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Samsung is anticipated to introduce a superior app for financial services, working in close association with South Korean banks
Samsung is prohibited from owning a bank in South Korea. As a result, the technology giant has had to partner with an existing bank and utilize its infrastructure. The app will enable users to move money, engage in real estate transactions, and compare automobile prices.
Samsung, a tech titan for many years, now aims to venture into the financial sector. The South Korean behemoth is preparing to leave its imprint on the commercial banking system in South Korea, and potentially other Asian countries, through the introduction of a new super app, according to recent reports from South Korea.
This indicates Samsung's bold step towards exploring financial services, aiming to evolve its current financial application, Momino, into an all-inclusive super app, akin to China's WeChat platform.
Samsung Financial Networks, a branch that encompasses the corporation's four financial units: Samsung Card, Samsung Life Insurance, Samsung Fire & Marine Insurance, and Samsung Securities, is spearheading the initiative. According to The Korea Economic Daily, Samsung is eagerly pursuing a partnership with a leading South Korean bank to create and launch their innovative super app.
The article cites unidentified informants stating that Samsung has commenced preliminary talks with five prominent 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, providing an array of financial services that span from transferring money to comparing prices of real estate and automobiles.
Insiders have informed The Korea Economic Daily that a meeting is scheduled between bank representatives and Samsung executives on Tuesday. In this meeting, the banks are set to put forth their proposals to Samsung. Moreover, the possibility of a partnership could be decided as soon as Wednesday.
Even though Samsung has a worldwide reputation and possesses numerous financial subsidiaries, it's prohibited from owning a bank in its home country, South Korea. As a result, the tech behemoth has adopted a strategy of cooperation, using the existing structure of a banking ally while offering software assistance and incorporating its own financial services.
Samsung's venture into the commercial banking industry indicates a strategic move towards broadening its range of services and accessing new sources of income. The upcoming launch of its super app suggests that Samsung is well-positioned to significantly change the digital financial services scene in South Korea.
(Incorporating information from various sources)
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Associated Articles
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Samsung secures patent rights for three-fold and rolling smartphone screens, suggesting new foldable devices in the pipeline
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Samsung secures patent rights for three-fold and rolling smartphone screens, suggesting new foldable devices in the pipeline
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