January 31, 2005
LG Telecom, Citibank Korea offers mobile banking
LG Telecom Ltd, the smallest of South Korea's three mobile phone operators, said Monday it will jointly offer a mobile banking service with Citigroup's local banking unit, reports Asia Times.
"LG Telecom subscribers will be able to conduct various banking transactions at Citibank Korea using specially equipped mobile phones starting on Tuesday, the company said in a statement.
In South Korea, which has the world's fastest mobile phone networks, mobile phone operators and banks are allying to spread mobile banking services. To use such a service, customers must buy a new phone equipped with a chip that is needed to communicate with bank computer systems.
So far, LG Telecom said, it has attracted 1.62 million subscribers to its mobile banking service. "
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