Ahead of Lunar New Year Holiday, Top 3 Mobile Carriers to Advance 78 Billion KRW Payments to SME Partners

SK Telecom, Early Payment of 35 Billion Won
KT and LG Uplus Also Settle 27 Billion and 16 Billion Won Each
Enhancing Liquidity Amid COVID-19
Contribution to Economic Revitalization

[Asia Economy Reporter Cha Min-young] To celebrate the Lunar New Year holiday, the three major mobile carriers are advancing payment of 78 billion KRW in delivery fees to promote win-win cooperation.

According to the telecommunications industry on the 8th, SK Telecom, KT, and LG Uplus, the three major mobile carriers, will pay a total of 78 billion KRW in advance to dealerships and network and wireless communication device construction partners ahead of this year's Lunar New Year holiday.

SK Telecom plans to pay approximately 25 billion KRW in advance to about 250 dealerships nationwide and 10 billion KRW to 52 small and medium-sized network construction partner companies. KT will also pay 27 billion KRW in advance to its partners by the 9th. LG Uplus has decided to pay 16 billion KRW in delivery fees in 100% cash to about 2,000 small and medium-sized partners.

These companies expect that this win-win plan will help improve cash liquidity for external partners who have been thoroughly managing distribution channels and network infrastructure even amid the COVID-19 situation. Additionally, small business owners operating dealerships will be able to reduce their financial burden and welcome the Lunar New Year holiday, which is expected to contribute to economic revitalization.

The advanced payments are also expected to be used for new product production, facility investment, and research and development (R&D) funds. This is the time when partner companies responsible for delivering wireless repeaters, wired network equipment, network construction, IT development, and operations establish investment plans for their business this year.

Meanwhile, KT is implementing the ‘Clean KT Campaign for the Lunar New Year’ to strengthen ethical management practices. This campaign, which prohibits exchanging gifts with stakeholders such as partners, is being conducted for three weeks from the 1st to the 19th.

This content was produced with the assistance of AI translation services.