News
Issue #2001 - 51 (December 2001)
(Updated Dec. 19, 2001)

APPLICATIONS

724 Solutions Rolls Out Wireless Banking Services for South Korean Bank

724 Solutions Inc. rolled out new mobile banking services for Hanvit Bank, South Korea’s second-largest bank, which is evidence of the company’s determination to position itself in the fast-growing Asian market.

More than one million of Hanvit's on-line banking customers over the LG and SK Telecom networks can now choose to wirelessly bank in either Korean or English. Using their cell phone or PDA, customers can check account balances, view transaction histories, arrange credit card cash advances, and initiate fund transfers from other banks and credit card accounts.

"We recognized that the ability to offer a robust mobile banking solution that is localized for the Korean market was key to our success in this competitive marketplace," said Mr. Yoo, general manager of e-Com Center for the South Korean bank.

By forging partnerships with local vendors, such as Koreadotcom, to build a wireless application platform for the South Korean market, 724 Solutions was able to launch a mobile banking solution that speaks to South Korea's mobile-savvy customers and can easily scale to meet the demands of this growing market.

The Toronto-based company’s recent emphasis on the Asian market with over 29 million phone subscribers having access to high-speed wireless networks is obviously a market to concentrate on, analysts say. "If you’re going to concentrate on one area right now, it’s certainly going to be Asia", Thomas Sepenzis, executive director at CIBC World Markets Inc., told The Globe and Mail. "They’re the only ones to have the devices in the hands of people who might use this type of application."

For more information: http://www.724solutions.com

Mobileinfo Comments & Advisory:  It is wise for 724 Solutions to venture out o Asian markets, especially Japan and Korea who are ahead of the rest of the world in wireless data consumer applications. Having established its expertise in North America with big international banks, 724 Solutions had no credibility problem.

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