Australian operator TPG had high hopes, a year ago, of being a fourth MNO in Singapore and unleashing disruption similar to that of other challengers like Free in France. But changes to the rules governing the 5G auction made it almost impossible for the newcomer to secure a viable spectrum position, and the three incumbents have duly sewn up the licences between them. In October, the regulator, IMDA, said it would offer four 5G licences, rather than the original plan for two, but only two would bring nationwide spectrum rights (the others support localized networks). The winners would be decided based on a combination of auction and beauty contest, the latter related to bidders’ network roll-out targets and investment commitments.…