SK Telecom and Citi Partner to Provide Next Generation of Mobile Financial Services and Technologies

(Business News & Technology News, 6 Mar 2008)

SK Telecom and Citi have formed Mobile Money Ventures LLC., a joint venture company that brings together two industry leaders to develop mobile financial services and technologies that will deliver greater functionality, speed, and convenience to consumers worldwide. The joint venture company, led by CEO Steven Kietz, will be equally owned and funded by SK Telecom and Citi with each company investing $8 million.

The goal of Mobile Money Ventures is to develop a comprehensive mobile phone platform that encompasses all key mobile banking value propositions and link them together on the phone and online. SK Telecom sees great potential for the U.S. telecommunications and mobile payments market where currently only simple mobile finance features such as balance management and payment services are offered.

By leveraging SK Telecom's proven expertise in the tech savvy Korean mobile market with services like Moneta and M-bank, and Citi's innovative products, global marketing capabilities, and vast customer base, Mobile Money Ventures will enable both companies to provide the most advanced mobile financial services available. New features will include mobile phone "tap" based payments using Near Field Communication (NFC) technology, budget tracking, expense management, stock management and location based advertisements and discounts.

The two companies expect to beta test Mobile Money Ventures with Citi customers in select Asia and North America markets in the second half of 2008.

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