SK Telecom and Singapore's Grab agree to establish joint venture
SEOUL, AJU - South Korea's top mobile carrier SK Telecom partnered with Grab, a ride-hailing and logistics service provider in Singapore, to set up a joint venture that would develop various location-based services targeting Southeast Asian countries.
The joint venture named "Grab Geo Holdings" will be based in Singapore. SK Telecom said Wednesday that the two companies would introduce a navigation system based on T Map, in Singapore during the first quarter of this year and expand it throughout Southeast Asia. SK Telecom's T Map is South Korea's most popular navigation app.
Grab will provide road information and map data such as lanes and traffic lights of Southeast Asian countries.
SK Telecom will provide core technology and infrastructures such as big data analysis algorithm and precise positioning solution. The South Korean company is responsible for technology direction, roadmap and strategy in the development of new products and commercialization.
"The establishment of this joint venture will be a starting point for great impact and change in the method of using mobility services in Southeast Asia," SK Telecom CEO Park Jung-ho said in a statement.