SM Entertainment signs MOU agreement with VISA and KB Card
SM Entertainment has signed an MOU (memorandum of understanding) with global VISA company and KB Card.
On July 25th at 4:30PM KST at the SM Entertainment building in Cheongdam, SM's president Kim Youngmin met with VISA Korea's manager, James Dixon, and KB Card's Choi Gihee, where they signed an MOU. This then allowed the three companies to form a strategic and mutual development partnership concerning the entertainment and financial business.
SM Entertainment said on July 26th, "All three companies will work on a new business model in regards to the expansion of the entertainment and finance industry. We will create a platform that combines the synergy of K-Pop and the financial content."
"As per the MOU, KB card will release an SMTOWN branded card in mid-October called 'KB SMTOWN VISA Check Card' (working title), a card that can be used anywhere in the world through a global financial network. It will have various functions and benefits will be provided."
VISA and KB Card will be partnering up with SM Entertainment for the upcoming "S.M. ART Exhibition" that will be held on August 10th through the 19th, as well as the concert on August 18th, in which SMTOWN will hold their third live world tour concert in Seoul at the Jamsil Olympic Stadium.
"With this MOU, we now have the possibility to create a wide range of business models in the future and fans can expect to be offered various benefits."
Source: OSEN and 10Asiae