Panama's main telecommunications companies are:
- Más Móvil (Cable & Wireless Panamá): Más Móvil is the subsidiary for mobile services of Cable & Wireless Panama, S.A., founded in 1997 after the National Telecommunications Institute (INTEL) sold shares to the private company. It is jointly owned by: the Panamanian State, which has 49% of the shares; Cable & Wireless Communications Limited, a subsidiary of the Liberty Latin America group, with 49% of the shares; and other minor shareholders. It currently offers fixed line, mobile, broadband, corporate services, and paid television services. Liberty Latin America group operates in over 20 countries in the Latin America and Caribbean region, including Panama, Costa Rica, Puerto Rico, and Jamaica. Liberty Latin America operates under the C&W, VTR, Liberty Puerto Rico, Cabletica, BTC, Flow, and Mas Móvil brands. The Denver-based Liberty Latin America Ltd. was founded in 2017 and completed its spin-off from Liberty Global in January 2018.
- Movistar (Telefónica): Movistar Panamá is the Panamanian subsidiary of the Spanish multinational company Telefónica. The company offers mobile and corporate services, operating in Panama's telecommunications market since April 5, 2005, after it acquired BellSouth's assets in Latin America. Globally, Telefónica provides services in more than 10 countries in Europe and Latin America. In early 2019, the company sold its operations in Panama to Millicom International, which is still under a transition process.
- Digicel: Digicel Panama is a brand owned by Digicel Group, which has been operating in Panama through the offer of mobile services since 2008. From its launch in Jamaica in 2001, Digicel group has expanded its operations to reach 31 markets in the Caribbean, Central America and Asia Pacific regions.
- Claro: Claro Panama entered the country's telecommunications market in March 2009. It offers fixed and mobile services as well as satellite television. It is a subsidiary of América Móvil, a major telecommunications group in Latin America, providing services also in U.S., Austria, and Eastern Europe. Claro operates in 17 countries, and has more than 290 million mobile phone customers.