyen, Alun John and Anshuman Daga
next to Ho Chi Minh City's financial district, two dozen street
vendors' stalls display colourful adverts for e-wallets backed
by private equity firm Warburg Pincus, ride-hailing firm Grab
and Singapore sovereign wealth fund GIC, among others.
    Between them, the stalls - selling everything from crab soup
to Vietnamese Banh My sandwiches - accept payment from most of
Vietnam's 28 different e-wallets, which also allow users to make
cash transfers through their mobile phones.
    The wallets, which hope to take advantage of Vietnam's plan
to become a cashless economy by 2027, compete fiercely to gain
many users to help them to turn a profit, a battle for market
share replicated across Southeast Asia.
    Not all of them will survive. Already, the region's crowded
mobile payments sector is starting to shrink, with each national
market expected to support only two mass e-wallets, according to
consultancy Oliver Wyman.
    "The e-wallets spend a lot of money on attracting customers
and retaining them, getting them to use the wallet in their
daily life," said Duncan Woods, head of Oliver Wyman's Asia
Pacific retail and business banking practice.
    "When you've got so many of them out there, it's about who's
got the deepest pockets," he said.
    Southeast Asia has at least 150 e-wallet licence holders,
and firms including Grab, Go-Jek, Tencent Holdings  0700.HK ,
Ant Financial, Singapore Telecom  STEL.SI , AirAsia  AIRA.KL 
and dozens of fintech firms are fighting for dominance.
    Many have the cash. Grab plans to invest $500 million in its
Vietnam business, with payments a focus area. Softbank's Vision
Fund and GIC invested $300 million in e-wallet VNPAY's parent
company in July, and e-wallet Momo raised $100 million from
Warburg Pincus in January, according to news publication
DealStreetAsia.   urn:newsml:reuters.com:*:nL4N25J1C4
    Some are using the cash to build scale, others to buy it, as
they race to secure a dominant position in a mobile payments
market estimated by Nomura to grow seven-fold to $109 billion by
    Softbank-backed Grab is in talks to merge its Indonesian
digital payments firm, OVO, and Ant Financial-backed Dana, both
of which are among Indonesia's top five e-wallets, to bulk up
and power ahead of rival Gojek, sources said.  urn:newsml:reuters.com:*:nL3N25P370
    In Vietnam, e-wallet Vimo merged with payment processer mPOS
and rebranded as NextPay in June - and kicked off a $30 million
fundraising round and an ambitious growth plan.
    "We expect to be present across Vietnam and win 50% of the
market with 300,000 acceptance points by 2023 from 60,000
merchants now," NextPay's CEO Nguyen Huu Tuat said, while noting
that getting customers to change their habits was a challenge.
    Street sellers in Ho Chi Minh City echoed this view, despite
government efforts to change behaviour.
    Some wallets, including the partnership between local firm
Moca and Grab, offer buyers discounts of up to 30% if they use
their wallet, stallholders said.
    "I want to comply with the government's cashless plan
although I'm not very fond of it, so I offer 'morning cash,
afternoon card'" one merchant, Huong, said when Reuters visited
her noodle stall.

    Attracting users is essential as a tipping point looms.
    "E-wallet consolidation at a regional and local level is
highly likely as products mature and consumers migrate to those
who offer the most services," said Phil Pomford, an APAC general
manager at fintech firm FIS.
    "One likely play would involve one of the big global and/or
regional super apps consolidating services across South East
    The region's largest players, including ride hailing-turned
super apps Grab and Go-Jek, are betting that becoming the main
payment method will bind consumers into their networks and offer
them higher margin services — a model that Alibaba and Tencent
pioneered in China.
    "One of the reasons our payments business has seen such
success is because we've had a very intentional strategy of
developing the largest merchant network, whether it's offline,
it's online or whether it's on-demand," Grab's president, Ming
Maa told Reuters.
    Others have looked to use an e-wallet as an add-on to their
existing businesses. Users of AirAsia's BigPay wallet can earn
AirAsia travel rewards by using the wallet, which they also hope
can become a mainstream payment method.
    Tencent and Alibaba and its affiliates have primarily
focused on Chinese tourists using their wallets in Southeast
Asia and have also each invested in wallets in almost every
market in the region.
    Grab says it is the only digital payments provider in
Southeast Asia with access to e-money licences in six major
economies, making it the furthest on with a regional approach.
    Some observers are still sceptical however.
    "Many e-wallets' business model seems to be: 1) gain a lot
of customers and their data. 2) question mark. 3) be very
profitable," said Dmitry Levit a partner at VC firm Cento, which
has invested into several payment-processing companies, but
stayed away from wallets.  
    Go-Jek is not worried about competition from other wallets
or incumbents, said Aldi Haryopratomo, CEO of Go-Pay, the
company's payment platform.
    "By being the payments provider that connects the driver to
the bank, we are able to make sufficient margin. And if you
always think about competition and threat from the banks, then
you are thinking that the pie is fixed," said Haryopratomo.
    "But in Indonesia, the pie is actually getting bigger."

Graphic on expected mobile payment use in Southeast Asia     https://tmsnrt.rs/2VHkgJk
 (Reporting by Phuong Nguyen in Ho Chi Minh City, Alun John in
Hong Kong, and Anshuman Daga in Singapore, Additional reporting
by Aradhana Aravindan in Singapore. Editing by Lincoln Feast.)
 ((anshuman.daga@tr.com; +65 64035676; Reuters Messaging:
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