Woori, LG Uplus bolster partnership in MVNO

Woori Bank CEO Cho Byung-kyu, left, poses with LG Uplus CEO Hwang Hyeon-sik after signing a memorandum of understanding (MOU) to cooperate in the mobile virtual network operator (MVNO) business at the bank's headquarters in Seoul, Monday. The bank and the telecommunication firm have been focusing on uncovering the telecommunication service needs of banking customers to launch the MVNO service this year. Following the MOU, the two plan to accelerate the development of differentiated products and services and sustainable collaboration. As the bank is advancing into the MVNO business as a part of efforts for non-banking expansion, Cho said banking-telecommunication collaboration has become necessary in the era of smartphones. Courtesy of Woori Bank