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Samsung expected to introduce a powerful app for financial services, in close collaboration with South Korean banks
Samsung is prohibited from owning a bank in South Korea. As a result, the technology powerhouse has been working in partnership with an established bank, utilizing their infrastructure. The application will enable users to move funds, trade in real estate, and compare vehicle prices.
Samsung, a leader in the tech industry for many years, is now setting its sights on the financial sector. The South Korean powerhouse is preparing to break into the commercial banking system in its home country, and potentially other Asian countries, through the introduction of a new advanced app, according to recent reports from South Korean media.
This step indicates Samsung's bold foray into the financial services sector, where it aims to evolve its current financial application, Momino, into an all-encompassing super app, comparable to China's WeChat platform.
Samsung Financial Networks, the division that encompasses Samsung's four financial units – Samsung Card, Samsung Life Insurance, Samsung Fire & Marine Insurance, and Samsung Securities – is spearheading this effort. According to The Korea Economic Daily, Samsung is keen on partnering with a leading South Korean bank to create and launch their innovative super app.
The article cites unnamed sources who divulge that Samsung has commenced preliminary talks with five major banks – KB Kookmin, Shinhan, Hana, Woori, and the online-only K Bank.
The conversations are centered on Samsung's suggestion to upgrade its current Momino app into a versatile super app. This would provide a variety of financial services including transferring money, and comparing prices of real estate and cars.
Insiders informed The Korea Economic Daily that banking representatives are scheduled to meet with Samsung's executives on Tuesday to pitch their proposals. Additionally, the announcement regarding a possible collaboration could be made as soon as Wednesday.
Even with its international standing and control over several financial subsidiaries, Samsung is not permitted to own a bank in South Korea. As a result, the technology powerhouse has adopted a cooperative strategy, utilizing the framework of a banking partner to offer software assistance and incorporate its financial services.
Samsung's venture into the commercial banking industry indicates a strategic change aimed at broadening its range of services and unlocking new sources of income. The imminent launch of its super app puts Samsung in a position to make significant progress in transforming the digital financial services scene in South Korea.
(Incorporating information from various sources)
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