Mobile Money Ventures Announces First Customer Implementation

MMV is the first company to offer a comprehensive, robust and secure mobile financial services platform. As a result, Citibank Hong Kong, which offers a complete range of world-class financial products and services through its 26 branches, will be able to leverage growth opportunities, enhance loyalty and stay close to its customers. With the MMV solution, Citibank Hong Kong’s customers will be able to take advantage of a variety of mobile financial features while on the move. They will be able to do their banking quickly, easily and, most importantly, securely.

MMV’s customized product for Citibank includes a variety of mobile financial services. The initial set of services will include Hong Kong-based stock trading, real time stock quote, funds transfers to Citibank accounts worldwide using Citibank Global Transfers or a Hong Kong third-party account, bill pay from Citibank accounts, retrieval of detailed balance of banking and credit card accounts for up to 90 days, opening and renewal of time deposits for local and foreign currencies and market and investment news. More services will be launched at a later stage.

“As lifestyles become increasingly mobile worldwide, the banking industry is poised for a whole new way of doing business. Financial institutions (FIs) and carriers have the opportunity to take the lead in the next generation of banking by delivering innovative applications, such as mobile banking,” said Steve Kietz, CEO of Mobile Money Ventures, and executive vice president of Growth Ventures and Innovation at Citi. “We are working closely with our FI customers to deliver a customizable, secure and feature-rich offering that can be brought to the market quickly and enriches each customer’s banking experience.”

MMV and Citibank are working together to develop a mobile banking application that takes advantage of the innovations around iPhone 3G. This application will be launched with Citibank Mobile Financial Services in Q3 of this year.