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SK Telecom inks alliance with Deutsche Telekom for metaverse expansion

SK Telecom inks alliance with Deutsche Telekom for metaverse expansion
SK Telecom inks alliance with Deutsche Telekom for metaverse expansion

Leading South Korean mobile carrier, SK Telecom, has reportedly inked a strategic alliance with leading German telecom firm, Deutsche Telekom, in a move geared towards bringing its metaverse platform to the European market.

In an official statement, SK Telecom stated that the two firms will be carrying out a field test to operate the metaverse in Europe before the end of this year. They will also work on developing content that works in the virtual platform and also on implementing marketing for metaverse migration in the continent.

For the record, during the Mobile World Congress held in March, SK Telecom had showcased an international version of its ifland metaverse platform.

The telecom arm of SK Group further stated that as part of the long-term alliance, the two companies are also planning to establish a joint venture in Germany and find more telecommunication partners based in Europe.

Under the strategic partnership, the German telecom firm will most likely be tasked with designing a virtual space that emulates a German city on the metaverse platform.

Deutsche Telekom will also collaborate with the active portfolio management affiliate of SK Group, SK Square, in the mobile app marketplace and cybersecurity field.

The investment firm currently owns a stake in SK Shieldus, a cybersecurity company, and One Store, a Korean app marketplace. The two firms are considering teaming up under Deutsche Telekom for their European expansion as well.

These announcements were made during a meeting held last week in Bonn, Germany, attended by representatives of SK Telecom, Deutsche Telekom, as well as SK Square.

The new strategic partnership between the two telecom firms follows the establishment of a 50:50 joint venture between SK Telecom and Deutsche Telekom in January last year. The JV, called Techmaker, was dedicated towards developing 5G indoor wireless technology

Previously in June of 2019, SK Telecom had committed $30 million to the investment arm of the German company, Deutsche Telekom Capital Partners.

Source credit: http://www.koreaherald.com/view.php?ud=20220508000102

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Vinisha Joshi

Vinisha Joshi

Despite graduating with an engineering degree in electronics and communication, Vinisha Joshi chose the road less travelled, and decided to pursue her career in content writing . Currently, she pens down articles for cuereport.com and a few other distinguished news platforms, pertaining to business and finance.