Network operator KT has joined forces with four local companies to grow the sector for connected bicycles, the company said Wednesday.

The network firm and its four partners -- bike-maker Alton Sports, credit card firm BC Card, security firm KT Telecop, and insurance firm Dongbu Insurance -- signed a memorandum of understanding for the initiative in Seoul on the day.


They will develop a solution that tracks down the locations of the so-called Internet-of-Things bicycles equipped with alarm sensors to prevent theft and sensors to send users notifications on battery status.

KT said it would utilize its communications modules, tailored for the Internet of Small Things, a network services for small sensors and devices, and the Long-Term Evolution Machine, or LTE-M, a network optimized for communications between objects.

The bike firm will supply the IoT bicycles through its stores across the nation while BC Card will pour resources into the marketing efforts for the connected bike.

KT Telecom will roll out services and measures to prevent possible theft attempts targeting the IoT bicycles and the insurance firm will provide insurance services.

“KT and the partners will try to offer convenience for customers by combining services in different segments, including communications, insurance, and security,” said Kim Hyeong-wook, head of KT’s platform business division.

By Kim Young-won (wone0102@heraldcorp.com)