South Korea’s SK Telecom (SKT) and Hana Financial established a joint venture to develop and launch a mobile financial services platform in the first half of next year.

SKT will have a 49 per cent stake in the venture, Hana-SK Fintech Corp, which will have a capital of KRW50 billion ($45 million). Hana Financial will have a 51 per cent interest.

The firms said they plan to combine SKT’s expertise in mobile technologies and big data analytics with Hana Financial’s experience in mobile financial services.

Mobile financial services, such as payments, remittances and asset management, will be offered from a single mobile app. The venture also will focus on nurturing startups to contribute to the growth of the overall fintech industry.

“The mission of the joint venture is to realise an integrated fintech platform that enables customers to use mobile financial services in the most convenient and secure manner,” said Jang Dong-hyun, CEO and president of SKT. “SK Telecom and Hana Financial will join forces to revolutionise customer experience and value.”