Korean telecommunications company SK Telecom and US financial services company Citi have launched a joint venture called Mobile Money Ventures. The company will develop a mobile phone platform in order to deliver a linked mobile and online banking service. Mobile Money Ventures will enable both companies to provide mobile financial services that include mobile phone 'tap' based payments using NFC technology, budget planning and tracking, expense management and location based advertisements and discounts. The two companies will beta test Mobile Money Ventures with Citi customers in select markets in the second half of 2008. The company will be equally owned and funded by both SK Telekom 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.
