Singapore's fourth telco hopeful secures $16m investment

MyRepublic said it has secured SG$23 million ($16.1 million) in funding that will go toward its network development plans and support its goal to become Singapore's fourth telco.

The fibre operator said the latest round included investment from Brunei-based telco DST and would drive the expansion of its broadband services across the region.

MyRepublic CEO Malcolm Rodrigues said in a statement that the company aimed to build "a lean and mean" business capable of surviving with 8 percent market share in Singapore. He added that DST's success in the Brunei market, which had just 70,000 households and 400,000 customers, would provide a great learning platform for the Singapore player.

DST CEO Suhaimi Hussain said in the statement: "We are convinced this is an excellent opportunity to invest in MyRepublic, which is also in line with our future and active expansion plans. Working closely with MyRepublic grants us exposure to a different market environment and helps us achieve our developmental goals."

MyRepublic is looking to become country's fourth mobile operator, and was among the first ISPs to offer data speeds of 1Gbps. It plans to launch a mobile services trial next month in the western part of Singapore.

The ISP last month said it would offer customers who signed up for its mobile service before September 30, a year's free unlimited mobile data service. Singapore's industry regulator IDA has yet to confirm which operator will receive the fourth telco license.

Apart from Singapore, MyRepublic also offers fibre broadband services in New Zealand and is looking to do likewise in Australia, "and other NBN-ready nations".