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SK Telecom and Singapore Telecommunications Limited (Singtel) are set to work together for their metaverse ambitions. Through video call, the companies held a ceremony for the signing of their memorandum of understanding (MOU) on Tuesday, Nov. 29.
With the deal in place, SK Telecom and Singtel will jointly promote the former’s metaverse app called the “ifland” in Singapore and other nations in the Asia Pacific. This will help expand the South Korean telecom giant’s metaverse service in the said regions.
The agreement with the Singaporean company is a good strategy as Singtel is already providing its telecom and high-speed internet services in 21 countries and has around 770 million subscribers worldwide.
Under the partnership deal, the companies agreed to work together on the launching of various metaverse projects in Singapore. Gradually, they will be expanding the project in the Asia-Pacific territory, as per The Korea Herald.
Their first collaborative project involves the localizing of SK Telecom's ifland metaverse platform. This needs to be done to cater to the specific interests of users in Singapore. For this, SK Telecom and Singtel will create avatars and metaverse spaces that will be exclusive for Singaporean users.
For their big push in the metaverse, SK Telecom and Singtel are also planning to explore other opportunities in this line of business. They mentioned the agreement for cooperation in exploring other areas, such as quantum cryptography or advanced data encryption to provide protection to 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,” Singtel’s chief executive officer for consumer, Anna Yip, said in a press release.
She added, “Together with SKT, 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.”
SK Telecom’s chief development officer, Ha Min Yong, further added that “Through cooperation with Singtel, we will be expanding our metaverse business into the Asian Pacific region. We will work closely with Singtel to create success stories for our metaverse service in the global markets.”
