Citi and SK Telecom set up mobile commerce joint venture
Citigroup Inc. and South Korea's SK Telecom Co. are investing $8 million each to launch a joint venture offering mobile financial services in Asia.
The joint venture, Mobile Money Ventures LLC, will offer a trial service to Citi customers in select Asian and North American markets in the second half of 2008.
The new company aims to provide broader banking services on cell phone, with new features such as near field communication-based (NFC) payments, stock management and advertisements. SK Telecom also runs a mobile venture in the United States with EarthLink Inc