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Samsung is anticipated to introduce a superior application for financial services, in tight cooperation with South Korean banks
Owning a bank is prohibited for Samsung in South Korea. Therefore, the technology behemoth has had to partner with an established bank and make use of its infrastructure. This application will enable users to send money, trade in real estate, and evaluate car prices.
Samsung, a leading force in the tech world for a long time, now has its sights set on becoming a financial entity. The South Korean behemoth is preparing to venture into the commercial banking sector in its home country, and possibly extend to other Asian nations. This comes in light of recent South Korean news that suggests the launch of a new all-in-one app.
Samsung's bold step into the financial services sector underlines its intention to revamp its current financial application, Momino, into an all-inclusive super app, akin to China's WeChat platform.
Samsung Financial Networks, a division encompassing the corporation's four financial branches – Samsung Card, Samsung Life Insurance, Samsung Fire & Marine Insurance, and Samsung Securities – is spearheading this initiative. According to The Korea Economic Daily, Samsung is eagerly looking to partner with a notable South Korean bank to create and launch their new super app.
The article cites unnamed sources, stating that Samsung has initiated preliminary talks with five major banks, specifically KB Kookmin, Shinhan, Hana, Woori, and the online-only K Bank.
These conversations are centered on Samsung's suggestion to upgrade its current Momino app into an all-in-one superior app, providing an array of financial services from transferring funds to comparing prices of properties and vehicles.
Insiders have informed The Korea Economic Daily that a meeting is scheduled between bank representatives and Samsung executives on Tuesday, where the banks will pitch their proposals to Samsung. Additionally, the verdict on a possible collaboration might be announced as soon as Wednesday.
Even though Samsung is a globally recognized corporation with numerous financial subsidiaries, it is prohibited from owning a bank in South Korea. As a result, the technology behemoth has adopted a cooperative strategy, utilizing the framework of a banking partner and offering software assistance while incorporating its financial services.
Samsung's venture into the commercial banking industry indicates a strategic move designed to broaden its range of services and explore new sources of income. As Samsung prepares to launch its super app, it is well-positioned to significantly transform the digital financial services scene in South Korea.
(Incorporating information from various sources)
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