ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintIcon Twitter

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)

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).

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more