Mobile Money Ventures Announces Product Roll Out with First Customer Implementation at Citibank Hong Kong

SAN FRANCISCO--(BUSINESS WIRE)--Mobile Money Ventures LLC (MMV), a joint venture of Citi (NYSE: C) and SK Telecom (NYSE:SKM), today announced its first customer implementation with Citibank Hong Kong. Citibank will use the MMV platform to deliver mobile financial services to its customers in Hong Kong in Q3 2008. Additionally, MMV’s platform will make it possible to access Citibank’s Mobile Financial Services on the recently announced iPhone3G.

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.

About Mobile Money Ventures

Mobile Money Ventures LLC (MMV) is the global solution provider of the next generation of mobile financial services applications. Built on the financial services and technology leadership of Citi and SK Telecom, MMV delivers the future of mobile banking with its comprehensive, customizable and secure platform. MMV’s turnkey solution enables financial institutions (FIs), carriers and partners to reduce time to market, leverage new growth opportunities and enhance customer loyalty. MMV is FI and carrier agnostic. Mobile Money Ventures is headquartered in San Francisco, California. For more details, visit www.mobilemoneyventures.net.

About Citi

Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi's major brand names include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Nikko. Additional information may be found at www.citigroup.com or www.citi.com.

About SK Telecom

SK Telecom (NYSE: SKM, KSE: 017670) is the top wireless communication provider in Korea, where it has more than 22 million subscribers taking up more than 50% of the total market. The company, established in 1984, reached KRW 11.28 trillion in revenue in 2007. SK Telecom was the first to launch and commercialized CDMA, CDMA 2001x,CDMA EV-DO and HSDPA networks, and it currently provides cellular, wireless internet, mobile media, global roaming service and more. For more information, please visit www.sktelecom.com.