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Citibank forays into mobile technology

Citibank Hong Kong launched the first commercial mobile financial services through Mobile Money Ventures (MMV), a US$16 million-joint venture with Korean-based wireless communication provider SK Telecom.

Based in California, MMV was formed this year to target the global market, and has developed a mobile financial services platform that enables financial institutions, carriers and partners to deliver mobile banking services.

In October 2008, 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.

“MMV's solution allows financial institutions and wireless carriers to harness the mobile channel and deliver innovative mobile banking applications to their customer base,” says Steve Kietz, CEO of Mobile Money Ventures, and executive vice president of growth ventures and innovation at Citibank.

“Our work to develop and deliver a customized mobile banking application that takes advantage of 3G innovations reinforces our mission to help our customers leverage new growth opportunities and increase customer loyalty” he adds.

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