Samsung is reportedly trying to develop a super app, of the likes of WeChat. It could upgrade its existing financial services app Momino to enter the new space. The super app aims to offer a basket of features alongside financial services. According to a report by the Korea Economic Daily, Samsung Financial Networks is aiming to partner with a leading bank in South Korea to jointly build such an app. Notably, the company’s Financial Networks division includes Samsung’s four financial affiliates, namely Samsung Card, Samsung Fire & Marine Insurance, Samsung Life Insurance, and Samsung Securities. Let’s take a detailed look.

As per the report, Samsung has already sent out proposals to five leading banks in South Korea, seeking a partnership for the new offering. The publication cited unnamed sources to claim that the proposal contains Samsung’s plans to build a super app on top of its existing financial services app Momino. The said app already offers a host of services, such as money transfer, currency exchange, car price comparisons, and more. The app is reported to be struggling in popularity in South Korea with only a few million users.

Banks which received the proposal reportedly include KB Kookmin, Hana, Shinhan, Woori and the digital-only K Bank. These banks will share presentations with Samsung on Tuesday, the publication said, adding that a decision on the partnering bank can be reached as early as Wednesday. The report quotes one of the banks saying that having a Samsung brand in their banking business would be a huge strength to become bigger in the Korean financial market.

Samsung is not only a South Korean giant but also a global conglomerate. The company owns four different financial affiliates but does not own a banking license. This is why it has decided to partner with a leading bank to enter into the super app space.

QOSHE - Samsung plans to make a super app to offer a host of features and financial services: Report - Mohammad Faisal
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Samsung plans to make a super app to offer a host of features and financial services: Report

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02.04.2024

Samsung is reportedly trying to develop a super app, of the likes of WeChat. It could upgrade its existing financial services app Momino to enter the new space. The super app aims to offer a basket of features alongside financial services. According to a report by the Korea Economic Daily, Samsung Financial Networks is aiming to partner with a leading bank in South Korea to jointly build such an app. Notably, the company’s Financial Networks division includes........

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