SK Telecom and Citigroup announced plans to launch a $16 million joint venture called Mobile Money Ventures that will provide users with advanced mobile financial services. Each partner will pay $8 million and maintain 50 percent ownership of the JV, which will be based in San Francisco. The new entity aims to offer services like transaction record-keeping, securities transaction and location-based advertisements.
For more on the JV:
- read this article from Thomson Financial