SINGAPORE - Starhub and Finnish telecommunications company Nokia signed a memorandum of understanding (MOU) on Monday to co-develop and launch commercial IoT (Internet of Things) applications and services in Singapore.

Under the agreement, both companies will develop new use IoT cases and applications in the areas of connected living, connected vehicles and connected buildings, with an eye on offering commercial services to customers in the first quarter of 2018.

Smart parking, environmental sensors and video analytics are areas Nokia will support telco StarHub in developing, and Nokia will also help promote IoT technology through developer outreach programs and participation in IoT-related events.

The granular data derived from sensors will allow enterprise customers to understand and gain insights from their customers, said Chong Yoke Sin, StarHub's enterprise business group chief.

"We will leverage Nokia's IoT technology to help address urban challenges faced by our government and commercial customers. We also look forward to building viable business models on this nascent technology," Dr Chong said.

Nicolas Bouverot, head of Nokia's Asia South market unit, said that the company's insights will enable StarHub to build and deploy "high-value services and business models".