SK Telecom and Hana Financial Group launched a joint venture focusing on mobile financial services, the companies said in a press release Sunday.
The joint venture, Finnq, was established with a starting capital of 50 billion won ($43 million) with SK Telecom holding a 49 percent stake while Hana owns the remaining 51 percent.
Hana Financial Group CEO Kim Jung-tai (third from left), SK Telecom CEO Jang Dong-hyun (fourth from left) pose for photos during the launching ceremony of Finnq on Friday. (SK Telecom)
The new venture will be backed by SK Telecom’s advance mobile platform technology and big data analysis capability, as well as Hana’s various financial services, the companies said. Finnq will also focus on nurturing new fintech startups in a bid to contribute to the development of the domestic fintech industry, according to the statement.
Finnq aims to launch its first service, such as mobile asset management and P2P finance, in the first half of 2017.
The name Finnq is a combination of FinTech, quick, quality, and quantum leap.
By Park Ga-young (email@example.com