NTT DoCoMo, the world's second largest mobile phone operator, is set to collaborate with South Korea's SK Telecom to develop banking services for mobile phones. On October 10, the two companies shook hands on a deal to form a consultative panel, and working-level meetings will open in November after preparations are made in Seoul during October. The consultative panel is open to solution companies and financial service firms in Korea and Japan, but off-limits to all other communication service companies.

 

The agreement includes a provision that will establish mobile banking roaming service in Korea and Japan, once DoCoMo expands its mobile settlement service. DoCoMo's current mobile settlement service is called Felica, but it only covers transportation card settlement. Mobile banking and credit card payment services are not yet available.

 

The two companies plan to roll out new business models based on application services such as electronic cash, compatibility of transportation cards, and e-tickets. They also hope to export mobile banking services to other countries such as China and India, with the ultimate goal of setting world standards for the mobile banking segment.