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Press Release
Reached a MOU with Shinhan Bank, Chohung Bank, Woori Bank, and Hana Bank, for the launch of a chip-based mobile banking service, by March of 2004
Increases synergy effect by establishing win-win business model between a telecom company and banks.
Adopted the ’SEED’ for standard security module of a banking IC chip
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SK Telecom plans to fully a mobile banking service by March of 2004 in cooperation with Shinhan Bank, Chohung Bank, Woori Bank, and Hana Bank.
On the 5th of December, SK Telecom announced that the company reached a Memorandum of Understanding (MOU) for the launch of chip-based mobile banking services with Shinhan Bank and Chohung Bank followed by a MOU with Woori Bank and Hana Bank. SK Telecom, together with these four banks, will begin to develop the service this month, in order to introduce it to the market by March of 2004.
Through this service, SK Telecom plans to introduce ’e-Bankbook’ services as well as a variety of e-Commerce services connected with the ’MONETA Card’. The company has already been providing such services as credit card, membership, and e-Money through the MONETA Card.
With the aim of increasing synergy, through the establishment of a win-win business model between a telecom company and banks, SK Telecom will continue to form affiliations with financial firms such as the National Agricultural Cooperative Federation, and local banks. This will be in addition to the four banks previously named.
Due to dislike for the Triple-DES(Data Encryption Standard) security module adopted by KB and LG Telecom, SK Telecom took ’SEED’ from a standard security module of a banking IC chip selected by the Korea Telecommunications and Clearings Institute. The ’SEED’ will contribute to increasing the mobile banking business by facilitating interoperability between banks. The two different chips (MONETA Chip and Bank Chip) will be issued for the mobile banking service that is under development. SK Telecom is also developing a terminal that accepts the two different chips.
An SK Telecom official revealed that the company and four banks are developing many kinds of financial services offered through the chip-based mobile banking service. Further, they are preparing a wide range of marketing activities to activate the service.
"Through affiliation with the four banks, SK Telecom will further promote the convergence of services between mobile communications and finance. The company will make a timely response to the customers’ diverse needs, by providing more advanced mobile banking services in cooperation with the banks", said Bang Hyung Lee, head of SK Telecom’s Business group.
Through this service, SK Telecom plans to introduce ’e-Bankbook’ services as well as a variety of e-Commerce services connected with the ’MONETA Card’. The company has already been providing such services as credit card, membership, and e-Money through the MONETA Card.
With the aim of increasing synergy, through the establishment of a win-win business model between a telecom company and banks, SK Telecom will continue to form affiliations with financial firms such as the National Agricultural Cooperative Federation, and local banks. This will be in addition to the four banks previously named.
Due to dislike for the Triple-DES(Data Encryption Standard) security module adopted by KB and LG Telecom, SK Telecom took ’SEED’ from a standard security module of a banking IC chip selected by the Korea Telecommunications and Clearings Institute. The ’SEED’ will contribute to increasing the mobile banking business by facilitating interoperability between banks. The two different chips (MONETA Chip and Bank Chip) will be issued for the mobile banking service that is under development. SK Telecom is also developing a terminal that accepts the two different chips.
An SK Telecom official revealed that the company and four banks are developing many kinds of financial services offered through the chip-based mobile banking service. Further, they are preparing a wide range of marketing activities to activate the service.
"Through affiliation with the four banks, SK Telecom will further promote the convergence of services between mobile communications and finance. The company will make a timely response to the customers’ diverse needs, by providing more advanced mobile banking services in cooperation with the banks", said Bang Hyung Lee, head of SK Telecom’s Business group.