[THE INVESTOR] IC chip solutions developer Kona I is preparing to roll out a mobile smart card solution in China, according to the firm on Aug. 29.

Jo Jeong-il, the chief executive of the Korean firm, was quoted by Yonhap News Agency as saying, “Kona I is in talks with Chinese companies, including the third largest financial firm, to tap into the Chinese market with Kona Money, a mobile smart card solution.”

Kona Money is an open payment system with which users can store and use multiple debit cards online and offline.

In order to make the solution available in both the Korean and Chinese markets, we are seeking collaboration with Chinese companies that know the ropes, according to the CEO.

The Korean company, meanwhile, has been participating in a smart city project in Sichuan. It will provide smart card platforms for public transport.

The CEO also said the firm will try to tap into the US mobile payment sector by partnering with a local firm.

By Kim Young-won (wone0102@heraldcorp.com">wone0102@heraldcorp.com)