content area
Press Release
The ’M-Bank service’-enabled terminals will be sold through KB’s 600 nationwide branches, starting on October 1st
SK Telecom plans to offer an Instant Mobile Lottery Purchase service, Apartment Subscription service, Stock Trading service, etc.
The M-Bank service is expected to have a great ripple effect in the market due to this strategic alliance between the number one mobile communications operator and the largest bank in Korea.
-
SK Telecom will launch the M-Bank service starting on October 1st. In addition to the M-Bank service, SK Telecom, together with KB, plans to offer a Mobile Lottery Instant Purchase service, Apartment Subscription service, stock trading service, etc.
SK Telecom announced that the company will launch the M-Bank Service starting on October 1st in a joint effort with KB, Korea’s largest bank. To this end, the M-Bank service-enabled terminals will be put into sales through KB’s 600 branches nationwide.
The two companies have been working together since July of 2003 to prepare for a successful introduction of this valuable service. SK Telecom’s goal is to sell more than 200 thousand M-Bank service chips through the KB outlets by the end of this year.
In addition to the M-Bank service, SK Telecom, together with KB, plans to offer a Mobile Lottery Instant Purchase service, Apartment Subscription service, stock trading service, etc.
By forming strategic affiliation with KB, the number of financial entities that provide the M-Bank service in a joint effort with SK Telecom has now reached eleven. These include Shinhan Bank, Chohung Bank, Woori Bank, Hana Bank, Gwangju Bank, Jeonbuk Bank, Kyungnam Bank, Cheju Bank, Koram Bank and the National Agricultural Cooperative Federation. SK Telecom will also form strategic alliances with two or three other banks by the end of this year.
"The affiliation with KB will lay the groundwork for growing the chip-based mobile banking service in the marketplace. We will let our customers use the service in the entire banking community by extending strategic affiliations with more financial entities, and providing interoperability with ATMs. This will certainly facilitate customer convenience" said Jin Seok Cha, vice-president of SK Telecom.
The M-Bank service is expected to have a widespread ripple effect in the market due to the strategic alliance between the number one mobile communications operator, and the largest bank in Korea. Both entities had previously launched a chip-based mobile banking service separately and in joint efforts, with different banks and different mobile communications service providers. This affiliation between SK Telecom and KB will lead the way in accelerating strategic alliances between a variety of financial entities and mobile communications operators.
SK Telecom has distributed about 1.3 million M-Bank service-enabled terminals in 20 different models since April 1st, 2004.
The two companies have been working together since July of 2003 to prepare for a successful introduction of this valuable service. SK Telecom’s goal is to sell more than 200 thousand M-Bank service chips through the KB outlets by the end of this year.
In addition to the M-Bank service, SK Telecom, together with KB, plans to offer a Mobile Lottery Instant Purchase service, Apartment Subscription service, stock trading service, etc.
By forming strategic affiliation with KB, the number of financial entities that provide the M-Bank service in a joint effort with SK Telecom has now reached eleven. These include Shinhan Bank, Chohung Bank, Woori Bank, Hana Bank, Gwangju Bank, Jeonbuk Bank, Kyungnam Bank, Cheju Bank, Koram Bank and the National Agricultural Cooperative Federation. SK Telecom will also form strategic alliances with two or three other banks by the end of this year.
"The affiliation with KB will lay the groundwork for growing the chip-based mobile banking service in the marketplace. We will let our customers use the service in the entire banking community by extending strategic affiliations with more financial entities, and providing interoperability with ATMs. This will certainly facilitate customer convenience" said Jin Seok Cha, vice-president of SK Telecom.
The M-Bank service is expected to have a widespread ripple effect in the market due to the strategic alliance between the number one mobile communications operator, and the largest bank in Korea. Both entities had previously launched a chip-based mobile banking service separately and in joint efforts, with different banks and different mobile communications service providers. This affiliation between SK Telecom and KB will lead the way in accelerating strategic alliances between a variety of financial entities and mobile communications operators.
SK Telecom has distributed about 1.3 million M-Bank service-enabled terminals in 20 different models since April 1st, 2004.