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Singtel plans more ASEAN investment to cash in on boom

Telecom's profit halves as COVID drags on roaming and prepaid business

Singtel has started such digital investments, including a digital banking joint venture with Singapore's Grab. (Photo by Keiichiro Asahara)

SINGAPORE -- Singapore Telecommunications will raise its investment in digital service companies in Southeast Asia, attempting to seize opportunities in the region, the company said Thursday, as the COVID-19 pandemic weighs on its traditional mobile carrier business.

"We see ASEAN as an exciting place to invest over the next decade," Singtel's Group CEO Yuen Kuan Moon said in an online media briefing, adding the company is "open to taking significant minority stakes" in digital service companies in the region.

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