South Korean telecom operator SK Telecom has formed a joint venture (JV) with South Korea’s Hana Financial Group to launch a mobile financial services platform.
The JV, tentatively named Hana-SK Fintech Corporation, will launch with a capital stock of KRW50bn ($44.4m).
Hana Financial will own a 51% stake in the JV, while SK Telecom will own the remaining 49% stake.
The new mobile platform will leverage SK Telecom’s advanced mobile technologies and big data analytics and Hana Financial’s expertise in financial services to offer mobile easy payment, mobile remittance and mobile asset management – through a single mobile app.
The mobile platform is expected to launch in the first half of 2017.
SK Telecom CEO and president Jang Dong-hyun said: “The mission of the joint venture is to realize an integrated fintech platform that enables customers to use mobile financial services in the most convenient and secure manner.”
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The JV will also promote international partnerships to expand its fintech services worldwide, and will work with startups to help develop their ideas from an early stage.
Hana Financial Group chairman Kim Jung-tae said: “The joint venture will enrich customers’ lives through a new variety of innovative fintech services developed by converging Hana Financial Group’s financial services and SK Telecom’s ICT and mobile services. It will also work closely with startups to build an open fintech ecosystem.”