29 July 2017
visit www.finastra.com

SK Telecom readies for move into financial services with Hana Financial stake

11 December 2009  |  5511 views  |  0 smartphone

South Korean mobile telco SK Telecom is set to buy a 49% stake in credit card operator Hana Financial, in a move that is likely to accelerate the convergence of telecoms and banking transactions in the country.

Local paper Yonhap News reports that SK Telecom had agreed to pay $343.4 for its stake in the country's fourth-largest finanial services group, citing an unnamed source. The deal is expected to be agreed on Monday, the paper says.

SK Telecom already operates an international P2P payments joint venture, Mobile Money Ventures, in partnership with Citigroup.

A tie-up with Hana would give the firm a foothold in the country's mature $400 billion credit card market.

In South Korea, 97% of the population own a mobile phone while most adults also carry more than four credit cards, creating opportunities for new revenue streams through the convergence of telecoms and banking.

Hana Financial chairman Kim Seung-yu told a news conference last month that the introduction of next generation smartphones would provide a sound business case for combining telecoms, financial and retail services.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Korean telcos and banks replace debit cards with mobile phones

Korean telcos and banks replace debit cards with mobile phones

22 December 2008  |  11067 views  |  0 comments
Visa reports m-payments schemes in Brazil and South Korea

Visa reports m-payments schemes in Brazil and South Korea

03 September 2008  |  8737 views  |  0 comments
Citi to roll out MMV mobile banking platform in Hong Kong

Citi to roll out MMV mobile banking platform in Hong Kong

23 July 2008  |  8773 views  |  0 comments
Citi m-banking technology compatible with Android

Citi m-banking technology compatible with Android

24 June 2008  |  12947 views  |  0 comments
Citi forms m-banking JV with South Korean telco

Citi forms m-banking JV with South Korean telco

06 March 2008  |  8439 views  |  0 comments
Visa and SK Telecom partner for infrared mobile payments

Visa and SK Telecom partner for infrared mobile payments

23 May 2002  |  7048 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.finastra.comvisit www.worldpaymentsreport.comdownload the paper now

Top topics

Most viewed Most shared
US firm to implant employees with RFID chipsUS firm to implant employees with RFID chi...
10104 views 16 comments | 33 tweets | 38 linkedin
hands typing furiouslyHow automation can help transform the fina...
8678 views 0 | 6 tweets | 2 linkedin
Santander looks to smooth fintech integration with BiBoxSantander looks to smooth fintech integrat...
8013 views comments | 16 tweets | 15 linkedin
UniCredit confirms data breachUniCredit confirms data breach
7455 views comments | 11 tweets | 17 linkedin
hands typing furiouslySWIFT Blockchain POC: enhanced cross-borde...
7236 views 1 | 4 tweets | 14 linkedin

Featured job

Competitive
London, UK (or flexible)

Find your next job