Today it was announced that, "SK Telecom will be developing the mobile banking software and hardware systems for Citibank customers in Hong Kong and major cities in the United States first...After testing the mobile banking system, the firm will then move onto mobile payment and electronic coupon services, Kang said. The joint venture will be run by Steven Kietz, who oversaw e-commerce and direct banking initiatives at Citi."
First, let me congratulate Steven Kietz. I had the good fortune of meeting Steven at the Finovate conference last fall, and was extremely impressed with his insight and candor in discussing the mobile arena.
Next, in case it hasn't clicked, let me point out that Citi is mFoundrys' premier client. Obviously, the press release didn't cover how this affects the future of the Citi/mFoundry relationship; however, with $8 million invested I would be surprised if there wasn't a significant change. This is purely speculation, but perhaps this news is related to Rebecca Buckman's article in the Wall St. Journal titled "In Silicon Valley, Start-Ups Begin Hitting the Brakes."
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