Tiny Singapore's telecommunications market may look saturated, but some players are still taking aim at the market.
The existing telcos appear to have the island's population well-covered: The city-state had a mobile penetration rate of nearly 150 percent as of June 2016, with a residential wired broadband penetration rate of 98.4 percent and a wireless penetration rate of nearly 193 percent, according to government data.
That high penetration rate was likely driven by Singapore's "Smart Nation" ambition to integrate digital technology seamlessly across work, households and public services to boost efficiency and quality of life.
But one new player, Colt, previously known as City of London Telecom, is pushing into the city-state's market as part of its 500 million euro (US$573 million) global investment plan for the next three years.
"We don't think the market is saturated at all. It's growing," Carl Grivner, CEO of Colt, told CNBC's "Squawk Box" on Friday, pointing toward the city-state's advanced gross domestic product (GDP) growth estimate of 2.5 percent for the second quarter, released on Friday, as "healthy."