The Korea Times close
National
  • Politics
  • Diplomacy
  • Defense
  • Labor & Environment
  • Law & Crime
  • Health & Welfare
  • Embassy
  • Seoul & Provinces
  • Education
  • Foreign Communities
  • Obituaries
  • Multicultural Youth Award
Biz & Tech
  • Auto
  • IT
  • Game
  • Manufacturing
  • Retail & Food
  • Energy
  • Construction
  • Airlines
Finance
  • Policies
  • Economy
  • Markets
  • Banks
  • Non-banks
  • Economic Essay Contest
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to the Editor
Lifestyle
  • Arts
  • Books
  • Travel & Cuisine
  • Trend
  • Fashion
  • Around Town
  • Fortune Telling
Entertainment
  • K-pop
  • K-dramas & Shows
  • Movies
  • Music
  • Performances
  • Asia Model Festival
Sports
  • Football
  • Golf
  • Baseball
  • Other Sports
World
  • Asia Pacific
  • Americas
  • Europe & Africa
  • SCMP
Video
  • On the Spot
  • Feature
  • News
Photos
  • Photo News
  • Darkroom
Community
  • The Korea Times
  • search
  • Site Map
  • E-paper
  • Subscribe
  • Register
  • LogIn
search close
  • The Korea Times
  • search
  • Site Map
  • E-paper
  • Subscribe
  • Register
  • LogIn
search close
Biz & Tech
  • Auto
  • IT
  • Game
  • Manufacturing
  • Retail & Food
  • Energy
  • Construction
  • Airlines
Thu, January 21, 2021 | 04:28
IT
Mobility biz becomes fifth key pillar for SKT
Posted : 2020-11-26 16:47
Updated : 2020-11-26 19:03
Mail
Print Preview
Font Size Up
Font Size Down
SK Telecom (SKT) CEO Park Jung-ho speaks at a shareholders' meeting held at the company's headquarters in central Seoul, Thursday. Shareholders approved the company's plan to set up a separate unit that will be handling mobility services. / Courtesy of SKT
SK Telecom (SKT) CEO Park Jung-ho speaks at a shareholders' meeting held at the company's headquarters in central Seoul, Thursday. Shareholders approved the company's plan to set up a separate unit that will be handling mobility services. / Courtesy of SKT

By Kim Bo-eun

SK Telecom's platform business in mobility services is set for a huge expansion, given that a new unit will be established to take charge of the business next month. It is on track to become one of the five key pillars that will drive the telecom company's transition into a global firm in information and communications technology (ICT).

The country's top telecom operator said Thursday its decision to separate the mobility business unit by setting up a new corporate body received approval at a shareholders' meeting held the same day.

"Transportation is one of the areas where key expenditures are made, along with food and living costs, and mobility takes up the largest part of our lives after mobile services," SK Telecom CEO Park Jung-ho said at the shareholders' meeting. "The decision was made to launch a firm specializing in mobility services to innovate the way people and objects move based on the ICT of SKT, creating a stir in the ecosystem of mobility services."

T Map Mobility is slated for launch on Dec. 29. T Map is SKT's version of Google Map and the company offers an automotive navigation system based on the map. The new unit will develop SKT's platform that enables hailing cabs and chauffeur services. The company's value is estimated at 1 trillion won.

Last month, SKT stated it has partnered with Uber to set up a joint entity next year. Uber has unveiled plans to invest $50 million in T Map Mobility, in addition to a $100 million won investment in the joint venture.

SKT is aiming to raise T Map Mobility's annual sales to 600 billion won by 2025, and boost the company's worth to 4.5 trillion won by then.

The separation has solidified mobility as one of SKT's five major businesses. As a phone carrier, SKT's business centers on telecommunications services, but the company has been pushing the growth of its affiliates in media, security and e-commerce, which are currently generating over a third of the company's sales. Their annual sales have been growing at an average rate of 13.4 percent.

"The mobility business, as SKT's fifth key line of business, will drive new growth," the CEO said.

SKT has long-term plans to take T Map Mobility public.


Emailbkim@koreatimes.co.kr Article ListMore articles by this reporter









 
WooriBank
 
  • Speed skater sues ex-teammate over mental damage following Olympic controversy
  • LG Electronics hints at withdrawing from phone biz
  • Academic activist puts kimchi ad in NYT
  • Moon names Chung Eui-yong as new foreign minister
  • 'Learning foreign language is about changing yourself'
  • Moon replaces foreign minister ahead of Biden inauguration
  • GM Korea, Renault Samsung future uncertain amid EV transition
  • Biden set to be sworn in as new US president
  • Ebay to sell Korean online retail platforms
  • Jack Ma is back: Chinese tycoon ends silence with online video
  • K-pop expands from entertainment to activism K-pop expands from entertainment to activism
  • Red Velvet's Irene to make silver screen debut in February Red Velvet's Irene to make silver screen debut in February
  • Actress Park Si-yeon apologizes after getting nabbed for drunk driving Actress Park Si-yeon apologizes after getting nabbed for drunk driving
  • Singer John Park in isolation facility after testing positive for COVID-19 Singer John Park in isolation facility after testing positive for COVID-19
  • 'It's Okay to Not Be Okay' star Oh Jung-se returns with powerful social drama 'It's Okay to Not Be Okay' star Oh Jung-se returns with powerful social drama
DARKROOM
  • Biden-Harris inauguration is taking shape [PHOTOS]

    Biden-Harris inauguration is taking shape [PHOTOS]

  • Second Trump impeachment

    Second Trump impeachment

  • Pro-Trump rioters breach the US Capitol

    Pro-Trump rioters breach the US Capitol

  • Our children deserve better (Part 2)

    Our children deserve better (Part 2)

  • Migrants hard hit by COVID-19: UN migration agency

    Migrants hard hit by COVID-19: UN migration agency

WooriBank
  • About Korea Times
  • CEO Message
  • Times History
  • Content Sales
  • Media Kit
  • Contact Us
  • Location
  • Privacy Statement
  • Terms of Service
  • Mobile Service
  • RSS Service
  • Ombudsman
  • hankookilbo
  • Dongwha Group
  • Code of Ethics
Copyright