SEOUL -- South Korean telecommunications carrier KT and Shinhan Financial Group have signed a comprehensive digital tie-up and cross-shareholding deal that will feature the rollout of financial services in the metaverse.
KT will buy shares on the market to take a stake of about 2.1% in Shinhan under the deal announced Monday. Subsidiary Shinhan Bank acquires a roughly 5.5% stake in KT by purchasing shares held by Japanese wireless carrier NTT Docomo. Each purchase costs 437.5 billion won ($366 million).
