Our industry remains highly regulated, requiring us to comply to a broad range of telecom, digital and fintech legislation and regulations, including those that provide the legal basis of our core operating licenses, spectrum usage rights, subscriber registration rules and timely tariff approvals. Additionally, we are subject to sector-specific taxes, fees and levies imposed across the Group by relevant regulatory authorities. This is above and beyond non-sectoral specific taxes such as service taxes, excise duties and Value Added Tax (VAT). As we operate in multiple markets, these legislations and regulations are vastly different in each country. Furthermore, we have to contend with foreign investment policies, rules and practices which differ from country to country.

In recent years, we have seen an increased focus by some regulators on network and service quality issues while policymakers have tightened the regulatory environment surrounding digital services, especially in the context of personal data protection, misinformation and network security.

These regulations create uncertainties for our operations and may impair business returns and long-term growth prospects, in addition to limiting our flexibility to respond to market conditions, competition and new technologies.