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Samsung Allegedly Developing a Super App for Financial Services

According to a source, Samsung is attempting to penetrate the commercial banking sector by introducing a new super app.

Reportedly, the South Korean internet giant intends to enhance its existing financial services app, Momino, and transform it into a super app similar to WeChat. If the rumor is accurate, this will also signify the IT giant’s foray into the mega app market.

The startup is reportedly forming a partnership with a prominent bank in South Korea to provide a comprehensive range of capabilities through the app.

As per a report from The Korea Economic Daily, Samsung Financial Networks, which includes Samsung Card, Samsung Life Insurance, Samsung Fire & Marine Insurance, and Samsung Securities, is seeking to collaborate with a prominent bank in South Korea to collectively develop a super app for financial services.

The article, citing anonymous sources, stated that the smartphone manufacturer has submitted proposals to five prominent banks in order to establish a cooperation for the application.

Samsung Allegedly Developing a Super App for Financial Services - The Hard News Daily

According to the report, the five banks mentioned are KB Kookmin, Shinhan, Hana, Woori, and the digital-only K Bank.

The proposal reportedly includes Samsung’s intentions to develop a super app on the foundation of its current financial services app, Momino.

Momino presently provides various services like money transfer, currency exchange, and comparisons of real estate and automobile prices in South Korea.

Nevertheless, the app’s popularity is limited, with only a few million users.

Allegedly, the five banks will provide presentations to Samsung on Tuesday, and a determination regarding the bank partnership may be made as soon as Wednesday.

One of the local banks stated that having the Samsung brand in their banking operation is a significant advantage for expanding their presence in the Korean financial market.

Although Samsung is a multinational corporation with ownership of four distinct financial subsidiaries, the report emphasized that it does not meet the requirements to possess a bank in South Korea.

Therefore, it has chosen to collaborate with a prominent bank in order to expand its range of services.

The banking partner is expected to provide the necessary infrastructure for the initiative, while Samsung will contribute software support and its own financial services to enhance the attractiveness of the super app.

(The headline and the story has not been edited by THND staff and is published from a syndicated feed. However there can be minor changes from the original source article.)

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