SINGAPORE: As Singapore’s telecom sector enters a period of consolidation, one player has stayed noticeably quiet.
Earlier this week, Keppel announced plans to sell M1’s telecom operations to Simba Telecom, while StarHub confirmed its full acquisition of MyRepublic’s broadband business.
But Singtel – the market leader and the oldest telco in the country – has made no similar moves.
Business and brand analysts told CNA this is because it does not need to. Singtel's diversified business model and strong brand loyalty – including among younger customers who may not care about the company's legacy – give it the flexibility to sit out a domestic reshuffle.
“Singtel as a business is in a different class compared to the other telcos such as StarHub and M1,” said tech industry observer Oo Gin Lee.
Only about 27 per cent of Singtel’s revenue comes from Singapore. The rest is spread across investments in Australia, India, Indonesia, the Philippines and Thailand, he said.
Associate Professor Hyeokkoo Eric Kwon of Nanyang Technological University (NTU) said he expects Singtel to avoid price wars and instead deepen its push into enterprise solutions and data-centre services.
“It has no urgent need for domestic mergers and acquisitions and will probably focus on execution as rivals digest recent moves,” he said.
Mr Oo added that anti-competition concerns could also make acquisitions difficult for a firm of Singtel’s scale.
Singtel Singapore CEO Ng Tian Chong told CNA that the company is investing in infrastructure, products and services to support both customers and the broader economy.
“As needs and industries evolve, we’ll continue to adapt, innovate and deliver experiences that matter to both our consumers and enterprises,” he said.
“It’s this agile mindset and forward-looking approach that has kept us relevant over the years, earning the trust and loyalty of our customers.”
Singtel’s early dominance has helped it build significant barriers to entry, with extensive infrastructure and network coverage, said Ms Shirley Tee, deputy director for industry and innovation at Nanyang Polytechnic’s School of Business Management.
“The company's first-mover advantage has allowed it to establish a robust customer base and develop deep relationships with both consumers and enterprises,” she said.
Mr Pulse Tan, principal consultant at Ninety One Branding and Marketing, also pointed to Singtel’s head start as its biggest advantage.
“When they were the only brand in town, they provided affordable and reliable services and earned that early brand loyalty,” he said. “That early trust still sticks, especially with boomers and Gen X who’ve been with Singtel since day one.”
While Singtel's services may not be the cheapest, the firm commands "emotional loyalty" by providing a sense of safety and peace of mind, said Singapore University of Social Sciences business school’s Associate Professor Lau Kong Cheen.
Still, loyalty alone is not enough, said Mr Lee Haoming, CEO of brand consultancy Louken Group.
“Customers’ needs change with the times, shaped by new technologies, shifting lifestyles and evolving expectations. A brand that stands still will eventually lose relevance, no matter how loyal its base once was,” he said.
Customers looking at products in a Singtel shop in ION Orchard mall on Aug 14, 2025. (Photo: CNA/Fabian Koh)
Observers said Singtel has actively modernised its image to appeal to younger customers.
"Millennials and Gen Z don’t care as much about ‘the brand my parents used’," said Mr Tan. "They’ll switch if someone else gives them a better deal or a slicker digital experience."
Citing data from market research firm eMarketer, he said 81 per cent of millennials and Gen Zs have switched telcos in the past year.
Assoc Prof Lau said Singtel has rejuvenated its identity over the years by introducing services such as entertainment, gaming and lifestyle brand collaborations.
Mr Tan added: “Singtel is staying number one – by a massive lead – because they’ve balanced old-school trust with new-school relevance. The name still means ‘reliable’ to older customers, but they’re working hard so the next generation hears ‘innovative’ and ‘worth my time’ instead.”
Its youth-oriented brand GOMO, with features like data banking, has attracted value-seeking users without eroding Singtel’s premium positioning, the experts said.
Mr Oo said premium customers enjoy perks such as priority queues and better deals – a strategy akin to airline class segmentation.
"Think of it like economy, premium economy and business class. That is what Singtel is trying to do," he said. "It wants to keep Singtel as a premium brand versus the no-frills budget players like Simba which are going for volume."
Singtel has also been at the forefront of new technology, such as being the first to roll out 5G here.
“They’ve put out National Day and Olympics short films, backed youth e-sports events, and even tied up with pop culture icons for environmental campaigns,” said Mr Tan.
“It’s about making the brand feel part of people’s lives, not just their phone bill.”
Customer habits have also helped Singtel maintain its base. “Inertia, household bundles and device-instalment contracts make switching less attractive,” said Assoc Prof Kwon.
Singtel’s ability to bundle mobile, broadband and pay TV services has created a sticky ecosystem, added Ms Tee.
The telco has not been immune to rising competition. Singtel's share of the postpaid mobile subscriber segment has fallen from 47.6 per cent in 2011 to 38.9 per cent today.
Mr Oo said Singapore consumers are ultimately pragmatic.
"Singtel is not always the cheapest and often will lose out to M1 and StarHub in an apple-to-apple comparison for pricing," he said. "But Singtel tries to offer more value in other things like quality network, faster speeds, priority service and rewards."
Singtel customers told CNA that they are drawn to the bundled deals offered by the operator, and have also noticed efforts to improve its customer service over the years.
Retiree Ang Kah Ho, 59, said he has been a Singtel mobile customer for decades. He appreciates the reliable network coverage, good phone upgrade deals and bundled services.
“They never give me any headache,” he said in Mandarin.
Mr Ang added that he had briefly tried other telcos, but switched back to Singtel after finding that their customer service was not up to his expectations.
Software developer Ke Liyi has been a Singtel user since she got her first phone when she was 14.
Now 32, she has stuck with Singtel despite attractive promotions from other telcos.
"I briefly considered other telcos whenever my plan was expiring because they had some promotions, especially for new customers,” she said.
"It's a matter of reliability versus the amount of data needed. When I need the data outside, will I have the connection?"
She acknowledged past frustrations with customer service, but added that improvements – such as better online support – have made a difference.
Still, some users have made the switch. Communications executive Victoria Lim, 33, moved from Singtel to StarHub’s sub-brand Giga a few years ago.
“Its SIM-only plan was much cheaper than Singtel’s plan, and it was offering more perks than Singtel as well,” she told CNA.
Since switching, she said she has saved significantly and often has more than enough spare data – to the point where she no longer connects to Wi-Fi at home or in public.
Singtel is also a key player in the enterprise space, for whom reliability is imperative, observers said.
“Not many businesses, particularly MNCs and the public sector, would want to take the risk to jeopardise their business. They thus prefer to stay with a ‘trusted’ telco,” said Assoc Prof Lau.
Ms Tee noted that Singtel's annual report for the 2025 financial year showed that while local mobile revenue was stable, average revenue per user had declined.
The company has responded with its Singtel28 growth plan. Launched last year, it includes investments in artificial intelligence, 5G, digital infrastructure and enterprise services.
“Through this strategic diversification, Singtel has made moves to reduce its dependence on revenue from traditional telecommunications,” said Ms Tee.
Mr Tan said Singtel is now far more than a telco, with its focus on data centres, enterprise IT and regional investments into other telcos.
“That’s one reason their brand is worth so much more than StarHub or M1. It’s not just a telco name, it’s a regional tech infrastructure brand,” he said.
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Earlier this week, Keppel announced plans to sell M1’s telecom operations to Simba Telecom, while StarHub confirmed its full acquisition of MyRepublic’s broadband business.
But Singtel – the market leader and the oldest telco in the country – has made no similar moves.
Business and brand analysts told CNA this is because it does not need to. Singtel's diversified business model and strong brand loyalty – including among younger customers who may not care about the company's legacy – give it the flexibility to sit out a domestic reshuffle.
“Singtel as a business is in a different class compared to the other telcos such as StarHub and M1,” said tech industry observer Oo Gin Lee.
Only about 27 per cent of Singtel’s revenue comes from Singapore. The rest is spread across investments in Australia, India, Indonesia, the Philippines and Thailand, he said.
Associate Professor Hyeokkoo Eric Kwon of Nanyang Technological University (NTU) said he expects Singtel to avoid price wars and instead deepen its push into enterprise solutions and data-centre services.
“It has no urgent need for domestic mergers and acquisitions and will probably focus on execution as rivals digest recent moves,” he said.
Mr Oo added that anti-competition concerns could also make acquisitions difficult for a firm of Singtel’s scale.
Singtel Singapore CEO Ng Tian Chong told CNA that the company is investing in infrastructure, products and services to support both customers and the broader economy.
“As needs and industries evolve, we’ll continue to adapt, innovate and deliver experiences that matter to both our consumers and enterprises,” he said.
“It’s this agile mindset and forward-looking approach that has kept us relevant over the years, earning the trust and loyalty of our customers.”
FIRST-MOVER ADVANTAGE
Singtel’s early dominance has helped it build significant barriers to entry, with extensive infrastructure and network coverage, said Ms Shirley Tee, deputy director for industry and innovation at Nanyang Polytechnic’s School of Business Management.
“The company's first-mover advantage has allowed it to establish a robust customer base and develop deep relationships with both consumers and enterprises,” she said.
Mr Pulse Tan, principal consultant at Ninety One Branding and Marketing, also pointed to Singtel’s head start as its biggest advantage.
“When they were the only brand in town, they provided affordable and reliable services and earned that early brand loyalty,” he said. “That early trust still sticks, especially with boomers and Gen X who’ve been with Singtel since day one.”
While Singtel's services may not be the cheapest, the firm commands "emotional loyalty" by providing a sense of safety and peace of mind, said Singapore University of Social Sciences business school’s Associate Professor Lau Kong Cheen.
Still, loyalty alone is not enough, said Mr Lee Haoming, CEO of brand consultancy Louken Group.
“Customers’ needs change with the times, shaped by new technologies, shifting lifestyles and evolving expectations. A brand that stands still will eventually lose relevance, no matter how loyal its base once was,” he said.
Customers looking at products in a Singtel shop in ION Orchard mall on Aug 14, 2025. (Photo: CNA/Fabian Koh)
APPEAL TO YOUNGER CROWD
Observers said Singtel has actively modernised its image to appeal to younger customers.
"Millennials and Gen Z don’t care as much about ‘the brand my parents used’," said Mr Tan. "They’ll switch if someone else gives them a better deal or a slicker digital experience."
Citing data from market research firm eMarketer, he said 81 per cent of millennials and Gen Zs have switched telcos in the past year.
Assoc Prof Lau said Singtel has rejuvenated its identity over the years by introducing services such as entertainment, gaming and lifestyle brand collaborations.
Mr Tan added: “Singtel is staying number one – by a massive lead – because they’ve balanced old-school trust with new-school relevance. The name still means ‘reliable’ to older customers, but they’re working hard so the next generation hears ‘innovative’ and ‘worth my time’ instead.”
Its youth-oriented brand GOMO, with features like data banking, has attracted value-seeking users without eroding Singtel’s premium positioning, the experts said.
Mr Oo said premium customers enjoy perks such as priority queues and better deals – a strategy akin to airline class segmentation.
"Think of it like economy, premium economy and business class. That is what Singtel is trying to do," he said. "It wants to keep Singtel as a premium brand versus the no-frills budget players like Simba which are going for volume."
Singtel has also been at the forefront of new technology, such as being the first to roll out 5G here.
“They’ve put out National Day and Olympics short films, backed youth e-sports events, and even tied up with pop culture icons for environmental campaigns,” said Mr Tan.
“It’s about making the brand feel part of people’s lives, not just their phone bill.”
HABITS THAT STICK
Customer habits have also helped Singtel maintain its base. “Inertia, household bundles and device-instalment contracts make switching less attractive,” said Assoc Prof Kwon.
Singtel’s ability to bundle mobile, broadband and pay TV services has created a sticky ecosystem, added Ms Tee.
The telco has not been immune to rising competition. Singtel's share of the postpaid mobile subscriber segment has fallen from 47.6 per cent in 2011 to 38.9 per cent today.
Mr Oo said Singapore consumers are ultimately pragmatic.
"Singtel is not always the cheapest and often will lose out to M1 and StarHub in an apple-to-apple comparison for pricing," he said. "But Singtel tries to offer more value in other things like quality network, faster speeds, priority service and rewards."
Singtel customers told CNA that they are drawn to the bundled deals offered by the operator, and have also noticed efforts to improve its customer service over the years.
Retiree Ang Kah Ho, 59, said he has been a Singtel mobile customer for decades. He appreciates the reliable network coverage, good phone upgrade deals and bundled services.
“They never give me any headache,” he said in Mandarin.
Mr Ang added that he had briefly tried other telcos, but switched back to Singtel after finding that their customer service was not up to his expectations.
Software developer Ke Liyi has been a Singtel user since she got her first phone when she was 14.
Now 32, she has stuck with Singtel despite attractive promotions from other telcos.
"I briefly considered other telcos whenever my plan was expiring because they had some promotions, especially for new customers,” she said.
"It's a matter of reliability versus the amount of data needed. When I need the data outside, will I have the connection?"
She acknowledged past frustrations with customer service, but added that improvements – such as better online support – have made a difference.
Still, some users have made the switch. Communications executive Victoria Lim, 33, moved from Singtel to StarHub’s sub-brand Giga a few years ago.
“Its SIM-only plan was much cheaper than Singtel’s plan, and it was offering more perks than Singtel as well,” she told CNA.
Since switching, she said she has saved significantly and often has more than enough spare data – to the point where she no longer connects to Wi-Fi at home or in public.
BEYOND CONSUMER SERVICES
Singtel is also a key player in the enterprise space, for whom reliability is imperative, observers said.
“Not many businesses, particularly MNCs and the public sector, would want to take the risk to jeopardise their business. They thus prefer to stay with a ‘trusted’ telco,” said Assoc Prof Lau.
Ms Tee noted that Singtel's annual report for the 2025 financial year showed that while local mobile revenue was stable, average revenue per user had declined.
The company has responded with its Singtel28 growth plan. Launched last year, it includes investments in artificial intelligence, 5G, digital infrastructure and enterprise services.
“Through this strategic diversification, Singtel has made moves to reduce its dependence on revenue from traditional telecommunications,” said Ms Tee.
Mr Tan said Singtel is now far more than a telco, with its focus on data centres, enterprise IT and regional investments into other telcos.
“That’s one reason their brand is worth so much more than StarHub or M1. It’s not just a telco name, it’s a regional tech infrastructure brand,” he said.
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