SK Telecom announced today that Mobile Money Ventures LLC (MMV), its joint venture company with Citi, launched the first browser-based mobile banking service in the Philippines. Joining forces with Citibank Philippines, MMV will provide Citi Mobile Banking (CMB), a pioneering service that will allow customers of Citi to efficiently manage their banking needs from any location via their mobile phones.
Jin-Woo So, President and Head of Global Management Service CIC at SK Telecom said, “With our expertise in telecom and mobile finance, SK Telecom is proud to provide advanced technology to customers worldwide and deliver the next generation of mobile banking technology through our joint venture, Mobile Money Ventures. We are committed to further developing and expanding mobile banking services to additional markets.”
Features of the new service include bill pay, account information, and fund transfer. All banking options are easily accessible via any mobile internet platform on the customer’s mobile phone. MMV ensures security for customers with a dual-factor authentication system. For added security, there is no financial information permanently stored on the customer’s mobile phone.
“We are committed to offering next-generation mobile solutions for financial institutions and have worked closely with Citibank in the Philippines to develop a comprehensive, customizable and secure platform that delivers a rich mobile financial services experience to users,” said Steve Kietz, CEO of Mobile Money Ventures.
The launch of Citi Mobile Banking in the Philippines is the second service deployed in Asia for MMV, following the introduction of a mobile banking service last year in Hong Kong which provided Citibank customers with features such as portfolio management and stock information, in addition to basic banking services. MMV and Citi are also planning to launch similar services in more countries in Asia-Pacific by the end of this year.
