SK Telecom, Citigroup team on mobile banking

Korean mobile operator SK Telecom announced a joint venture with international financial conglomerate Citigroup to sell mobile banking and payment solutions in the North American and Asian markets. Each firm will invest $8 million to launch San Francisco-based Mobile Money Venture, which will provide a series of mobile transactional services similar to SK Telecom's Moneta service in Korea. SK Telecom will develop mobile banking software and hardware systems for Citibank customers in Hong Kong and major U.S. cities; pending successful trials, Mobile Money Venture will expand into mobile payment and electronic coupon services. "This is not an exclusive deal, so we will be able to sell the platform to other banks and mobile carriers in other countries later on," SK Telecom spokeswoman Cindy Kang told The Korea Times.

For more on Mobile Money Venture:
- read this Korea Times

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