SK Telecom and Citi launch JV to provide mobile financial services

SK Telecom and Citi have announced Mobile Money Ventures, 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 around the world.

"With our expertise in telecom and mobile finance, SK Telecom is proud to be able to provide our advanced technology to worldwide customers and deliver the next generation of mobile banking technology. We are also excited to team up with Citi, a financial services leader in terms of its global presence, scale and customer base," says Jin-Woo So, president, global biz company, SK Telecom.

The goal of Mobile Money Ventures is to develop a comprehensive mobile phone platform that encompasses all key m-banking value propositions and link them together on the phone and online. SK Telecom sees great potential for the telecommunications and m-payments market around the world. Currently, only simple mobile finance features such as balance management and payment services are offered in many markets.

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 payments using NFC technology, budget planning and tracking, expense management and location based advertisements and discounts.

"At Citi, we are pioneering innovative payment solutions and technology that deliver speed, value, and convenience to provide superior service for our clients around the world,” says Ajay Banga, CEO, global consumer group international, Citi. “Partnering with SK Telecom to develop a comprehensive global mobile financial services platform will simplify how our customers manage their finances, ensuring the experience is fast, easy, and secure.”

The joint venture company will be equally owned and funded by both SK Telecom and Citi. The company will be managed by a joint board that will consist of six executives, three from each company. The technology, development operations, and staff of Mobile Money Ventures will be based in San Francisco. The two companies expect to beta test Mobile Money Ventures with Citi customers in select markets in Q2 2008.