SK Telecom (NYSE:SKM) today announced that it signed a Memorandum of Understanding (MOU) with Telkom Indonesia (PT Telekomunikasi Indonesia), the largest telecommunications services company in Indonesia, to cooperate in new business areas including IoT, media and smart products/Lifeware*.

*Lifeware (‘life’ + ‘hardware/software’) refers to SK Telecom’s consumer-centric smart devices that add value and convenience to people’s lives.

The MOU signing ceremony took place at Telkom headquarters located in Jakarta, Indonesia on May 12, 2016, and was attended by Lee Eung-sang, Executive Vice President and Head of Global Business Division of SK Telecom, and Indra Utoyo, Chief Innovation Strategy Officer of Telkom.

Under the MOU, the two companies will work together to develop new business opportunities in the areas of smart city and IoT services. To this end, SK Telecom plans to introduce to Telkom its IoT platform ThingPlug and share its knowhow in deployment and operation of LoRa networks with the aim to jointly develop IoT technologies and services that are tailored to the Indonesian market/customers. Building on this, the two companies will also discuss the idea of building a joint venture for their IoT business within the next two years.

SK Telecom and Telkom also agreed to collaborate in the development of cloud-based TV services/solutions for Telkom customers by utilizing SK Telecom’s media solution ‘Cloud Streaming.’

          *Provided by SK Telecom’s wholly-owned subsidiary ENTRIX, Cloud Streaming is an innovative solution that enables media companies including cable, TV, IPTV service providers to realize a high-performance, high-quality service regardless of set-top box performance/specification. The solution significantly enhances content transmission speed by utilizing cloud servers to handle data, thereby improving user convenience and satisfaction.

Furthermore, the two companies agreed to work together to introduce SK Telecom’s laser pico projector ‘UO Smart Beam Laser’ to the Indonesian market. Going forward, SK Telecom plans to join hands with PINS, Telkom’s distribution subsidiary, to launch more UO-branded products – including UO Smart Beam 2 (pico projector) and UO Linkage (portable Hi-Fi audio) – in Indonesia.

“Through the MOU, SK Telecom will work closely with Telkom to develop mutually-beneficial business opportunities in diverse areas including IoT, smart city and media,” said Lee Eung-sang, Executive Vice President and Head of Global Business Division of SK Telecom. “Building on this partnership, the two companies will continue to make joint efforts to expand their presence beyond the Indonesian market.”