Mobile banking kicks off in Manila

Mobile Money Ventures LLC (MMV) has launched what it claims to be the first browser-based mobile banking service in the Philippines. A joint venture of SK Telecom and Citibank Philippines, MMV will provide Citi Mobile Banking that will enable customers to manage their banking needs with their mobile phones from any location.

The service enables bill payments and fund transfers and allows Citibank clients to access their account information. The services are accessible on the mobile phone via any mobile Internet platform. 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.

Steve Kietz, CEO of Mobile Money Ventures, said that "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."

In 2008, MMV introduced a similar mobile banking service in Hong Kong that also offers portfolio management and stock information. Similar services are planned to be launched in other Asia-Pacific countries in 2H 09.

Jin-Woo So, president and head of global management service 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."