The Largest Telecommunication Companies in Southeast Asia

The telecommunications industry in Southeast Asia continued to expand rapidly in 2025 as demand for 5G services, fiber broadband, cloud computing, and digital infrastructure increased across the region. Singapore, Thailand, Indonesia, Malaysia, and the Philippines remained major players, with several telecom giants achieving multi-billion-dollar market valuations.

At the top of the list is Singtel with a market capitalization of approximately $61.03 billion. The Singapore-based company remains Southeast Asia’s largest telecom operator, supported by its strong regional investments in companies such as AIS, Telkom Indonesia, and Globe Telecom.

Thailand’s Advanced Info Service, commonly known as AIS, ranks second with $32.34 billion. AIS dominates Thailand’s mobile market and has expanded aggressively in broadband and digital services.

Indonesia’s largest telecom company, Telkom Indonesia, holds third place with a market capitalization of $16.99 billion. The state-owned enterprise continues to lead Indonesia’s telecommunications sector through Telkomsel, IndiHome, data centers, and digital infrastructure projects.

Next is True Corporation with $15.46 billion after the merger between True and DTAC strengthened its market position in Thailand. Malaysia’s CelcomDigi follows with $9.07 billion, benefiting from its nationwide 5G rollout and mobile service expansion.

Indonesia’s Indoritel reached $7.71 billion, while Telekom Malaysia recorded $7.47 billion thanks to strong broadband and enterprise service growth. Axiata Group secured $5.46 billion as it continued expanding across multiple Asian markets.

The Philippines is represented by two major telecom companies. PLDT achieved a market capitalization of $4.49 billion, while Globe Telecom followed closely with $4.23 billion. Both companies are investing heavily in fiber internet and digital financial services.

Indonesia’s Indosat reached $4.15 billion after strengthening its 5G network nationwide. XL Axiata recorded $3.19 billion and remained one of the country’s largest mobile operators.

Infrastructure companies also played a major role in the telecom ecosystem. Singapore’s NetLink Trust reached $3.07 billion, while Indonesia’s Elang Mahkota Teknologi and Tower Bersama Infrastructure achieved market capitalizations of $2.67 billion and $2.08 billion respectively.

These companies highlight Southeast Asia’s growing importance in the global telecommunications industry, driven by digital transformation, mobile connectivity, and next-generation network investments.