
Study Period | 2019 - 2030 |
Base Year For Estimation | 2024 |
Forecast Data Period | 2025 - 2030 |
Market Size (2025) | USD 3.00 Billion |
Market Size (2030) | USD 4.08 Billion |
CAGR (2025 - 2030) | 6.33 % |
Market Concentration | Low |
Major Players![]() *Disclaimer: Major Players sorted in no particular order |
ASEAN Mobile Virtual Network Operator Market Analysis
The ASEAN Mobile Virtual Network Operator Market size is estimated at USD 3.00 billion in 2025, and is expected to reach USD 4.08 billion by 2030, at a CAGR of 6.33% during the forecast period (2025-2030).
The ASEAN MVNO market is experiencing significant transformation driven by rapid digital infrastructure development and technological advancement. Singapore has emerged as a regional leader, achieving 95% standalone 5G national coverage by July 2022, setting a benchmark for other ASEAN nations. The regulatory environment across ASEAN has become increasingly supportive of MVNOs, with countries implementing frameworks to facilitate access and interconnection among MNOs and MVNOs. This regulatory evolution has created a more competitive landscape, enabling MVNOs to offer innovative services and expand their market presence.
Industry consolidation and strategic partnerships are reshaping the competitive landscape, with significant developments occurring across major markets. In October 2022, Thailand's telecom regulator approved the merger of Dtac and True Telecom, mandating that 20% of their network capabilities be reserved for MVNO usage, demonstrating the growing importance of MVNOs in the region's telecom ecosystem. The emergence of new players continues to drive market dynamics, as evidenced by DIGILIFE Vietnam receiving an MVNO license in November 2022, marking a significant step in the market's expansion.
The technological landscape is evolving rapidly with the implementation of network virtualization and 5G capabilities. Vietnam's telecommunications sector has shown remarkable progress, with smartphone adoption reaching 93.5 million customers by March 2022, indicating a strong foundation for MVNO services. MVNOs are increasingly leveraging advanced technologies such as network functions virtualization (NFV) and network slicing to enhance their service offerings and operational efficiency, particularly in the context of 5G deployment.
The market is witnessing a shift toward data-centric services and digital transformation initiatives. In Malaysia, internet usage has significantly increased, reaching 96.8% in 2021, reflecting the growing demand for digital connectivity. MVNOs are responding to this trend by developing specialized service offerings for different customer segments, including corporate customers, tourists, and digital natives. The integration of innovative technologies such as blockchain-based services and digital payment solutions is creating new revenue streams and enhancing customer experience across the ASEAN region.
ASEAN Mobile Virtual Network Operator Market Trends
Growing Digitalization Efforts
The ASEAN region is witnessing an unprecedented push toward digitalization, with governments implementing comprehensive digital transformation strategies to boost economic growth and social development. Singapore, as a prime example, has established the Singapore Digital Office (SDO) to accelerate digital technology adoption across all sectors of society. The initiative has been particularly successful, with the nation achieving the status of being one of the most advanced information and communications technology (ICT) marketplaces globally. This digital transformation is creating substantial opportunities for Mobile Virtual Network Operators to provide specialized services catering to the evolving needs of increasingly tech-savvy populations.
The digitalization wave has fundamentally altered how businesses and consumers interact with mobile services, creating new opportunities for MVNOs to innovate their service offerings. MVNOs are increasingly adopting cloud-native business support services (BSS) built on public cloud infrastructure, enabling them to minimize operational costs while enhancing service agility and customer experience. This technological evolution has enabled MVNOs to expand beyond traditional telecommunications services, offering integrated solutions that encompass enterprise cloud services, gaming platforms, and specialized digital content delivery. The trend is particularly evident in markets like Indonesia, where service providers are shifting their focus to data-oriented mobile services, moving away from traditional calling and messaging plans to meet evolving customer preferences.
Growing Adoption of 5G-based Services
The rollout of 5G technology across ASEAN markets is creating unprecedented opportunities for MVNOs to diversify their service offerings and capture new market segments. Singapore has emerged as a pioneer in this space, becoming the first nation globally to achieve nationwide 5G service coverage, with operators like Singtel achieving over 95% standalone 5G national coverage by 2023. This advanced infrastructure enables MVNOs to offer innovative services such as cloud gaming, Internet of Things (IoT) applications, and enhanced mobile broadband services, creating new revenue streams and market opportunities.
The technology landscape is rapidly evolving, with MVNOs leveraging 5G capabilities to offer specialized services for different customer segments. In Vietnam, major telecom providers have successfully piloted 5G technology in 16 cities and provinces, achieving remarkable download and upload speeds of 900 Mbps and 60 Mbps, respectively. This technological advancement has enabled MVNOs to target specific market segments with tailored services, particularly in areas such as gaming, enterprise solutions, and digital content delivery. The integration of 5G technology is also facilitating network slicing capabilities, allowing MVNOs to provide dedicated network resources for critical applications and specialized services, thereby enhancing their value proposition to both individual and enterprise customers.
Adoption of Mobile Money
The increasing adoption of mobile money services across ASEAN countries is creating new opportunities for MVNOs to expand their service portfolios and capture additional revenue streams. In Vietnam, the implementation of mobile money services has shown remarkable progress, with government estimates indicating that 463,000 people nationwide were using mobile money by March 2022, with over 77,000 businesses accepting mobile money payments. This rapid adoption is driving the demand for integrated mobile services, creating opportunities for MVNOs to bundle financial services with their traditional telecommunications offerings.
The mobile money ecosystem is evolving beyond basic payment services, with MVNOs developing innovative value-added services to enhance customer engagement and loyalty. The integration of mobile financial services with traditional telecommunications offerings is particularly impactful in low-income and middle-income countries across the ASEAN region, where traditional banking infrastructure may be limited. This trend is further supported by the growing smartphone penetration rates and increasing internet connectivity across the region, with countries like Vietnam targeting to increase smartphone adoption from the current 73.5% to 85% of adults, creating a robust foundation for mobile money services to flourish.
Segment Analysis: By Component
Data Segment in ASEAN MVNO Market
The Data segment has emerged as the dominant force in the ASEAN MVNO market, commanding approximately 75% of the total market share in 2024. This substantial market position is driven by the increasing focus of mobile virtual network operators on shifting service offerings from voice to data, with many operators developing distinctive value propositions around integrated offerings connected to other products and services such as gaming and enterprise cloud services. The segment's growth is further fueled by the rising internet penetration rates across ASEAN countries, with service providers concentrating more on providing data-oriented mobile services than traditional calling and messaging plans. Additionally, the deployment of 5G technology across the region has resulted in the emergence of new services, including audio and video streaming, creating more opportunities for data service expansion. The segment's robust performance is also supported by the growing adoption of digital services, including e-commerce, digital payments, and streaming platforms, particularly in countries like Singapore, Malaysia, and Thailand.

Voice Segment in ASEAN MVNO Market
The Voice segment continues to play a crucial role in the ASEAN MVNO market, particularly in serving traditional communication needs and maintaining essential connectivity services. This segment focuses on providing reliable voice calling services, which are especially important for business communications and regions where traditional voice services remain a primary mode of communication. MVNOs in the region have developed various strategies to maintain their voice service offerings, including providing attractive pricing plans and bundled services that combine voice with other features. The segment has shown resilience through innovative pricing strategies and value-added services, particularly in markets where voice communications remain an essential part of daily business operations and personal communication needs.
ASEAN Mobile Virtual Network Operator (MVNO) Market Geography Segment Analysis
ASEAN MVNO Market in Singapore
Singapore stands as the dominant force in the ASEAN MVNO Singapore market, commanding approximately 30% of the total Singapore MVNO market share in 2024. The country's advanced information and communications technology infrastructure, coupled with its position as one of the most connected nations globally, has created a fertile ground for Singapore MVNO operations. The market's robustness is further strengthened by the government's Smart Nation initiative, which considers the sector's growth as a crucial driver of economic and social development. Singapore's distinction as the first nation to achieve nationwide 5G service has enabled MVNOs to offer innovative services, particularly in areas such as cloud gaming and IoT applications. The regulatory environment, overseen by the IMDA, has been particularly supportive of MVNO development, with frameworks in place to facilitate access negotiations and ensure fair competition. The presence of established MVNOs like Circles.Life, GOMO, and MyRepublic has created a dynamic marketplace where operators compete through innovative marketing initiatives and cost-effective data plans.
ASEAN MVNO Market in Vietnam
Vietnam emerges as the fastest-growing market in the ASEAN MVNO landscape, projected to expand at a rate of approximately 8% during 2024-2029. The country's MVNO sector, though relatively young, has shown remarkable potential driven by rapid digitalization and increasing smartphone penetration. The Ministry of Information and Communications has established a comprehensive legal framework for virtual telecommunications networks, creating a structured environment for MVNO growth. The market has witnessed significant developments in mobile money services, with major players like Viettel and Vietnam Posts and Telecommunications Group leading the digital transformation. The government's ambitious digital transformation goals, including nationwide 5G coverage and expansion of digital firms, have created numerous opportunities for MVNOs. The focus on developing smart cities and industrial hubs has particularly benefited MVNOs targeting corporate clients and specialized market segments. The market's growth is further supported by the country's young, tech-savvy population and their increasing demand for digital services.
ASEAN MVNO Market in Malaysia
Malaysia's MVNO Malaysia market demonstrates strong potential, supported by a well-established ecosystem hosted by major MNOs such as Celcom, Maxis, and DIGI. The market's strength lies in its focus on digital inclusiveness and bridging the digital divide across Malaysia's diverse communities. MVNOs in the country have shown remarkable innovation in service delivery, particularly in areas such as paperless postpaid sales platforms and unlimited call features. The regulatory framework has been particularly supportive, with the Malaysian Communications and Multimedia Commission (MCMC) implementing structured guidelines for market entry, negotiation, and service rollout phases. The country's rapid digital transformation, particularly in areas such as e-banking, e-commerce, and digital marketing, has created new opportunities for MVNO Malaysia to expand their service offerings. The market has also benefited from increasing corporate demand and the government's push towards digital economy initiatives.
ASEAN MVNO Market in Thailand
Thailand's MVNO Thailand market has evolved into a sophisticated ecosystem characterized by innovative service offerings and strategic partnerships. The market's development has been particularly notable in its approach to specialized target segments, including tourist customers, corporate clients, and IoT applications. Thai MVNOs have demonstrated significant innovation in customizing their services, with operators like Feels and Penguin SIM offering flexible data packages and specialized corporate solutions. The regulatory environment has been particularly supportive, with the NBTC implementing policies to promote fair competition and ease of entry for new players. The market has also benefited from the country's strong digital infrastructure development and increasing smartphone penetration. The focus on 5G deployment and digital transformation has created new opportunities for MVNO Thailand to expand their service portfolios and target specific market niches.
ASEAN MVNO Market in Other Countries
The MVNO landscape in other ASEAN countries presents varying stages of market maturity and development opportunities. Countries like Indonesia, the Philippines, and Laos are showing increasing potential for MVNO services, driven by growing internet penetration and digitalization efforts. In Indonesia, the telecom sector's rapid growth and the government's focus on digital transformation create favorable conditions for future MVNO operations. The Philippines' market is characterized by its unique approach to mobile virtual network operations through established telecom providers. Laos has shown progress with new MVNO entrants offering innovative services. These markets are at different stages of MVNO adoption, with regulatory frameworks and digital infrastructure development playing crucial roles in their evolution. The growing emphasis on digital inclusion and mobile connectivity across these nations suggests significant potential for MVNO market expansion in the coming years.
ASEAN Mobile Virtual Network Operator Industry Overview
Top Companies in ASEAN MVNO Market
The ASEAN MVNO market is characterized by dynamic players focusing on innovative service offerings and digital transformation initiatives. Companies are increasingly emphasizing product innovation through the introduction of customized data packages, flexible pricing models, and value-added services tailored to specific customer segments. Operational agility is demonstrated through the rapid adoption of cloud-native business support services and AI-enabled customer service solutions. Strategic partnerships with Mobile Network Operators (MNOs) and technology providers have become crucial for expanding service portfolios, particularly in the emerging 5G space. Market players are actively pursuing geographical expansion across different ASEAN countries, with a particular focus on digitally mature markets like Singapore, Malaysia, and Thailand, while simultaneously exploring opportunities in emerging markets like Vietnam and Indonesia.
Market Structure Shows Regional Growth Potential
The ASEAN MVNO landscape exhibits a mix of established regional players and local specialists, with varying levels of market maturity across different countries. Singapore and Malaysia demonstrate more consolidated markets with a strong presence of both local and international players, while markets like Vietnam are still emerging with newer entrants disrupting state-owned carrier oligopolies. The competitive environment is characterized by strategic partnerships between MVNOs and established MNOs, creating a complex ecosystem of interdependent relationships and collaborative ventures.
Market consolidation trends are particularly evident in mature markets, with significant merger and acquisition activities shaping the competitive landscape. Notable developments include the creation of dedicated MVNO business units by major telecom operators and strategic partnerships for 5G network deployment. The market structure is evolving with an increasing focus on specialized service offerings, particularly in areas such as mobile money services, digital payments, and enterprise solutions, leading to the emergence of niche players targeting specific market segments.
Innovation and Adaptability Drive Future Success
Success in the ASEAN MVNO market increasingly depends on the ability to differentiate through innovative service offerings and technological capabilities. Incumbent players are focusing on expanding their digital service portfolios, enhancing customer experience through AI and automation, and developing strategic partnerships for 5G deployment. Market leaders are also investing in cloud infrastructure and digital platforms to improve operational efficiency and service delivery, while simultaneously exploring new revenue streams through value-added services and enterprise solutions.
For new entrants and challenger brands, success factors include developing strong partnerships with MNOs, focusing on underserved market segments, and leveraging digital technologies for cost-effective operations. The regulatory environment plays a crucial role, with government initiatives supporting digital transformation and 5G deployment creating opportunities for MVNOs. Customer concentration in urban areas and increasing demand for digital services present growth opportunities, while the risk of substitution from traditional MNOs is being addressed through differentiated service offerings and competitive pricing strategies. The future competitive landscape will be shaped by the ability to adapt to changing customer needs, technological advancement, and regulatory frameworks across different ASEAN markets.
ASEAN Mobile Virtual Network Operator Market Leaders
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Feels Telecom Corporation Company Limited
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The Whitespace Company Ltd (Penguin SIM)
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Loxley Public Company Limited (i-kool 3g)
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a2network (Thailand) Co. Ltd
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Red One Network (Thailand) Co. Ltd
- *Disclaimer: Major Players sorted in no particular order
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ASEAN Mobile Virtual Network Operator Market News
- October 2022: ViViFito launched 5G NSA plans with a 5G booster priced at SGD 7 (~USD 5.17) per month for the Binge and Share plan.
- August 2022: Singtel has started offering its 5G connectivity to its prepaid customers of Gomo, one of the Singtel-backed MVNOs, which would create a demand for Gomo in the country.
- July 2022: The a2network (Thailand) Co. Ltd has introduced the eSIMMVNO service in Thailand. The company's solution has been designed to make it affordable and simple by utilizing the advantages of an MVNO in the country.
ASEAN Mobile Virtual Network Operator Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. ASEAN MVNO MARKET
- 4.1 Market Overview of MVNO Industry in ASEAN
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4.2 Market Segmentation Analysis by Component
- 4.2.1 Data
- 4.2.2 Voice
5. Impact of 5G Deployment on MVNOS
6. Regulatory Landscape Insights
7. Impact of COVID-19 on the Telecom Industry and its Implication on MVNO
8. COUNTRY ANALYSIS
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8.1 Thailand
- 8.1.1 Overall MVNO Market Estimates and Projections From 2022-2027
- 8.1.2 Key Market Dynamics and Underlying Trends
- 8.1.3 Segmentation Analysis- Data and Voice
- 8.1.4 Key Metrics - Internet Penetration, Smartphone Adoption
- 8.1.5 Key MVNOS - Thailand
- 8.1.5.1 Feels Telecom Corporation Company Limited
- 8.1.5.2 The Whitespace Company Ltd (Penguin Sim)
- 8.1.5.3 Loxley Public Company Limited (I-KOOL 3G)
- 8.1.5.4 a2network (Thailand) Co. Ltd
- 8.1.5.5 Red One Network (Thailand) Co. Ltd
- 8.1.5.6 Ranking of MVNOS - Thailand
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8.2 Singapore
- 8.2.1 Overall MVNO Market Estimates and Projections from 2022-2027
- 8.2.2 Key Market Dynamics and Underlying Trends
- 8.2.3 Segmentation Analysis-data and Voice
- 8.2.4 Key Metrics-ARPU, Internet Penetration, Smartphone Adoption, Technology Landscape (5G, 4G, Etc.)
- 8.2.5 Key MVNOS - Singapore
- 8.2.5.1 Circles.life
- 8.2.5.2 Gomo
- 8.2.5.3 Geenet Pte Ltd
- 8.2.5.4 RedONE Pte Ltd
- 8.2.5.5 Myrepublic Limited5
- 8.2.5.6 Vivifi
- 8.2.5.7 Zero1 Pte Ltd
- 8.2.5.8 Changi Travel Services Pte Ltd (Changi Mobile)
- 8.2.5.9 StarHub Limited (Giga)
- 8.2.5.10 Ranking of MVNOS - Singapore
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8.3 Malaysia
- 8.3.1 Overall Mvno Market Estimates and Projections from 2022-2027
- 8.3.2 Key Market Dynamics and Underlying Trends
- 8.3.3 Segmentation Analysis-data and Voice
- 8.3.4 Key Metrics- Arpu, Internet Penetration, Smartphone Adoption, Technology Landscape (5G, 4G, Etc.)
- 8.3.5 Key MVNOS - Malaysia
- 8.3.5.1 Ansar Mobile Sdn Bhd
- 8.3.5.2 Merchantrade Asia Sdn Bhd
- 8.3.5.3 One XOX Sdn Bhd
- 8.3.5.4 Tune talk Sdn Bhd
- 8.3.5.5 redONE Network Sdn Bhd
- 8.3.5.6 Pavo Communications Sdn Bhd
- 8.3.5.7 Celcom Axiata Berhad (YOODO)
- 8.3.5.8 Altel Communications Sdn Bhd
- 8.3.5.9 Ranking of MVNOS - Malaysia
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8.4 Vietnam
- 8.4.1 Overall MVNO Market Estimates and Projections from 2022-2027
- 8.4.2 Key Market Dynamics and Underlying Trends
- 8.4.3 Segmentation Analysis-data and Voice
- 8.4.4 Key Metrics-ARPU, Internet Penetration, Smartphone Adoption, Technology Landscape (5G, 4G, Etc.)
- 8.4.5 Key MVNOS - Vietnam
- 8.4.5.1 Indochina Telecom Mobile Join Stock Company
- 8.4.5.2 Masan Group Corporation (Mobicast)
- 8.4.5.3 ASIM Telecom Joint Stock Company (Local)
- 8.4.5.4 Ranking of MVNOS - Vietnam
ASEAN Mobile Virtual Network Operator Industry Segmentation
Mobile virtual network operators (MVNO) are wireless service providers that do not own the wireless network infrastructure but instead buy network capacity from existing MNOs to deliver services to their users.
The ASEAN mobile virtual network operator (MVNO) market is segmented by component (data, voice) and country. The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.
ASEAN Mobile Virtual Network Operator Market Research FAQs
How big is the ASEAN Mobile Virtual Network Operator (MVNO) Market?
The ASEAN Mobile Virtual Network Operator (MVNO) Market size is expected to reach USD 3.00 billion in 2025 and grow at a CAGR of 6.33% to reach USD 4.08 billion by 2030.
What is the current ASEAN Mobile Virtual Network Operator (MVNO) Market size?
In 2025, the ASEAN Mobile Virtual Network Operator (MVNO) Market size is expected to reach USD 3.00 billion.
Who are the key players in ASEAN Mobile Virtual Network Operator (MVNO) Market?
Feels Telecom Corporation Company Limited, The Whitespace Company Ltd (Penguin SIM), Loxley Public Company Limited (i-kool 3g), a2network (Thailand) Co. Ltd and Red One Network (Thailand) Co. Ltd are the major companies operating in the ASEAN Mobile Virtual Network Operator (MVNO) Market.
What years does this ASEAN Mobile Virtual Network Operator (MVNO) Market cover, and what was the market size in 2024?
In 2024, the ASEAN Mobile Virtual Network Operator (MVNO) Market size was estimated at USD 2.81 billion. The report covers the ASEAN Mobile Virtual Network Operator (MVNO) Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the ASEAN Mobile Virtual Network Operator (MVNO) Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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ASEAN Mobile Virtual Network Operator (MVNO) Market Research
Mordor Intelligence provides a comprehensive analysis of the mobile virtual network operator landscape. We leverage our extensive expertise in MVNO market research across the ASEAN region. Our seasoned analysts offer detailed insights into mobile virtual network enabler services, focusing on emerging markets such as MVNO in Singapore, MVNO Malaysia, and MVNO Thailand. The report PDF, available for immediate download, delivers an in-depth analysis of key players, including virtual internet pte ltd and various network solutions providers.
This strategic market analysis explores the value of mobile virtual network operators across different business models and operational frameworks. Stakeholders gain access to detailed evaluations of market dynamics, competitive landscapes, and growth opportunities throughout the ASEAN region. We place particular emphasis on Singapore MVNO operations and emerging market trends. The report provides actionable insights for operators, enablers, and investors. It is supported by comprehensive data on virtual network solutions implementation and market evolution. Our analysis includes both established players and new entrants, offering valuable perspectives on market development and future opportunities in this dynamic sector.