Optus parent SingTel (ASX:SGT) has set up an S$200 million ($158.2 million) venture capital fund, SingTel Innov8.
Innov8 will collaborate with developers, government agencies and R&D organisations, as well as other equity providers, to identify new areas and technologies for SingTel to invest in.
SingTel group CEO Chua Sock Koong said Innov8 is part of SingTel's plan to transform itself from a traditional telecom service provider to a multimedia and ICT solutions provider.
“The investments made by Innov8 will ensure that the SingTel group continues to stay relevant to customers' needs and capture growth activities,” she said.
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