KT has joined hands with Mongolia's Trade and Development Bank and Woori Bank to offer integrated finance and telecommunications services for foreigners entering South Korea.

KT on Tuesday signed a three-way business agreement with Trade and Development Bank (TDB) of Mongolia and Woori Bank at its Gwanghwamun West building in Seoul to provide finance and telecom services tailored for foreigners.

The agreement was 추진됐다 to provide services combining finance and telecommunications to foreign customers entering South Korea. The three will pursue linked telecom and finance services for newly arriving Mongolians, joint marketing based on online and offline channels, development of dedicated services for foreigners, and a cooperative framework to expand global business.

KT and Woori Bank will offer a package service for Mongolians entering South Korea that combines opening a financial account and a mobile plan. KT's '5G Welcome Plan Series' for Mongolian nationals allows postpaid activation with only a passport even before the issuance of an alien registration card. Its '001 Free' international calling service offers up to 200 minutes of free calls per month. It will also support living benefits such as free remittance fees.

KT and Woori Bank also plan to offer a 'K-Life Total Package' that includes a welcome promotion linked to automatic account transfers, telecom and finance services, and living convenience benefits. They will also analyse the living patterns and key inconveniences of foreigners staying in South Korea to continue identifying telecom and finance services tailored for foreigners.

Hae-gwang Lee (이해광), head of Woori Bank's retail group, said the bank aims to provide finance and telecom benefits that are of practical help to foreign customers staying in South Korea. He said it will expand partner countries after successfully establishing the Mongolia cooperation model.

Bong-gyun Kim (김봉균), KT's head of the enterprise division and a vice president, said it will help foreign customers staying in South Korea adapt to life in the country more conveniently. He said KT will actively support their stable settlement starting with this cooperation.