- KT Signs Agreement with Malaysia’s IISB for First Overseas VR Business
- Two Partners Seeking Opportunities in 5G Networks, Energy and Security
SEOUL, South Korea (October 30, 2018) – KT Corp. (KRX: 030200; NYSE: KT), South Korea’s largest telecommunications company, plans to launch its first overseas virtual reality (VR) business in Malaysia, the latest move in its efforts to become a global leader in information and communications technology (ICT).
KT signed an agreement with Malaysia’s Iskandar Innovations Sdn Bhd (IISB) earlier this month to open a VR center in the southern state of Johor. The signing ceremony took place in KT’s headquarters in downtown Seoul on October 11.
The new VR center will be in the international shopping area near Legoland Malaysia, a popular tourist destination in the special economic region of Iskandar Malaysia, which borders Singapore. KT plans to expand the joint partnership to explore more business opportunities in Malaysia, offering its advanced technology in 5G networks and solutions, smart energy and cyber security.
“We are making a significant first step in pursuing cooperative endeavor with IISB and introducing our expertise in VR business,” said Yoon Kyoung-Lim, head of KT’s Global Business Office. “KT will spare no effort or investment to successfully carry out the VR business in Malaysia.”
Datuk Khairil Anwar Ahmad of Iskandar Innovations Berhad (IIB), the parent firm of IISB, said, “I believe our cooperation will lead to the development of new solutions beyond VR and AR (augmented reality). The VR center to be set up by our two companies signals the beginning of a long partnership with KT.”
IIB is an investment and development firm engaged in the long-term buildup of Iskandar Malaysia. IIB is working to ensure that Malaysia becomes an attractive investment destination and a vibrant, livable region, focusing on high-impact projects in education, tourism, leisure, and health and wellness.
To pioneer new businesses with innovative technologies, KT launched two VRIGHT VR theme parks in Seoul this year in partnership with GS retail, a major convenience store chain operator in South Korea. The company plans to franchise its VR entertainment business next year both at home and overseas.
KT is developing immersive media and shopping services by using next-generation ICT, featuring not only VR and AR but also artificial intelligence (AI) and 3D modeling. KT Chairman Hwang Chang-Gyu said last month that the Korean telecom leader would soon launch VR Theater, a VR service on Internet Protocol Television (IPTV).
Yoon Kyoung-Lim (third from left), head of KT’s Global Business Office, Datuk Khairil Anwar Ahmad (fourth from left), CEO and President of IIB, and other representatives from the two companies are photographed during a signing ceremony of their joint VR business agreement on October 11 at KT’s headquarters in downtown Seoul.