South Korea’s SK Planet, ICON Foundation Sign MOU For Cooperation In Blockchain Business

Blockchain, News | September 21, 2018 By:

SK Planet, a subsidiary of SK Telecom, South Korea’s largest wireless carrier, has signed a memorandum of understanding (MOU) with the ICON Foundation for blockchain technology and business cooperation.

SK Planet is an Internet platform development company located in Pangyo, South Korea’s silicon valley. It was spun off from SK Telecom to focus on online services and has since evolved to focus on three core business services: e-commerce, online-to-offline services, and digital marketing.

The ICON Foundation is building a decentralized network that allows independent blockchains with different governances to transact with one another without intermediaries. ICON claims that it already boasts communities comprised of reputable institutions, including banks, securities, insurance, hospitals, universities, and more.

The two companies will be working together to create new customer values and business opportunities by linking ICON’s blockchain technology with Korea’s leading mobile services, such as OK Cashbag and Syrup provided by SK Planet. The goal is to transform the digital marketing framework for existing brands and enhance customer experience in both online and offline areas.

“Through cooperation with SK Planet, which has OK Cashbag and Syrup services already being widely used by the public, ICON will keep up the hard work to popularize blockchain,” said J.H. Kim, the council member of ICON Foundation.

Additionally, the two companies will collaborate to support small and medium-sized enterprises (SME) to boost the local economy and commercialize blockchain across Asia.

“Blockchain appears to be one of the key technologies that will promote market transformation in existing industry for the medium and long term” said JM Park, the Head of Marketing Platform division at SK Planet. “SK Planet will work with ICON to derive synergies in various fields so that we can offer differentiated benefits to our customers.”