Globe Telecom transforms into a full-fledged tech enterprise
Telecom giant moves to solve human problems by helping build a digital nation.
Globe Telecom is transforming itself from a traditional telco to a full-fledged tech enterprise, a development anchored on the company’s desire to help Filipinos build a digital nation.
According to the company’s President and CEO Ernest Cu, this move means a complete transformation for Globe, given that the telco industry is maturing, and opportunities for growth are becoming limited.
The company has built a significant set of assets, including a large customer base of over 80 million, data about customers, distribution capabilities, human capital, and strong partnerships. Globe has also been a very profitable company with good cash flow.
However, transformation is necessary to enable the company’s capabilities to build new businesses that solve human problems and create value for shareholders, said Cu.
One of the innovations that Globe has launched is GCash, which was born inside the company and satisfies the criteria of solving a real problem for Filipinos, specifically, the problem of financial inclusion. GCash has oversight of more than 76 million people who use it.
“And that was really to help the country improve, help the lives of our customers improve, you know, and truly build an admired nation that’s quite digital in nature,” Cu said.
He added that the transformation is not a reaction to a decline in the traditional telco business, but rather an anticipation of the industry’s maturation. He also mentioned that the telco industry has seen one disruption after another, which means that it is necessary to anticipate and prepare for changes.
The pandemic has also accelerated the adoption of digital technology, which has resulted in a shift in the industry. Cu said that the industry is now headed towards solving more human problems, such as healthcare, education, and media. It has moved from voice to data and has become a lifestyle industry that is more than just connectivity.
