Samsung is reportedly working on a financial services super app

Samsung is reportedly looking to enter the commercial banking space with a new super app. The South Korean tech giant already has a financial services app called "Momino," but is reportedly currently considering upgrading it to turn it into a WeChat-like super app. If this information is to be believed, this means the tech giant has entered the super app space. The company plans to partner with a major Korean bank to offer various features in its app.

Samsung Financial Networks division, which includes four financial subsidiaries, Samsung Card, Samsung Life Insurance, Samsung Fire & Marine Insurance, and Samsung Securities, is exploring partnerships with major banks, according to a report in the Korea Economic Newspaper. That's what it means. We will jointly develop a super app for financial services in South Korea. The report, citing unnamed sources, said the smartphone maker had sent a proposal to five major banks seeking app partnerships.

According to the report, the five banks include KB Kookmin, Shinhan, Hana, Woori, and digital-only K Bank. The proposal includes Samsung's plans to build a super app on top of its existing financial services app Momino, which already offers several services in South Korea, including money transfers, currency exchange, and real estate and car price comparisons. It is said to be included. However, the app's popularity is expected to grow among millions of users.

According to reports, the five banks will hold a presentation with Samsung on Tuesday, and a partner bank could be decided as early as Wednesday. "Having the Samsung brand in our banking business will be a great advantage for us to grow bigger in the Korean financial market," one local bank told the publication.

Despite being a global conglomerate and owning four different financial subsidiaries, the report highlighted that Samsung does not have the authority to own a bank in South Korea. Therefore, the company decided to partner with a large bank instead of expanding its service offering. Bank partners will provide infrastructure for the project, while Samsung is expected to provide software support and its own financial services to make the super app more attractive.