Hanvit Bank launches mobile banking service

Hanvit Bank launches mobile banking service

Hanvit Bank, South Korea's second largest bank, has launched a new mobile banking service using technology from 724 Solutions.

The service, available in either Korean or English, will be rolled out to the bank's one million-plus online banking customers over LG and SK Telecom networks by the end of the year.

Customers will be able to check account balances, view transaction histories, arrange credit card cash advances and initiate funds transfers from other bank and credit card accounts via their wireless devices.

According to the Korean Ministry of Information and Communications, South Korea has one of the highest adoption rates of mobile technology, with 29 million mobile phone subscribers and 19 million mobile data users.

Earlier this year, the bank rolled out its aggregation service eClips - also based on technology from 724 Solutions - to its online customers, and to date, more than 18,000 have signed up.

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