Singapore’s SingTel has set up a corporate venture company called Innov8 to invest in new technologies and eventually create future growth engines for the group. The new entity will have an initial fund size of S$200 million, which is about US$150 million, and collaborate with innovators, developers, government agencies and R&D organisations around the region to promote innovation.
Innov8 will offer developers and innovators the ability to leverage the scale and reach of the SingTel Group to access over 350 million customers across different markets in Asia and Africa. In return, the SingTel Group will gain early access to new technologies.
Commenting on the announcement, SingTel Group CEO, Ms Chua Sock Koong, said: “The investments made by Innov8 will ensure that the SingTel Group continues to stay relevant to customers’ needs and capture growth opportunities. With Innov8, the Group will continue to shape the market and deliver sustainable growth into the future.”