SEOUL, South Korea--(BUSINESS WIRE)--Yello Mobile, Korea’s fastest growing mobile Internet company, announced that it has signed a Memorandum of Understanding (MoU) with SBI Holdings, Japan’s largest Internet financial group, and Yello Financial Group, Korea’s leading accelerator for financial technology companies.
Under the MoU, Yello Mobile will leverage SBI Holdings’ global business network and resources to support its business development efforts in Japan and Southeast Asia, furthering its position as Asia’s leading mobile company. Likewise, Yello Mobile will work in collaboration with Yello Financial Group to support SBI Holdings’ recently-launched financial technology business in Korea. SBI Holdings will leverage Yello Mobile’s strong market position and digital marketing capabilities, as well as Yello Financial Group’s extensive network of financial technology companies, to enhance both its product offering and marketing strategies and more effectively reach Korea’s attractive mobile market.
With a portfolio of more than 30 growth companies, Yello Financial Group provides innovative, mobile-based, personalized financial services and products. The portfolio includes a range of companies within the financial services ecosystem, including payments platforms, peer-to-peer lending services, asset management products and other financial services providers. Yello Financial Group operates independently from Yello Mobile.
Lee Sang Hyuk, founder and CEO of Yello Mobile, said, “We are excited to partner with SBI Holdings as we continue our expansion across Asia. SBI Holdings has a strong track record of supporting leading technology companies in the region, as well as a global business network that will help us enter new markets such as Japan as well as further our expansion across Southeast Asia.”
“Yello Mobile has established a proven mobile platform with tremendous capabilities in digital marketing and advertising,” said Yoshitaka Kitao, President and CEO of SBI Holdings. “In addition, Yello Financial has an impressive offering of different companies and products across the financial services value chain. We look forward to leaning on their collective expertise in the Korean market and realizing the significant network effects to help drive all of our businesses going forward.”
About Yello Mobile
Yello Mobile is a leading mobile Internet company that operates an ecosystem of mobile platforms, applications and services across Asia. Yello Mobile offers consumers and businesses a full range of products and services across its key verticals: Shopping, Media, Advertising, Travel and Online-to-Offline (O2O), also collectively known as SMATO. The company is primarily known for its leading mobile platforms Coocha, Korea’s leading shopping search app, and Pikicast, a leading mobile entertainment and content platform. Yello Mobile supports its various user platforms with a dynamic range of other services, including data management and digital marketing. The company was founded in 2012 and is headquartered in Seoul.
About SBI Holdings
Established in 1999, SBI Holdings, Inc. emerged as a pioneer of Internet-based financial services. SBI Holdings provides a wide range of financial services including securities, banking and insurance and has become the world’s first Internet-based financial conglomerate. The company has recently diversified its business portfolio to include pharmaceuticals, health food and cosmetics. As of FY2014, SBI Holdings recorded JPY 245.0 billion in revenue and currently employs 5,464 executives and staff members as of September 2015. With its overseas offices in 20 countries and regions, SBI Holdings aims to become No.1 financial company in Asia through strategic business expansion in Asian developing countries.
About Yello Financial Group
Established in 2015, Yello Financial Group is the largest financial technology group in Korea, with more than 30 partners to provide customized mobile financial services. With its goal of becoming a global digital financial group, Yello Financial Group offers innovative products and services, including asset management, personal investments, wire transfer, payments and loans, among others.