Philippines' largest publicly-listed telco Globe Telecom said its diversification into non-core businesses was bearing fruit, allowing it to move beyond traditional telecommunications and transform the company into a “digital solutions group.”
“Globe has successfully transformed its telco business into a technology-based solutions provider with a footprint in fintech, health care, entertainment, adtech, e-commerce, manpower, IT services, and venture capital,” Globe said in a press release.
First up is the company’s GCash mobile wallet, a venture with Chinese billionaire Jack Ma. Globe said the fast-growing company was “proof that diversification gains can be multiple at the right time”.
“Over the years, Globe has shown remarkable growth and earned the trust of stakeholders whose support allows us to continuously expand our businesses,” says Ernest Cu, Globe President, and CEO.
The company, which belongs to the conglomerate Ayala Corp. and Singapore Telecommunications, said it was made possible by its investments in so-called adjacent sectors.
The largest mobile network operator in the Philippines currently counts 76.6 million mobile subscribers, including fully mobile broadband, alongside 3.8 million home broadband customers and 1.6 million landline subscribers.
Its subsidiaries include Innove Communications, GTI Business Holdings, Kickstart Ventures, Asticom Technology, Globe Capital Venture Holdings, Bayan Telecommunications, TaoDharma, GTowers, Yondu, and Electronic Commerce Payments.
Globe, which is working with Nokia on its 5G rollout, is the largest mobile network operator in the Philippines.