SEOUL, Jun. 25 (Korea Bizwire) — SK Telecom Co., South Korea’s leading mobile phone operator, said Tuesday that it has joined hands with Deutsche Telekom AG to set up a joint venture that will focus on developing core 5G technologies.
The telecom leaders of South Korea and Germany signed a memorandum of understanding early this week in Seoul to discuss strategies and share their knowhow in 5G technology, according to SK Telecom.
The joint venture will delve into developing technologies that are essential for the full realization of 5G, as well as related technology such as augmented reality (AR) and virtual reality (VR).
The South Korean tech firm also said it will invest US$30 million into a fund operated by the German telecom giant’s investment arm, Deutsche Telekom Capital Partners (DTCP).
DTCP will support startups by providing venture investments and advisory services after opening its Asian office in Seoul, according to company officials.
DTCP, set up in 2015, is an investment firm with $350 million under its management.