Singapore Telecommunications (Singtel) and South Korea’s SK Telecom have signed a memorandum of understanding (MOU) on Nov 29 to jointly grow the latter’s metaverse business in countries where SK Telecom has operations in.
According to the statement released by SK Telecom, the partnership will begin in Singapore.
Singtel, which is one of SK Telecom’s four global strategic partners, will share its expertise on 5G and other forms of technology across the Asian Pacific region in the venture. SK Telecom will lend its insights from the operation of its metaverse platform, ifland, in Korea. It will also provide its metaverse-related technologies as part of the MOU.
The partnership will see the development of virtual versions of places in Singapore, customised avatars of locals and the organisation of exclusive events for Singtel’s customers.
One such event is slated to take place in January 2023.
Under the MOU, both companies will also explore collaborative opportunities in areas such as quantum cryptography or advanced data encryption to build safer networks against emerging threats.
“This partnership will help showcase the Singtel network’s ultra-low latency, high speed and stable connectivity which is critical to creating an optimal immersive experience in the metaverse. Together with SK Telecom, we will help drive innovation and unlock new digital use cases in ifland, creating growth opportunities for enterprises and enriching experiences for consumers. We’re excited to kick this off in Singapore and in time, expand across the region,” says Anna Yip, CEO of Singtel’s consumer business.
“Through cooperation with Singtel, we will be expanding our metaverse business into the Asian Pacific region,” says Ha Min-Yong, chief development officer of SKT. “We will work closely with Singtel to create success stories for our metaverse service in the global markets.”
As at 11.20am, shares in Singtel are trading 1 cent higher or 0.37% up at $2.71.