The leading mobile operator in South Korea, which is also a wired Internet provider, announced its decision to acquire a 49% stake in the capital of Hana Card, a South Korean credit card issuer.The transaction is worth 400 billion wons (240 million euros), SK Telecom is attempting to accelerate the development of mobile contactless payment in South Korea, and the development of synergies in the field e-commerce and m-banking.
SK Telecom will have a 49% share of Hana Card, whereas Hana Financial Group will remain the majority shareholder at 51%. According to the CEO of SK Telecom, Mr. Man-Won, the goal of this partnership is to promote mobile credit cards and next generation payment. Both companies will develop synergies to create a market based on a new convergence between telecom operators and financial services.
SK Telecom plans to launch a mobile credit card service by the second quarter of 2010. Although Hana Card is a minor player on the credit card market in South Korea, with a 4% share of the market, the company aims to become one of the three most important card issuers in Korea.
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