Most Telcos do not have the time to track a lost phone.
Starhub do have this service, as chargeable.
This service when reported, it will be locked, and the condition is for New phones only.
For any lost phones, it need to make a police reports.
When you make the report, the police will add into their database for lost &or stolen phones.
The police then visit any shops /dealer to check if the phone was reported lost &or stolen.
Hence most handphone dealers are very careful not to be caught.
The dealer required the person NRIC when buying-in the phones.
Also some phones are become spare parts for those phone repair staff.
So it is very unlikely to appear, as most know that there is a police report & dealer required seller NRIC.
StarHub does not have lost phone tracking service, however handset such as iPhone through "Find iPhone" or Android "Find my Device" users are able to track their device if they are switched on.
Check out this CNET Article at http://www.cnet.com/how-to/how-to-use-google-to-find-your-lost-android-phone/ for more information.
Eric FYI as well