Source: iStock/Chunumunu

South Korean telecoms giant SK Telecom says it will launch a blockchain-powered platform that will let customers manage financial assets online and shop on e-commerce sites. Also, it is readying a consultancy service for IT startups or small and mid-sized companies who want to pursue blockchain-related business.

The initiative is the latest development in the SK Group’s Token Economy drive, which it outlined earlier this year.

Oh Se-hyeon, the head of SK Telecom’s blockchain business development unit, told press representatives, “The new platform will let customers manage their bank accounts, credit cards, loyalty points and other assets, including cryptocurrencies, from one platform. People will be able to conduct safer transactions using our platform.”

SK says the consultancy service, which it is calling the Token Exchange Hub, will provide administrative support and consultation on a range of blockchain technology and cryptocurrency-related matters, including initial coin offering (ICO) issuances. ICOs are currently illegal under South Korean law, although many companies get around this by making issuances in nearby territories such as Singapore and Hong Kong. Oh said that South Korean companies need to know what their legal rights are on ICO-related matters.

SK Telecom is the biggest telecoms operator in the country, and per 2016 statistics, claims over 49% of the domestic telecoms market – ahead of rivals KT and LG Telecom.