Alliance for Fintech
SK C&C will target the global mobile commerce market in partnership with a U.S. company to go head to head with Paypal, Alipay, and Apple Pay in the financial technology (fintech) market.
SK C&C announced on Dec. 18 that it will set up a joint venture specializing in mobile commerce solutions with Mozido, a provider of financial and marketing services to mobile phone users.
To achieve the goal, the Korean firm has decided to take investment in kind through the technology and intellectual property rights of mobile payment and commerce solution CorFire owned by SC C&C USA.
Through this deal, SK C&C will build a financial partnership with the U.S. firm by securing 33.2 billion won (US$30.2 million), a 1.5 percent stake in Mozido, and a 19.94 percent stake in the joint venture.
After its establishment in 2008, Mozido is cooperating with 90 partner companies in 45 countries worldwide, providing mobile payment and commerce services with the Mozido Mobile App.
After downloading the app, people can pay cash to charge cyber money in affiliated stores. It is possible to make a payment in those stores or send cyber money to an app account of acquaintances around the world. Since cyber money can be exchanged for cash, people can send money via their mobile devices.
Mozido also unveiled cloud-based mobile commerce platform MoTEAF, which any mobile carrier in the world can adopt.
SK C&C, on the other hand, launched CorFire in 2011, penetrating the North American market. In 2011, it provided the mobile payment and commerce solution to Vodafone, continuing to provide the solution to other mobile carriers.
In particular, the Korean company holds mobile commerce technologies, including NFC technology that Mozido does not have.