Globe Telecom said its strategic shift to becoming a digital solutions platform has started to bear fruit, with revenues from non-telco services growing 252% year on year.
Globe said total non-telco revenues from its subsidiaries amounted to P791 million for the first three months of 2022, almost three times larger than the same period last year.
This marks the first quarter that non-telco services have significantly contributed to Globe’s topline. The positive results were driven by growth across most of the company’s subsidiaries and affiliates, the Ayala-owned firm said.
Aside from e-wallet service GCash and telehealth platforms KonsultaMD and HealthNow, Globe said it also is seeing marked improvements in the performance of Adspark, Yondu, ECPay, and Asticom.
AdSpark is a local ad-based data-powered digital media and creative agency. It has already launched more than 2,800 digital campaigns.
On the other hand, multi-payment platform Electronic Commerce Payments Inc. (ECPay) now has a general trade retail base of over 154,000.
Asticom Technology, a shared services company launched in 2015, has spawned four subsidiaries in 2021 alone: Asti Business Services Inc. (ABSI), Fiber Infrastructure and Network Services Inc. (FINSI), BRAD Warehouse and Logistics Services Inc. (BRAD), and HCX Technology Partners Inc. Asticom serves more than 150 clients from all over the country.
These developments, Globe said, bring closer to its vision of going beyond being a telco and becoming a digital platform.
“We are optimistic about the growth prospects for new ventures in Globe’s expanding portfolio. We believe that our ceaseless innovation through various digital platforms, backed by the growing investment in our data network, will strengthen our leadership in the digital space,” said Globe president and CEO Ernest Cu.
Meanwhile, Globe’s finance app GCash said it remains unfazed over its closest competitor Maya’s move to offer digital banking and cryptocurrency trading.
“We don’t believe that having a digital banking license is a silver bullet or magic. It’s not like a signboard that you just turn on then expect everyone to come in. There’s real work to acquire users and educate them on more complex financial services,” said Martha Sazon, GCash president and CEO.