Samsung is looking to step into the world of commercial banking by creating a new super app, according to reports.
The company already has a financial app called Momino, but now it wants to upgrade it to compete with apps like WeChat. This move would mark Samsung’s entry into the super app arena.
The plan is to team up with a major bank in South Korea to offer a wide range of features through the app.
Samsung Financial Networks, which includes Samsung Card, Samsung Life Insurance, Samsung Fire & Marine Insurance, and Samsung Securities, is reportedly working on this project.
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They have reached out to five major banks in South Korea for potential partnerships. The banks in question are KB Kookmin, Shinhan, Hana, Woori, and the digital-only K Bank.
Samsung’s proposal involves building a super app on top of Momino, which currently offers services like money transfers, currency exchange, and real estate and car price comparisons in South Korea.
Although Momino has a few million users, it’s not as popular as expected.
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The banks will present their views to Samsung, and a decision on the partnering bank could be made soon. While Samsung cannot own a bank in South Korea due to regulations, partnering with a leading bank allows it to expand its services.
The bank will handle the infrastructure, while Samsung will provide software support and its financial services to enhance the super app’s appeal.
