LG Telecom to Offer Mobile Banking

January 31st, 2005

SEOUL, Asia Pulse reports – LG Telecom Ltd. (KOSDAQ:032640), 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 per cent of the market, which is led by SK Telecom Co. and KTF Co.

About 76 per cent 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.

Entry Filed under: Asia,Technology

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