MMV Solution to Power Mobile Financial Services for Citibank
Hong Kong Customers;
Allow Banking Services to be Available on iPhone3G
Mobile Money Ventures LLC (MMV), a joint venture of Citi (NYSE: C) and
SK Telecom (NYSE:SKM), today announced its first customer implementation
with Citibank Hong Kong. Citibank will use the MMV platform to deliver
mobile financial services to its customers in Hong Kong in Q3 2008.
Additionally, MMV’s platform will make it
possible to access Citibank’s Mobile Financial
Services on the recently announced iPhone3G.
MMV is the first company to offer a comprehensive, robust and secure
mobile financial services platform. As a result, Citibank Hong Kong,
which offers a complete range of world-class financial products and
services through its 26 branches, will be able to leverage growth
opportunities, enhance loyalty and stay close to its customers. With the
MMV solution, Citibank Hong Kong’s customers
will be able to take advantage of a variety of mobile financial features
while on the move. They will be able to do their banking quickly, easily
and, most importantly, securely.
MMV’s customized product for Citibank includes
a variety of mobile financial services. The initial set of services will
include Hong Kong-based stock trading, real time stock quote, funds
transfers to Citibank accounts worldwide using Citibank Global Transfers
or a Hong Kong third-party account, bill pay from Citibank accounts,
retrieval of detailed balance of banking and credit card accounts for up
to 90 days, opening and renewal of time deposits for local and foreign
currencies and market and investment news. More services will be
launched at a later stage.
“As lifestyles become increasingly mobile
worldwide, the banking industry is poised for a whole new way of doing
business. Financial institutions (FIs) and carriers have the opportunity
to take the lead in the next generation of banking by delivering
innovative applications, such as mobile banking,”
said Steve Kietz, CEO of Mobile Money Ventures, and executive vice
president of Growth Ventures and Innovation at Citi. “We
are working closely with our FI customers to deliver a customizable,
secure and feature-rich offering that can be brought to the market
quickly and enriches each customer’s banking
experience.”
MMV and Citibank are working together to develop a mobile banking
application that takes advantage of the innovations around iPhone 3G.
