South Korea's KT and Shinhan Bank step into metaverse with tie-up

Comprehensive digital alliance will span 23 joint projects

KT workers set up a 5G base station. The telecommunications company is partnering with Shinhan Financial Group on 23 projects. (Photo courtesy of KT)

KOTARO HOSOKAWA, Nikkei staff writer

January 19, 2022 03:10 JST

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).