Borqs’ Mobile Virtual Network Operator Business Unit Awarded Commercial MVNO License

Borqs Technologies (NASDAQ:BRQS) announced that Yuantel Telecommunications’ subsidiary was awarded official commercial MVNO license from the Ministry of Industry and information Technology of the people’s Republic of China.

As quoted in the press release:

The license is valid from July 12, 2018 until July 12, 2023. After successfully completing a four year trial period, Borqs’ MVNO Business Unit can now begin a new era in the global telecommunications market.

Since the beginning of its MVNO business, Borqs has continuously focused on innovative business models as well as developing the key technologies, such as the patented eSIM IoT SDK, to deploy IoT products to its MVNO network of customers and partners. Borqs’ MVNO business unit is the second largest in China among the licensees, as measured by the number of subscribers, settlement volume, and quality of service.

“The official commercial MVNO license is a key milestone for the Company’s MVNO Business Unit as well as the Connected Solutions Business Unit. First of all, I would like to thank my team for their perseverance to drive innovation,” said Pat Chan, founder and CEO of Borqs. “We firmly believe that the MVNO opportunity in China is in the cradle stage and the opportunity is enormous. Borqs is uniquely positioned to provide the needed technologies and business models to enable our customers to deploy their IoT products in our MVNO network easily and seamlessly.”

Borqs’ strategic partnerships with Qualcomm and Intel have provided the Company with early access to the latest chipsets, enabling early time-to-market of IoT devices using these chipsets. Borqs’ broad customer base and target markets include OEMs such as Sonim and Fossil, mobile operators like AT&T and Sprint in the U.S. and Reliance Jio in India, and IoT solution providers to various vertical segments.

“The issuance of the official license is definitely a major milestone, and reflects the government’s recognition of our exploration and innovation for the MVNO business in the past four years,” said Jason Wang, President of the Connectivity Business Unit.  “We will continue to strengthen our platform openness and innovation to provide differentiated products and services for IoT.”

Click here for the full text release.