The mobile banking industry is looking forward to every South Korean tech giant, Samsung, wanting to step into this space. They are launching a super app that enables them to provide their customers with a bouquet of financial services that is seamlessly integrated with the largest Korean bank to date. That’s why Alibaba is probably stepping up its efforts to seize the global opportunity that currently arises from the popularization of the super app idea, which was first introduced by the Chinese WeChat.
Samsung Financial Networks, the branch that oversees all of Samsung’s financial projects, doesn’t have an easy job because, after all, this is not the company’s first financial collaboration. They are already contributors to Monimo, a financial services app that was launched in 2022 with various features like money transfer and investment tools. They face the same problem as banks and other fintech platforms in the market, which is about gaining the market share of millions of users claimed by a larger competitor in the digital milieu.
To fix this, Samsung has adopted a two-pronged process. They have a tie-up with the top five major Korean banks, namely KB Kookmin, Woori, Shinhan, Hana, and KBank. This partnership will take Monimo’s existing features as well as the Bank’s strong banking services and combine them to create the best financial firm. It is expected that the decision regarding the partner bank will be finalized soon.
Furthermore, Samsung’s mission is to seek out start-ups and fintech companies. One of the strategies they are going to work on is investment possibilities and launching co-ventures. They hope this will help Monimo grow and add new users. Through this approach, Samsung conveys the fact that it never gives up on exploring new avenues of mobile banking.
Samsung is one of the biggest and oldest brands and is known to challenge others in the fintech market. Their entry into the super app race will change the mobile banking environment in South Korea. It remains to be seen whether they will dethrone the existing players, but one thing is for sure: the competition that was exciting before is about to get even more fierce, but that will only open the door to a new wave of customer empowerment. Will work. New financial instruments.
