At the start of January, 2020 promised to be the year of the challenger mobile operator. Armed with 5G, open networks and more flexible spectrum licensing schemes, these new entrants would compensate for their newcomer status with lower network costs and cloud economics, which in turn would enable eye-catchingly low tariffs and an array of digital services. So, will the pandemic crisis end that dream and see the mobile markets consolidate again, around the companies with the biggest investments in physical infrastructure and the huge customer bases? This could happen because of investor caution, or because regulators and policy makers decide to play it safe. TPG’s dream of being a fourth MNO in Singapore was ended last week after the…