News From Telecom World

Orascom Telecom awarded North Korea banking licence

Posted on: December 21, 2008

Orascom Telecom Holding, or OTH, said Thursday it had been awarded a banking license in the Democratic People’s Republic of Korea.

OTH said it was granted the license alongside the mobile phone license it received in January, according to a statement on the Cairo and Alexandria Stock Exchanges’ Web site.

The banking license will be utilized in the future when OTH launches mobile phone banking services but it isn’t an investment priority in the present time, the statement said.

OTH Monday launched Koryolink, the first third generation mobile network to operate in North Korea.

OTH holds 75% of the new network while Korea Posts and Telecomm Corp. owns the remaining 25%.

The network will initially cover Pyongyang with its population of over 2 million with potential to expand its coverage to the entire country.

Source: Total Telecom

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