---
endpoint: analytics
pattern: Telecoms
status: done
latency_ms: 144219
conversation_id: bcf435fa-584a-460b-b7c9-fe49b853917f
citations: 12
created: 2026-05-31 19:38:04Z
---

# Who are the key customers and suppliers of Singtel?

# Singtel (Z74-SG) — Key Customers and Suppliers

Singtel's customer and supplier ecosystem spans five business segments — Singtel Singapore (consumer + enterprise), Optus (Australia), NCS (digital services), Digital InfraCo / Nxera (data centres), and regional associates. Below is a synthesis from Singtel's FY2026 results call and FY2024 Annual Report.

## Key Customers

### Singtel Singapore — Enterprise (>50% of Singapore revenue)
- **Hyperscalers and large enterprises** — the single most-emphasized customer cohort. CFO Arthur Lang stated: *"we are seeing very strong demand for international connectivity services from our hyperscalers and our large enterprises. Right. ST SG is winning complex, multi-country type of deals with over SGD 300 million in contract value at this point"* [1]. This is enabled by Singtel's subsea cable network and terrestrial dark fibre.
- **Singapore government / Smart Nation** — Singtel is positioned as a beneficiary of Singapore's Smart Nation initiative, providing 5G+ network slicing infrastructure for autonomous vehicles, AI, robotics and quantum-safe networks [1].
- **Sovereign AI / enterprise AI customers** — buyers of GPU-as-a-Service ("RE:AI"); >80% of capacity contracted before build, with ~SGD 600m of revenue locked in over 3–5 years [3].

### Optus (Australia)
- **Consumer mobile base** — Optus added 116,000 net mobile customers in the FY2024 reset year, including 108,000 prepaid net adds [5].
- **Enterprise / B2B clients** — e.g., **Lendlease**, with whom Optus partnered to deliver a *"mobile-first experience"* for employees and tenants across Lendlease real-estate precincts [7].
- **TPG Telecom** — strategic wholesale customer/partner via the multi-billion-dollar regional network sharing agreement covering 2,444 Optus regional sites [6].
- Small and medium business customers (served via the "FutureFit" digital-capability program) [7].

### NCS (Digital Services)
- Enterprise and public-sector clients across Singapore, Australia and the region. NCS *"secured S$3 billion in bookings"* in FY2024, with FY2026 book-to-bill improving to 1.2x as it expanded into private-sector enterprise [11]. Demand drivers cited on the FY2026 call: digital resilience, AI adoption and applications modernization.

### Digital InfraCo / Nxera
- Hyperscaler and AI customers across **Singapore, Thailand, Indonesia and Malaysia** — "Nxera saw strong demand for its regional data centers, securing contracts and reservation fees for these assets in Thailand, Indonesia and Malaysia before they are operational" [2].
- DC Tuas (Singapore) came online January 2026 and added to the customer pipeline [2].

### Singtel Singapore — Consumer
- Singapore retail mobile/broadband subscribers. Singtel embedded Sierra's AI audio chatbot into its consumer call centre [12]. Singapore consumer is structurally challenged but represents only ~10% of Group profit (vs >90% at some peers) [1].

## Key Suppliers / Strategic Partners

### Technology / Equipment Suppliers
| Supplier | Role |
|---|---|
| **NVIDIA** | GPU chip supplier for RE:AI (GPU-as-a-Service). CFO: *"we had sourced for chips already from NVIDIA"* [3]; characterized as one of Singtel's *"very strong relationships with our partners, our tech partners. So NVIDIA is one of them"* [4]. |
| **Mistral AI** | Named tech partner for sovereign AI / RE:AI workloads [4]. |
| **Sierra AI** | Provider of the audio chatbot embedded in Singtel Singapore's call-centre operations [12]. |
| **OpenAI (ChatGPT)** | Enterprise ChatGPT licensed for staff productivity across Singtel Singapore [12]. |
| **SpaceX (Starlink)** | Optus partnership (announced Jul-2023) to deliver satellite-direct-to-mobile coverage in Australia [8]. |

### Capital Partners (Co-funding infrastructure build-out)
| Partner | Asset / Deal |
|---|---|
| **KKR** | Up to S$1.1bn for 20% stake in Nxera (data centres); valued Nxera at S$5.5bn in Sep-2023, with option to lift stake to 25% by 2027 [9][10]. |
| **AustralianSuper** | Equity investment in Indara (formerly Australia Tower Network – Optus' tower spin-off) [10]. |
| **Lendlease** | Joint redevelopment partner for Singtel's Comcentre HQ site [10]. |

### Network Sharing / Wholesale Counterparties
- **TPG Telecom** — Australian regional network sharing agreement covering 2,444 Optus regional sites; expands TPG's 4G coverage from ~400k to ~1,000,000 sq km and cuts combined 5G regional roll-out cost [6].

### Regional Associates (equity-method investees that anchor cross-border services)
- **Airtel** (India / Africa) — biggest single profit contributor among associates; drove FY2026 associate PAT +11% [2].
- **AIS / Intouch / Gulf** (Thailand) — robust mobile broadband growth; AIS-3BB fixed-mobile convergence integration [9].
- **Telkomsel** (Indonesia) — fixed-mobile convergence via IndiHome integration [9].
- **Globe** (Philippines).

## Synthesis

- On the customer side, the strategic centre of gravity has decisively shifted toward **enterprise/hyperscaler connectivity, AI infrastructure (RE:AI), and regional data centres** — enterprise now generates >50% of Singtel Singapore revenue, an unusual mix among regional telcos [1].
- On the supplier side, Singtel's most strategically critical relationship is with **NVIDIA** (GPU supply for RE:AI) [3][4], followed by **KKR** as the marquee capital partner enabling Nxera's expansion [9][10].
- The **Optus–TPG network sharing deal** is a hybrid customer/supplier relationship, and the **Comcentre redevelopment with Lendlease** plus **Indara/AustralianSuper** complete the capital-partnership ring [10].

Note on internal CLSA coverage: the CLSA RMS corpus contains two Singtel-specific notes from May 2025 ("All about the capital" and "Business update first thoughts") which appear in adjacent results, but their chunk content was not retrieved on this turn due to a schema-doc prerequisite — the above synthesis draws from Singtel's own filings and earnings call, which are authoritative for customer/supplier facts.

---
**Sources**
[1] Singapore Telecommunications Ltd., Q4 FY2026 Earnings Call, 20-May-2026 — Enterprise: hyperscalers, SGD 300m multi-country deals, Smart Nation
[2] Singapore Telecommunications Ltd., Q4 FY2026 Earnings Call — Nxera customer contracts in Thailand/Indonesia/Malaysia; associates' PAT +11%
[3] Singapore Telecommunications Ltd., Q4 FY2026 Earnings Call — NVIDIA chip sourcing for RE:AI
[4] Singapore Telecommunications Ltd., Q4 FY2026 Earnings Call — Tech partners (NVIDIA, Mistral)
[5] Singtel Annual Report FY2024 — Optus net adds (116k mobile, 108k prepaid)
[6] Singtel Annual Report FY2024 — Optus–TPG regional network sharing
[7] Singtel Annual Report FY2024 — Lendlease enterprise partnership; FutureFit
[8] Singtel Annual Report FY2024 — Optus–SpaceX satellite partnership
[9] Singtel Annual Report FY2024 — KKR 20% stake in Nxera at S$5.5bn; Telkomsel-IndiHome; AIS-3BB
[10] Singtel Annual Report FY2024 — Capital partners (KKR, Lendlease/Comcentre, AustralianSuper/Indara)
[11] Singtel Annual Report FY2024 — NCS S$3bn bookings
[12] Singapore Telecommunications Ltd., Q4 FY2026 Earnings Call — Sierra AI chatbot, ChatGPT enterprise

## Citations

- [1] **Singapore Telecommunications Ltd., Q4 2026 Earnings Call, 20-May-2026 11** · external
- [2] **Singapore Telecommunications Ltd., Q4 2026 Earnings Call, 20-May-2026 11** · external
- [3] **Singapore Telecommunications Ltd., Q4 2026 Earnings Call, 20-May-2026 11** · external
- [4] **Singapore Telecommunications Ltd., Q4 2026 Earnings Call, 20-May-2026 11** · external
- [5] **Annual Reports and Related Documents** · external
- [6] **Annual Reports and Related Documents** · external
- [7] **Annual Reports and Related Documents** · external
- [8] **Annual Reports and Related Documents** · external
- [9] **Annual Reports and Related Documents** · external
- [10] **Annual Reports and Related Documents** · external
- [11] **Annual Reports and Related Documents** · external
- [12] **Singapore Telecommunications Ltd., Q4 2026 Earnings Call, 20-May-2026 11** · external

