SEOUL, South Korea, April 8, 2020 /PRNewswire/ -- KT Corporation (KRX: 030200; NYSE: KT), South Korea's largest telecommunications company, announced today that it has signed a memorandum of understanding (MOU) with Taiwan's Far EasTone Telecommunications Co. Ltd. (FET) for collaboration in 5G services and digital content development.
The Korean telecom company said that the signing ceremony was conducted online due to the current COVID-19 pandemic, using KT's "Engage," a virtual meeting platform. Park Hyun-Jin, KT's senior vice president and head of Customer Strategy Business Unit, and his FET counterpart T. Y. Yin, head of Consumer Business Unit, signed the MOU yesterday.
"We will seek mutual growth of our two companies and generate new revenue by incorporating KT's 5G service operation know-how and hallyu content with FET's customer base," KT's Park said. "Through close consultations with FET, we will continue to expand cooperation across the entire scope of 5G network."
It was the first remote contract signing ceremony via "Engage," demonstrating the use of KT Super VR, a virtual reality device, to expand into diverse services, including remote meetings among global business partners.
"Through extensive cooperation with KT, we at FET aim to upgrade some 20 percent of our existing LTE subscribers to 5G within this year," said FET Executive Vice President T. Y. Yin. "The Republic of Korea is a global 5G leader which commercialized next-generation service for the first time in the world, and KT is Korea's representative telecom company possessing remarkable experience in service development and operational know-how in 5G technology."
The MOU calls for joint development of fifth-generation services and digital contents. KT expects the deal will help bolster its global leadership in 5G services. It will facilitate worldwide sale of KT's video conferencing app, which offers ultra-high-definition over-the-top (OTT) media streaming, webzine content, and early commercialization of 5G roaming.
KT's 5G video conference application software using 3D and AR (augmented reality) technologies allows up to eight people to meet for a high-definition video conference. It also provides Mafia games, picture quizzes and YouTube watching.
Webzine is KT's mobile media service offering high-quality web dramas and reality entertainment shows featuring popular K-pop idol group members on a monthly basis. These contents are among the web dramas that are to be distributed on FET's digital service brand "friDay." Consultations will continue on new exports, KT said.
For FET, the strategic linkup with KT, the world's first commercial 5G services provider, is seen as an opportunity to become a market leader in next-generation wireless services.
In recent 5G spectrum auctions, FET secured 80 MHz and 400 MHz in 3.5 GHz and 28 GHz bandwidth, respectively. The company is gearing up to commercialize 5G services during the third quarter of this year.
FET is a subsidiary of the Far Eastern Group, a major Taiwanese conglomerate that includes 10 industries and some 240 subsidiaries. FET provides 4.5G-based wireless communications, AI speaker, and other smart home services, as well as diverse digital contents in video, music and shopping.
ABOUT KT CORPORATION (KRX: 030200; NYSE: KT)
KT Corp., Korea's largest telecommunications service provider, reestablished in 1981 under the Telecommunications Business Act, is leading the era of innovations in the world's most connected country. The company is leading the 4th industrial revolution with high speed wire/wireless network and new ICT technology. KT launched the world's first nationwide commercial 5G network on April 3, 2019, after successfully showcasing the world's first trial 5G services at the PyeongChang Winter Olympic Games in February 2018. This is another milestone in KT's continuous efforts to deliver essential products and services as it aspires to be the number one ICT Company and People's Company.
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