SK Telecom And Citigroup Launch Mobile Banking JV

South Korean mobile operator SK Telecom (NYSE: SKM) and Citigroup, the US's largest bank, launched a joint venture today to offer mobile financial services in select markets in Asia and North America, reports Reuters. The two have invested $8 million into a joint venture, Mobile Money Ventures, that will give Citi customers banking services—including near field communication-based payments, stock management and advertisements--on their mobiles starting in the second half of 2008. According to the Korea Times, SK Telecom will develop the software and hardware for the venture, which it says is not an exclusive deal with Citi, and plan to sell the platform to other banks and carriers in the future. It will test out mobile banking first, then mobile payments and electronic coupon services. In South Korea, SK Telecom already offers a chip-based payment service called Moneta, where consumers can swipe their mobile phones at payment points at participating shops and restaurants, as well as buses and subways.