04 December 2016

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

11 December 2009  |  5335 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  |  10893 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  |  8296 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  |  8583 views  |  0 comments
Citi m-banking technology compatible with Android

Citi m-banking technology compatible with Android

24 June 2008  |  12758 views  |  0 comments
Citi forms m-banking JV with South Korean telco

Citi forms m-banking JV with South Korean telco

06 March 2008  |  8276 views  |  0 comments
Visa and SK Telecom partner for infrared mobile payments

Visa and SK Telecom partner for infrared mobile payments

23 May 2002  |  6852 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Find out moreVisit VocaLink.comVisit capgemini.com

Top topics

Most viewed Most shared
Royal Mint to issue digital goldRoyal Mint to issue digital gold
6557 views comments | 23 tweets | 21 linkedin
UK challenger bank Masthaven opens for businessUK challenger bank Masthaven opens for bus...
5671 views comments | 15 tweets | 13 linkedin
Bank CEOs fret about ROI as startups drive IT arms raceBank CEOs fret about ROI as startups drive...
5635 views comments | 16 tweets | 21 linkedin
ING pulls plug on P2P payments app TwypING pulls plug on P2P payments app Twyp
5585 views comments | 16 tweets | 15 linkedin
R3 and Calypso to develop blockchain trade confirmation systemR3 and Calypso to develop blockchain trade...
5555 views comments | 13 tweets | 12 linkedin

Featured job

to Six-Figure Base, Commission, Benefits
London, UK

Find your next job