Samsung may soon venture into commercial banking space with plans for a new super app: Report
South Korean tech giant, Samsung, plans to enter the commercial banking sector with a new super app. The company is reportedly seeking partnerships with major banks in South Korea to offer a variety of features.
- Apr 2, 2024,
- Updated Apr 02, 2024, 01:43 PM IST
Samsung is making headlines with its ambitious plan to delve into the commercial banking sector by transforming its current financial services app, Momino, into a comprehensive super app, aiming to rival platforms like WeChat. According to a report by The Korea Economic Daily, this strategic move signifies Samsung's foray into the super app arena, underlining its commitment to expanding its footprint beyond its traditional tech domain.
The venture is to be spearheaded by Samsung Financial Networks, the conglomerate's financial arm. The plan involves forging a partnership with a leading South Korean bank to bolster the app's functionality, offering financial services under one digital roof. Samsung reached out to five prominent banks—KB Kookmin, Shinhan, Hana, Woori, and the exclusively digital K Bank—with proposals to collaborate on this innovative project.
Despite the Momino app currently offering a suite of services including money transfer, currency exchange, and comparative pricing for real estate and cars, it has not achieved widespread user adoption, boasting only a few million users. The super app aims to dramatically extend these offerings, leveraging the partnership with a chosen bank to enrich the app's capabilities.
A decision on the banking partner is anticipated to be made imminently, as early as Wednesday, according to the report. Given regulatory constraints that prevent Samsung from owning a bank directly in South Korea, this collaboration is crucial. The partner bank will supply the necessary banking infrastructure, while Samsung will contribute software development and integrate its financial services to elevate the super app's user experience and functionality.
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Samsung is making headlines with its ambitious plan to delve into the commercial banking sector by transforming its current financial services app, Momino, into a comprehensive super app, aiming to rival platforms like WeChat. According to a report by The Korea Economic Daily, this strategic move signifies Samsung's foray into the super app arena, underlining its commitment to expanding its footprint beyond its traditional tech domain.
The venture is to be spearheaded by Samsung Financial Networks, the conglomerate's financial arm. The plan involves forging a partnership with a leading South Korean bank to bolster the app's functionality, offering financial services under one digital roof. Samsung reached out to five prominent banks—KB Kookmin, Shinhan, Hana, Woori, and the exclusively digital K Bank—with proposals to collaborate on this innovative project.
Despite the Momino app currently offering a suite of services including money transfer, currency exchange, and comparative pricing for real estate and cars, it has not achieved widespread user adoption, boasting only a few million users. The super app aims to dramatically extend these offerings, leveraging the partnership with a chosen bank to enrich the app's capabilities.
A decision on the banking partner is anticipated to be made imminently, as early as Wednesday, according to the report. Given regulatory constraints that prevent Samsung from owning a bank directly in South Korea, this collaboration is crucial. The partner bank will supply the necessary banking infrastructure, while Samsung will contribute software development and integrate its financial services to elevate the super app's user experience and functionality.
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