International Finance

Singtel sells its payment card industry compliance business for $80 mn

Singtel payment card business-IFM-image
According to the telco, the decision to sale is part of the company’s strategic review of its digital businesses

Singapore-based telecom giant Singtel has sold its payment card industry compliance business to Sysnet Global Solutions in a deal worth $80 million, the company said in a statement. The telco said in a bourse filing that the decision to sale is a part of the company’s strategic review of its digital businesses.

The payment card industry compliance business owned by Singtel was called SecureTrust and the brand was owned by its cybersecurity arm TrustWave.

Singtel group chief executive Yuen Kuan Moon told the media, “With enterprises pivoting fast to hybrid, multi-cloud environments, the cyberthreat landscape has changed considerably and the need for a focused set of services centred on managed threat detection and response has grown.”

“Trustwave can now better meet those needs by concentrating on its core offerings of managed detection and response, managed security services and consulting services to help businesses reduce complexity and cyber risk in their environments.”

Earlier this year, Singtel launched GENIE, the world’s first portable 5G platform. GENIE has been designed to be transportable and does not require prior equipment installation or infrastructure.

It is of the size of a suit-case and contains a 5G network control kit, standing mount, and a 5G radio antenna. According to Singtel, the installation process of GENIE takes less than hour and it requires nothing more than a standard electrical outlet and window access.

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