Mobile Money Ventures (San Francisco), providers of mobile financial services technology born of a joint venture between Citi and South Korea's SK Telecom, launched what the company is calling the first U.S. mobile stock trading capability in Hong Kong with Citibank. The feature allows Citibank's Hong Kong customers to trade on both the Hong Kong and American markets, including the New York Stock Exchange and NASDAQ.
MMV initially collaborated with Citibank to launch a mobile banking platform in Hong Kong last October that included local stock trading, portfolio management, account inquiry and management, transfer and payments, and time deposit applications. As with all MMV solutions, the new U.S. trading feature is secured with SMS notification for every trading instruction, and no financial information is stored on the mobile device.
"At Citibank, the needs of our customers drive our innovation efforts and we understand how important it is for our Hong Kong customers to trade multiple markets through multiple channels. Through the collaboration with MMV, we're proud to be the first bank in Hong Kong offering a mobile U.S. stock trading service," said Maggie Yung, country marketing director of Citi Hong Kong, in a statement.
Citi and MMV will be announcing additional deployments in Asia, the U.S. and Europe in the coming months.