Activities
Divisions
Programs
Activities
Divisions
Programs
Samsung is expected to introduce a comprehensive app for financial services, in cooperation with South Korean banks
Samsung is barred from owning a bank in South Korea. As a result, the technology powerhouse has resorted to partnering with an existing bank, utilizing their infrastructure. The app will enable users to move money, engage in real estate transactions, and compare automobile costs.
After ruling the tech industry for several years, Samsung now aims to venture into the financial sector. The tech behemoth from South Korea is preparing to step into the commercial banking arena in its home country, and potentially, across other Asian nations. This is expected to transpire through the introduction of a new super app, as suggested by recent news from South Korea.
Samsung's strategic push into the financial services sector is evident in its plans to convert its current financial application, Momino, into a holistic super app akin to China's WeChat platform.
The initiative is spearheaded by Samsung Financial Networks, a segment that encompasses the conglomerate's four financial units: Samsung Card, Samsung Life Insurance, Samsung Fire & Marine Insurance, and Samsung Securities. The Korea Economic Daily has reported that Samsung is actively pursuing a partnership with a leading South Korean bank to create and launch their new superior app.
The article cites unnamed sources, stating that Samsung has begun preliminary talks with five major banks, specifically KB Kookmin, Shinhan, Hana, Woori, and the online-only K Bank.
Conversations are currently centered on Samsung's plan to upgrade its current Momino app into a comprehensive super app, providing a variety of financial services, from money transactions to comparisons of real estate and car costs.
Insiders have informed The Korea Economic Daily that a meeting between banking representatives and Samsung executives is scheduled for Tuesday. During this meeting, the banks are set to put forth their propositions to Samsung. Additionally, we could see a decision regarding a possible collaboration as soon as Wednesday.
Even though Samsung has a worldwide reputation and controls numerous financial subsidiaries, it is prohibited from possessing a bank in South Korea. As a result, the technology behemoth has opted for a cooperative strategy, utilizing the framework of a banking associate while offering software assistance and incorporating its financial services.
Samsung's venture into the commercial banking industry indicates a strategic change to broaden its range of services and open up new income sources. With the anticipated release of its super app, Samsung is ready to significantly transform the digital financial services scene in South Korea.
(Incorporating information from various sources)
Look for us on YouTube
Headline Displays
Associated Reports
Samsung is expected to unveil the Galaxy Z Fold 6 and Flip 6 in mid-July, as well as a more cost-effective Z Fold FE model
Samsung has received patent approval for trifold and rollable smartphone screens, suggesting new foldable models are in the pipeline
A South Korean tanker has overturned near a Japanese island, with seven crew members currently unaccounted for
South Korean chip producers Samsung and Rebellions aim to outperform NVIDIA
Samsung is predicted to release the Galaxy Z Fold 6 and Flip 6 in mid-July, and also introduce a less expensive Z Fold FE edition
Samsung has been granted a patent for trifold and rollable smartphone screens, indicating upcoming foldable versions
A South Korean tanker has flipped over close to a Japanese island, leaving seven crew members missing
South Korean chip makers Samsung and Rebellions are strategizing to surpass NVIDIA
Check us out on YouTube.
Headlines
Additional Articles
Samsung is expected to release the Galaxy Z Fold 6 and Flip 6 in mid-July and also aims to launch a more affordable Z Fold FE model.
Samsung has received a patent for trifold, rollable smartphone screens, indicating more foldable devices are in the works.
A South Korean tanker has overturned near a Japanese island, with 7 crew members unaccounted for.
South Korean chip producers Samsung and Rebellions are strategizing to outperform NVIDIA.
Samsung is expected to debut the Galaxy Z Fold 6 and Flip 6 in mid-July, along with a budget-friendly Z Fold FE variant.
Samsung has secured a patent for trifold, rollable smartphone displays, hinting at future foldable models.
A South Korean tanker has capsized off a Japanese island, leaving 7 crew members missing.
South Korean chipmakers Samsung and Rebellions are scheming to surpass NVIDIA.
Check it out on YouTube.
All rights reserved by Firstpost, copyright © 2024.
+ There are no comments
Add yours