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Samsung is probably going to introduce a comprehensive app for financial services, while closely cooperating with South Korean banks
Samsung is prohibited from owning a bank in South Korea. Thus, the technology behemoth has had to form a partnership and utilize the framework of a pre-existing bank as its ally. The application will enable users to exchange money, purchase and sell properties, and compare car costs.
Samsung, a tech powerhouse for years, now has its sights set on the financial sector. The South Korean behemoth is preparing to enter the commercial banking industry in its home country, and potentially other Asian nations. Based on recent reports from South Korean media, this move will be spearheaded by the introduction of an innovative super app.
This indicates Samsung's bold initiative into the financial services sector, with the aim of revolutionizing its current financial application, Momino, into a multifunctional super app, akin to the WeChat platform in China.
Samsung Financial Networks, a branch of the conglomerate that encompasses Samsung Card, Samsung Life Insurance, Samsung Fire & Marine Insurance, and Samsung Securities, is spearheading the initiative. According to The Korea Economic Daily, Samsung is avidly pursuing a partnership with a leading South Korean bank to create and launch their innovative super app.
According to unnamed sources cited in the report, Samsung has begun preliminary talks with five top banks – KB Kookmin, Shinhan, Hana, Woori, and the online-only K Bank.
The conversations are centered on Samsung's idea of upgrading its current Momino app into a versatile super app, providing a variety of financial services including transferring money to comparing prices of real estate and cars.
Insiders informed The Korea Economic Daily that a meeting is scheduled between bank representatives and Samsung executives on Tuesday, where the banks are set to unveil their suggestions to Samsung. Moreover, a decision regarding a possible collaboration could be made as soon as Wednesday.
Even though Samsung is a worldwide corporation with several financial subsidiaries, it is prohibited from owning a bank in its home country, South Korea. As a result, the technology behemoth has adopted a cooperative strategy, utilizing the framework of a banking ally while offering software assistance and integrating its financial services.
Samsung's venture into the business banking industry indicates a tactical change intended to broaden its service offerings and exploit fresh income sources. As Samsung prepares to roll out its super app, it is set to significantly transform South Korea's digital financial services sector.
(Incorporating information from various sources)
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