SINGAPORE, 12 January 1999—Citibank Singapore and M1 today launched the world’s most comprehensive mobile phone banking service—Mobile Banking. This innovative service channel, the first of its kind in Asia, brings banking closer to customers, giving them greater control over how, where and when they choose to carry out their banking transactions.
Mobile Banking enables customers to request details of their accounts and perform transactions from their mobile phone by sending text messages to the bank via Short Message Service (SMS). This new phone banking service can only be accessed using GSM mobile phones equipped with the latest SIM Toolkit technology. This enables the downloading of personalised menus to customers according to the financial services subscribed to with Citibank.
Besides access to the latest account balances and payment information, customers are able to conduct interbank and intrabank fund transfers, pay bills and request for temporary credit line increase. In addition, they can retrieve voice messages and read notifications from CitiBank.
When banking through Mobile Banking, security access and confidentiality of data is ensured through use of a Telephone Personal Identification Number and 128-bit encryption of messaging data over the wireless communications link provided under GSM.
Mobile Banking is a joint effort between Citibank and mobile operator M1, two leading organisations noted in their respective industries for their innovative approach to products and services. This service is also made possible by Motorola, a leading manufacturer of telecommunications equipment, and Gemplus, world no. 1 provider of smart cards and smart card based solutions.
"We are pleased to be the first in the region, and the first Citibank branch in the world, to bring this new banking channel to consumers. Citibank has a history of many "firsts" in banking innovations--from the introduction of the world’s first mass-service ATM in 1977, to the launch of the first 24-hour fully manned CitiPhone Banking service in the 1980s and CitiDirect Internet Banking in 1998. Today’s launch marks an exciting milestone in banking technology and re-affirms Citibank’s commitment to provide customers a full choice of access alternatives", said Mr. Edmund Koh, Business Director, Customer Franchise, Citibank, N.A.
"With approximately 50 percent of the population expected to own a mobile phone by 2001, Mobile Banking provides a cost effective platform for Citibank to go beyond its three branch network to reach out to this huge group of consumers. We are confident customers will appreciate this innovative way of banking at one’s fingertips, literally."
The growth in wireless technology, specifically the mobile phone industry, has been tremendous. It is estimated that the global market is expected to grow by over 170 per cent, from 200 million in 1997 to 550 million by the year 2001.
M1 is poised to take significant share of the Singapore market with its continuing focus on customer care, innovative services and giving customers good value. Mr Neil Montefoire, Chief Executive Officer of M1, said, "While voice service will remain our basic offering, the area of data, message and e-mail applications offers tremendous scope for future growth and fresh innovations. It is clear that our customers find such services convenient and useful. M1’s Short Message Service leads the world in usage per customer, driven by innovative services such as Email Send and Receive and other Internet-based services".
"Mobile Banking is the latest in the range of such services which we have introduced to provide customers added flexibility and choice. Our Info On Demand Service (IOD) already gives them access to stock prices, exchange rates and flight and movie schedules etc. With Mobile Banking, they have the opportunity to be first in Asia to carry out banking transactions wherever they are, even when travelling overseas."
To sign up for Mobile Banking, the customer must have either a Citibank Visa/Master Card, Citibank Ready Credit or MaxiSave account, be a M1 customer as messages are transmitted via a proprietary telecommunications network, and have a GSM mobile phone with the latest SIM Toolkit technology.
As part of the launch, Citibank and M1 are offering the latest Motorola model, the StarTAC™ X-Motorola’s lightest GSM mobile phone currently available in Singapore- at just S$500 (excluding GST). The average retail price of this phone is S$800. This promotion runs from 12 January to 31 March 1999. Other benefits offered during the promotion period include a three month installment plan, free SIM card with the SIM Toolkit technology, free registration, six months free caller number display, number retention, autoroaming services and discounts off subscription plans with M1.
In addition to the promotional offers, new Citibank Visa/Master Card and Citibank Ready Credit customers who sign up for Mobile Banking will each receive free CitiDollars, and a free Gianfranco Ferre document bag and a document holder, respectively.
About Gemplus
With over 40% worldwide market share, Gemplus (http://www.gemplus.com) is the World Number 1 manufacturer of smart cards and provider of smart card-based solutions. Gemplus sells memory and microprocessor-based smart cards, smart contactless cards, electronic tags and smart objects as well as magnetic stripe cards. The company designs and markets software, development tools and readers. Gemplus also provides consulting, training and personalization services to deliver the industry’s most comprehensive and flexible card-based solutions to its developers, distributors, partners, and customers.
With sales of over $US590 million in 1997, Gemplus employs more than 4,100 people in 10 manufacturing facilities, 5 R&D centers and 41 sales and marketing offices located in 27 countries around the world. Founded in 1988, Gemplus has successfully implemented portable and secure smart card-based solutions to simplify applications such as public and wireless communications, financial transactions, loyalty, transportation, education, healthcare, identity, access control, pay TV, electronic commerce, Internet security, access control and information technology.
Gemplus Technologies, Asia Pacific, headquartered in Singapore, had sales revenue exceeding US$100 million throughout Asia Pacific for 1997. The company has manufacturing facilities in China and Singapore. Gemplus in Asia Pacific has over 50% market share.
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