Globe Telecom Inc. will continue its transformation into a digital solution platform in the next five to 10 years,as it slowly pivots away from its core telecommunications business spurred by rapid consumer digital adoption.
Ernest Cu, Globe president and chief executive officer, said in a statement the company continues is exploring adjacent businesses such as healthtech, fintech, adtech and e-commerce, among others.
“…Globe, four or five years or maybe even 10 years from now, will be a digital platform.
This is very similar to what Google has done, where they used their search as a basis to create new businesses. Or what companies like Grab has done where they used their ride-hailing app to create new businesses. We use telco as the platform to create new businesses,” Cu said.
One of Globe’s businesses created to leverage its assets and expertise is e-wallet GCash which has over 48 million registered users, three million digital touchpoints, 69,000 cash-in and cash-out agents, and 700 billers.
GCash remains on track to triple its gross transactions handled to P3 trillion this year from about P1 trillion last year, Globe said.
“…if you can create a large GCash business, which is the only Philippine dollar unicorn out of the telco business, imagine the third business that we create with the help of both Globe and GCash. Globe has over 81 million mobile subscribers and GCash has 48 million,” Cu said.
Other portfolio companies under Globe’s corporate builder 917Ventures include telehealth service platforms KonsultaMD and HealthNow. It also has adtech company AdSpark, loyalty and e-commerce solutions provider RUSH, and online grocery shopping platform PureGo. – Myla Iglesias
