SINGAPORE -- Shares of wireless carrier Singapore Telecommunications rebounded Thursday on news of a partnership with GrabTaxi, publisher of a cab-hailing app.
The stock climbed 1.05% to close at 3.85 Singapore dollars ($2.74).
SingTel, which also provides other telecom and e-commerce services, signed a memorandum of understanding with GrabTaxi to let users of the app pay for rides with SingTel's mobile wallet service, according to an announcement Wednesday. Investors anticipate growing demand for the service.
"This partnership will provide a seamless and convenient experience for users, who may prefer not to pay with cash or credit cards," the announcement said.