[Edaily Reporter Kim Hyun-ah] #KT has partnered with Mongolia’s Trade and Development Bank (TDB), the country’s largest private bank, and Woori Bank to target the market for converged telecommunications and financial services aimed at foreign residents in Korea.

KT has signed a three-party Memorandum of Understanding (MOU) with the Trade and Development Bank of Mongolia (TDB) and Woori Bank to provide specialized financial and telecommunications services for foreigners.

This move comes as the market for services tailored to foreigners—combining telecommunications, finance, and daily living services—is emerging as a new growth sector, driven by the fact that the number of foreigners residing in Korea is approaching 3 million.

The three companies will pursue the following initiatives: ▲ providing telecommunications and financial linkage services for newly arrived Mongolians ▲ joint marketing ▲ developing specialized products exclusively for foreigners ▲ establishing a global business cooperation framework.

KT and Woori Bank plan to introduce a package combining mobile communication services with financial account opening for Mongolians. The goal is to establish a service that covers everything from the preparatory stage before arrival to the process of settling in Korea.

KT will offer a "5G Welcome Plan" exclusively for foreigners. Even before receiving an Alien Registration Card, customers can sign up for a postpaid plan using only their passport, and dedicated consultation services will also be provided.

In addition, they will offer benefits tailored to the needs of foreigners, such as up to 200 minutes of free calls per month via the international calling service “001 Free” and coupons for free money transfer fees.

The two companies also plan to launch the "K-Life Total Package," which combines telecommunications and financial services with lifestyle conveniences. The goal is to support the entire process of foreigners settling in Korea by combining benefits linked to automatic account transfers with various lifestyle services.

Starting with this Mongolian partnership model, KT plans to expand its services to international students and foreign workers. It also intends to diversify its business models for foreign customers by increasing cooperation with financial institutions in various countries.

Lee Hae-kwang, Head of the Retail Group at Woori Bank, stated, “We will provide financial and telecommunications services that offer practical assistance to foreign customers residing in Korea,” adding, “After successfully establishing the Mongolian model, we will expand our partnerships to other countries.”

Kim Bong-kyun, Executive Vice President and Head of KT’s Enterprise Division, stated, “We plan to continuously expand our differentiated services that support the stable settlement of foreign customers in Korea,” adding, “We will continue to develop new business models that integrate telecommunications and finance.”