SK Telecom, Korea's largest network operator, announced today that it will team up with Samsung to build an IoT (Internet of Things) hub in the city of Daegu, South Korea. Both the companies signed a MoU (memorandum of understanding) earlier today to transform the whole city into a state-of-the-art IoT hub.
Samsung and SK Telecom will deploy latest network systems and connected devices in the proposed IoT hub. SK Telecom hopes that the IoT hub will help startups and new ventures in growing. It could also improve South Korea's declining economy. The networking giant wants to create an ecosystem to help budding startups that are seeking to infiltrate the global market.
Daegu, South Korea's fourth-largest city, is known for its textile businesses. However, Samsung wants work with the country's largest networking provider to transform it into a global IoT city. The city plans to make some areas regulation-free so that IoT startups could test and roll out innovative products without restrictions.
Also read: Samsung is developing an operating system for Internet of Things
Samsung, which ranked ninth in a list of global IoT companies last quarter, will provide required network equipment. SK Telecom will offer its big data and cloud computing technologies in this partnership. Local businesses will be tasked with finding promising IoT startups. After setting up the IoT test bed, the technology will be installed in every nook and corner of the city.
