Citigroup has teamed with South Korea Telecom on a mobile financial services joint venture.

Reuters reports that the two each put $8 million in to the aptly named Mobile Money Ventures LLC. With the goal of getting consumers to use their cell phones for more types of banking transactions, the venture will push such services as near field communication-based payments and stock management, the article says.

Mobile Money Ventures will call San Francisco home. It will test the service with some Citi customers in Asia and North America starting in the second half of the year.

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