How many telcos are there in Singapore currently? If you answered 3, that is incorrect. There are currently 6 telcos -- 3 traditional telcos that operate their own telco networks, namely, Singtel, Starhub and M1, and 3 Mobile Virtual Network Operators (MVNOs) that buy network capacity from the traditional telcos and resell to retail customers. Ever since the first MVNO, Circles.Life, set up shop in May 2016, things have accelerated in the MVNO space. In a short span of 3 months, we have had another 2 MVNOs springing up, namely, Zero Mobile and Zero1. You probably have heard of their promotions, like Circles.Life's 20GB of data for $20, Zero Mobile's Unlimited calls, SMS and data plan, or Zero1's unlimited data plan for $29.99. Since MVNOs compete for the same group of retail customers as the traditional telcos, will MVNOs cannibalise telcos' business? Let us look at each ......