Korea’s SK Networks partners with Malaysia’s Sunway on AI
Hyeon-woo Oh
Oct 30, 2024 (Gmt+09:00)
Sunway Group CEO Evan Cheah (left) and SK Networks President and Chief Operating Officer Choi Sunghwan pose for a photo after signing a cooperation agreement in Seoul on Oct. 22, 2024 (Courtesy of SK Networks) South Korean trading company SK Networks Co. has joined forces with Malaysian conglomerate Sunway Group to work together on future growth sectors such as artificial intelligence to transform into an AI technology investment company.
SK Networks and Sunway signed a memorandum of understanding for cooperation, the unit of South Korea’s second-largest conglomerate SK Group said on Wednesday. SK Networks and Sunway plan to collaborate on AI sectors in South Korea and Malaysia while considering joint entries into other countries.
The two companies also agreed to mull establishing a joint venture between Sunway and SK Magic Co., SK Networks’ wholly owned home appliance and lifestyle solution rental subsidiary in Malaysia and possibly exchange stakes to deepen ties.
TO TRANSFORM INTO AI COMPANY
“We may cooperate on innovative AI products that SK Magic is developing while expecting a business model to develop and build AI systems within Sunway Group based on the technology of SK Networks’ US AI unit PhnyX Lab,” said SK Networks.
PhnyX Lab is SK Networks’ AI technology development unit in Silicon Valley, California.