Globe goes beyond telecommunications, warns of SIM swap scam

Richmond Mercurio – The Filipino Star

October 31, 2021 | 00h00

MANILA, Philippines – Globe Telecom Inc. has announced its intention to maintain its lead in the mobile telephony market while continuing its pivot to become a digital solutions platform.

As the company grows in technology solutions, Globe said it remains committed to improving its network and delivering better products and services.

“Telecommunications will continue to be our core and most important business, but we now see ourselves as a digital platform that builds one business on top of others,” said Globe President and CEO Ernest Cu .

“We will continue to improve our telecommunications business and keep an eye on maintaining our number one position in the mobile industry, as we compete strongly in the fixed line industry and expand our services to other areas. of technology and digital solutions, ”said Cu.

Globe goes beyond telecommunications and is now actively expanding its healthcare technology, advertising technology, education, financial technology and e-commerce businesses.

The company said last week that it is slowly moving away from its core telecommunications business as it plans to become a digital solutions platform over the next five to ten years.

Globe became the country’s largest telecommunications company in October, with a market capitalization on the Philippine Stock Exchange reaching a record 456 billion pesos.

Globe said its stock price reached a record high of 3410 P on October 6.

The sharp increase in its share price reflects investor confidence in Globe’s growth prospects in the coming years, the company said.

Globe has earmarked 76 billion pesos for its capital spending this year to meet the connectivity needs of businesses and the public.

The company built 641 new cell phone towers, upgraded 8,175 mobile sites and built 1,906 5G sites across the country by the end of September.

Meanwhile, Globe has warned its clients against a mode known as the “SIM swap scam” of taking over an individual’s financial accounts.

Globe said the modus often involved a victim who has long been the target of the scam.

“The fraudster invested time to collect bank details, email addresses, online credentials, personal facts and identification as well as the cell phone number registered with the bank for sending of a one-time password (OTP), ”the phone company said.

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