SK Telecom has launched its commercial mobile financial services with Citibank Hong Kong through their joint-venture vehicle Mobile Money Ventures. The company expects its mobile finance technology to take off globally amid a growing market of mobile bankers support from operators and handset manufacturers.
SK Telecom sees "great potential" for further expansion of the mobile financial platform, especially in areas like North America where currently only simple mobile finance features such as balance management and payment services are offered. The $16-million Mobile Money Ventures has developed a platform that enables financial institutions, carriers and partners to quickly deliver mobile banking services.
In October, Citibank Hong Kong rolled out its first m-banking services using the platform, which includes local-based stock trading and real-time quote, fund transfers, bill payments, account and credit balance, time deposits, and market and investment news. More services will be launched at a later stage.