On the 10th, LG Uplus signed a memorandum of understanding for collaboration on MVNO business with Woori Bank at the headquarters of Woori Bank in Jung-gu, Seoul.
Recently, Woori Bank selected LG Uplus as a telecommunications partner to enter the MVNO (mobile virtual network operator) market. Subsequently, both companies established a joint task force to co-develop detailed operational agreements with the aim of launching the business within this year.
Through this memorandum of understanding, the two companies plan to comprehensively collaborate to support Woori Bank’s successful entry into the MVNO market by developing differentiated telecommunications and financial products and services for acquiring new customers, assisting in the timely establishment and stable operation of the MVNO system, and creating a sustainable collaboration model.
Following the Financial Services Commission’s announcement of subsidiary tasks on April 12, 2024, Woori Bank is expected to leverage its synergy with LG Uplus, which possesses abundant experience and business capabilities in the telecommunications sector as the first mover in the MVNO market.
A representative from LG Uplus stated, “We will support Woori Bank in expanding its primary financial customer base and continuously discovering differentiated customer convenience services through telecommunications,” and added, “We will focus on being a digital partner to target the digital demographic Woori Bank aims for.”
A representative from Woori Bank’s Digital Strategy Group remarked, “We will work closely with LG Uplus to offer better telecommunications services combined with financial services to Woori Bank’s financial clients.”
By Sang-jin daedusj@autodiary.kr