Citi’s Mobile Money Ventures Announces Customer, iPhone Capabilities

Citibank Hong Kong will go live with the m-financial services solution offered by Mobile Money Ventures (MMV), a joint venture between Citi (New York) and South Korea's SK Telecom. Citibank Hong Kong will be the first customers to go live with the solution. The rollout will occur in the third quarter.

In addition, MMV announced its m-banking and payments solution will be available on Apple's iPhone and will take advantage of the phone's 3G technology. This rollout will also occur in the third quarter.

The Hong Kong implementation will allow Citibank customers there to use their mobile phones to perform a variety of financial services tasks, such as stock trading, checking real time stock quotes, funds transfers to Citibank accounts worldwide using Citibank Global Transfers or a Hong Kong third-party account, pay bills from Citibank accounts, retrieve detailed balance of banking and credit card accounts for up to 90 days, opening and renewing time deposits for local and foreign currencies, and they will be able to view market and investment news. More services will be launched at a later date, according to MMV.