KT Corp., a major South Korean telecommunications firm, said Wednesday it has a signed a partnership with a Taiwanese telecoms operator on 5G services and digital content development.

Under a memorandum of understanding (MOU) with Far EasTone Telecommunications Co. (FET), KT will collaborate in developing 5G-related solutions.

FET, an affiliate of Taiwan's major conglomerate Far Eastern Group, said the business cooperation will help the company become a market leader in 5G services.

"Through extensive cooperation with KT, we at FET aim to upgrade some 20 percent of our existing LTE subscribers to 5G within this year," FET Executive Vice President T. Y. Yin said.

Meanwhile, KT said the MOU was signed online Tuesday via Engage, its virtual meeting platform. (Yonhap)