The South Korean government has released its plan to popularize 5G mobile services which will be launched in Korea next month.
“5G mobile services will contribute greatly to enhancing people’s living standards,” said Hong Nam-ki, South Korean deputy prime minister and minister of strategy and finance, at an Innovative Growth Strategy Meeting in Seoul on Feb. 20.
He also said that the South Korean government has made a lot of efforts for early 5G frequency allocation, R&D expansion and tax credits for 5G network builders so that the services can be launched without delay. He said the three major mobile carriers in South Korea are expected to invest more than three trillion won in the services this year.
“The government will fully open the financial settlement network for new services such as easier payment and remittance while setting up a new system within this year so that fintech firms can use banks’ settlement networks at a low cost,” he said.