Home MMBIZ News Globe Telecom Eyes Myanmar Under ASEAN Single Market

Globe Telecom Eyes Myanmar Under ASEAN Single Market

US-based Globe Telecom Inc is considering Myanmar as a potential expansion area and is looking into the possibility of expanding operations within ASEAN, the company said in a statement.

Myanmar is a potential expansion area for Globe Telecom, president and CEO Ernest Cu told participants during the recent Asia Pacific Economic Cooperation (APEC) CEO Summit in Beijing, GMA news reported.

“There’s already a telco player in Myanmar but there are other areas we could get involved in, like financial services and mobile advertising and these areas have potential,” Cu said.

The Ayala-led company said the expansion plan within the ASEAN region will “complement relatively strong economic growth within the region.

“We will look for white space within ASEAN and Asia on where to leverage the skills we’ve developed overtime and we do think we’ve developed a decent telco business here in the Philippines,” Cu said.

According to the statement, Cu earlier said the telco is considering the possibility of offering its mobile-based banking service to other Southeast Asian markets once the ASEAN integration is in place.

The company operates GCash, the mobile money service of subsidiary G-Xchange Inc, and BanKo, the mobile-based microfinance-focused savings bank, together with Bank of the Philippine Islands and Ayala Corp.

ASEAN will establish a single market economy by 2015 to attract more investments and facilitate intra-ASEAN trade and investments.

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