"SKT Approves 'T map Spin-off' at Shareholders Meeting to Spark New Wave in Mobility"

[Asia Economy Reporter Joselgina] "Besides meals and housing, transportation is the most costly expense in our daily lives. We will bring a new wind to the mobility ecosystem."

SK Telecom's 'Mobility Innovation,' led by CEO Park Jung-ho, has taken its first step. At the extraordinary general meeting held at 10 a.m. on the 26th in the Supex Hall of SK Telecom headquarters in Euljiro, Seoul, the 'Approval of the Mobility Business Division Spin-off Plan' was passed as originally proposed. The approval was finalized with 81.64% of the total voting shares participating and 99.98% of the attending shares voting in favor.

Accordingly, the newly established corporation 'Tmap Mobility (tentative name)' will launch on the 29th of next month. Based on Tmap, the nation's number one navigation service, Tmap Mobility will focus on platform taxis and mobility on-demand services. It will also challenge 'flying cars' that travel between Seoul and the Gyeonggi region within 30 minutes during commuting hours.

At the extraordinary general meeting, CEO Park and Mobility Business Director Lee Jong-ho introduced the significance and vision of SK Telecom's mobility business to shareholders through a separate presentation.

CEO Park emphasized that mobility is as important in our daily lives as meals and housing, stating, "We will innovate the way people and things move based on SK Telecom's ICT and bring a new wind to the mobility ecosystem." The goal is to build Korea's representative 'Mobility Life Platform' encompassing car sharing, designated driving, parking, and public transportation through Tmap Mobility.

With the launch of Tmap Mobility, Tmap, which has 18.5 million subscribers, will take an independent survival path by expanding into a comprehensive mobility ecosystem that includes artificial intelligence (AI) and autonomous driving, beyond just a simple navigation service. For SK Telecom, this marks a significant move to target mobility as a core future business and cash cow at a time when the mobile communication market is practically saturated. SK Telecom plans to grow Tmap Mobility, which will be incorporated as the fifth business division alongside mobile communications, media, security, and commerce, into a 4.5 trillion KRW scale business by 2025. The mid-to-long-term goal is to enhance SK Telecom's corporate value through an initial public offering (IPO).

The 'super cooperation' with global ride-sharing company Uber is also expected to accelerate. Uber is known to become the second-largest shareholder of Tmap Mobility. The joint venture company with Uber is scheduled to be established in the first half of next year. An industry insider predicted, "With the launch of Tmap Mobility, a major upheaval is expected in the domestic mobility market, which has been dominated by Kakao Mobility. As competition between companies intensifies, innovative mobility services will be launched one after another."