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LG Telecom,
Citibank Korea offers mobile banking
SEOUL - 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.
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.
Last year,
Citigroup, the world's largest financial services
company, bought KorAm Bank, the country's
sixth-largest lender, for about US$2.7 billion.
As of the end of December last year, LG
Telecom had about six million customers, or about
16% of the market, which is led by SK Telecom Co
and KTF Co.
About 76% of the country, or
36.58 million people out of a population of 48
million, own at least one mobile phone as of the
end of 2004.
Asia
Pulse/Yonhap) |
