SK Telecom signs metaverse MOU with Singapore's Singtel

SK Telecom signed a memorandum of understanding with Singapore Telecommunications (Singtel) for metaverse-related business, the Korean company said Tuesday.

Anna Yip, on screen, Singtel's consumer CEO, and Ha Min-yong, SK Telecom chief development officer, pose for a photo during a signing ceremony held Monday. [SK TELECOM]

SK Telecom signed a memorandum of understanding with Singapore Telecommunications (Singtel) for metaverse-related business, the Korean company said Tuesday.

With the signing of the deal, the two companies will work together to promote SK Telecom’s ifland metaverse app in Singapore and other countries in the Asia-Pacific region.

Singtel, a leading telecom and internet company in Singapore, has some 770 million subscribers in 21 countries including Australia, India, Indonesia, Thailand and the Philippines.

SK Telecom recently introduced its ifland service in 49 countries in North America, Europe, Asia and the Middle East.

The company has been working with overseas telecom companies, such as United Arab Emirates-based e&, for the global expansion of ifland.

SK Telecom will discuss the localization strategy for the ifland app with Singtel. They are considering running a joint marketing campaign targeting Singaporean users.

The two companies plan to cooperate in other businesses in the future as well, such as quantum cryptography.

“With the latest cooperation with Singtel, SK Telecom’s metaverse business is now entering the Asia-Pacific region,” said Han Min-yong, chief development officer of SK Telecom, adding that the company will “set a successful example for the global expansion of a metaverse business” with Singtel.

SK Telecom began the ifland service in July 2021.

As of September, ifland had a total of 12.8 million users, a fourfold increase through this year, according to SK Telecom.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]