SK Telecom (NYSE:SKM, hereinafter referred to as “SKT”) today announced that it had signed a memorandum of understanding (MOU) with Asia’s leading communications technology group, Singtel, to jointly grow the metaverse business in countries where Singtel operates in, starting with Singapore.

Under the MOU, Singtel will share its business and technology expertise across the Asian Pacific region, and SKT will provide its experience and insights acquired from the operation of its metaverse platform, ifland, in Korea.

SKT and Singtel will begin by discussing localization strategies for ifland in the Singaporean market. It includes developing virtual spaces of real-life places in Singapore and avatars customized to the Singaporean culture, and providing them to Singaporean customers via joint marketing activities.

The two companies will also explore collaborative opportunities in areas such as quantum cryptography, or advanced data encryption, to build safer 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. 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,” said Anna Yip, Chief Executive Officer, Consumer, Singtel.

“Through cooperation with Singtel, we will be expanding our metaverse business into the Asian Pacific region,” said Ha Min-Yong, Chief Development Officer of SKT. “We will work closely with Singtel to create success stories for our metaverse service in the global markets.”