SINGAPORE (Nov 16): AirYotta today announced it has dropped out of the race to become Singapore’s fourth telco as it “did not meet all of the IMDA’s requirements for the bid”.
This means the remaining bidders, MyRepublic and TPG Telecom, will be pit against each other while vying for the title of Singapore’s fourth telco license.
(See also: AirYotta joins race for fourth telco licence)
Just two months ago on Sept 1, the newly-formed data-first telecommunications company submitted its Expression of Interest (EOI) to the New Entrant Spectrum Auction (NESA) with the Infocomm Media Development Authority (IMDA) – with hopes of launching the “first 4.5G LTE Advanced Pro network in Singapore” upon its success.
“Putting in place the components of what would be Singapore’s first data-led telco in a limited amount of time was always to be a miraculous journey,” states CEO Michael DeNoma in a Wednesday release.
While it is no longer in the bid, AirYotta maintains that its leadership still strongly believes in its vision of “Singapore’s data-led future”.
Based on the company’s observations and market research findings, AirYotta shares that only 4% of consumers surveyed say they would stay loyal to their current telco provider, while only 1 in 3 of them are happy with current telco services and choices offered.
These results demonstrate that Singapore has reached a “critical inflection point”, says the company, as it believes consumers have an “unmet need for a provider that can make data more accessible and is positioned to meet the growing demand”.
“We appreciate the IMDA for the opportunity to attempt to put in place the components of a 4.5G network and digital telco that Singapore deserves,” says DeNoma.
“We would like to thank our potential board of directors and partners for their support of our passion and imagination for this bid, and wish the eventual fourth telco the best of luck.”