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Press Release
n.TOP To Launch First Mobile Banking Service In Korea
2000.04.11Won FSB Nod As Cleared of Authorization Concerns
SK Telecom is to become the first mobile operator in Korea to offer mobile banking service.
Once the new service becomes available on April 11, n.TOP users will be able to use all types of bank-related services including checking the balance, making account-to-account transfers, and paying utility bills over their cell phones, anytime, anywhere without any security concerns.
n.TOP mobile banking uses security algorithm developed 100% locally and won approval by the Financial Supervisory Board for the first time in the country, which means that the service is officially declared as to be free of security worries.
Most notably, the company developed the WAP gateway on its own while its competitors rely on imported technologies, and the fact that it is the only company that won the approval of the Board is a testament to the superiority of the local mobile Internet systems.
Speed 011 n.TOP users must have WAP-enabling n.TOP handsets with security module installed to use the new mobile banking services, and sign up for the service at the near SK Telecom-affiliated bank office.
At present, the affiliated banks include CHB, Agricultural Cooperative, Kukmin Bank and Hanvit Bank. SK Telecom intends to expand affiliation so that the n.TOP users will be able to use the new service more conveniently.
n.TOP users can use the service by selecting Economic Network in the n.TOP service menu, and going to Banking/Insurance Services. Services will be available without any additional charges other than the regular call charges until August, after which the service will be no longer free. The amount will be set by the banks.
The technology used to establish the security systems for the mobile banking services for n.TOP of SK Telecom can be applied to mobile electronic commerce, too, making many expect that it will work as a catalyst in bringing mobile Internet commerce or m-commerce to the next level.
Once the new service becomes available on April 11, n.TOP users will be able to use all types of bank-related services including checking the balance, making account-to-account transfers, and paying utility bills over their cell phones, anytime, anywhere without any security concerns.
n.TOP mobile banking uses security algorithm developed 100% locally and won approval by the Financial Supervisory Board for the first time in the country, which means that the service is officially declared as to be free of security worries.
Most notably, the company developed the WAP gateway on its own while its competitors rely on imported technologies, and the fact that it is the only company that won the approval of the Board is a testament to the superiority of the local mobile Internet systems.
Speed 011 n.TOP users must have WAP-enabling n.TOP handsets with security module installed to use the new mobile banking services, and sign up for the service at the near SK Telecom-affiliated bank office.
At present, the affiliated banks include CHB, Agricultural Cooperative, Kukmin Bank and Hanvit Bank. SK Telecom intends to expand affiliation so that the n.TOP users will be able to use the new service more conveniently.
n.TOP users can use the service by selecting Economic Network in the n.TOP service menu, and going to Banking/Insurance Services. Services will be available without any additional charges other than the regular call charges until August, after which the service will be no longer free. The amount will be set by the banks.
The technology used to establish the security systems for the mobile banking services for n.TOP of SK Telecom can be applied to mobile electronic commerce, too, making many expect that it will work as a catalyst in bringing mobile Internet commerce or m-commerce to the next level.