Samsung Ventures into Mobile Banking with a Super App

Samsung Financial Networks, a unit under the renowned Samsung Group’s financial affiliates, is poised to make waves in South Korea’s banking sector with the launch of a groundbreaking super app for mobile banking. The concept of super apps, pioneered by China’s WeChat, is gaining traction globally, and Samsung aims to capitalise on this trend by offering users a comprehensive suite of financial services within a single, user-friendly platform.

The upcoming super app, an extension of Samsung Financial Networks’ existing Monimo app launched in April 2022, is set to revolutionise the way South Koreans manage their finances. Monimo, although a promising endeavour, has faced challenges in gaining a substantial user base amidst stiff competition from similar apps offered by commercial banks and fintech platforms. Despite its innovative features such as money transfers, foreign currency exchange, and real estate and car price comparison tools, Monimo has only attracted a few million users, paling in comparison to its competitors’ user bases in the tens of millions.

Recognising the need to bolster Monimo’s appeal and functionality, Samsung is embarking on a strategic collaboration with a major South Korean bank to develop an enhanced super app for mobile banking. Samsung has extended invitations to all of South Korea’s top five banks, including KB Kookmin, Woori, Shinhan, Hana, and online-only K Bank, to participate in this groundbreaking initiative. These banks are set to present their business proposals, with Samsung expected to announce its chosen partner for the collaboration imminently.

For Samsung, a company without a direct banking affiliate, the foray into mobile banking represents a significant opportunity to establish a foothold in the burgeoning mobile banking service sector. By leveraging Monimo as the foundation for the super app, Samsung aims to streamline financial transactions, enhance user experience, and capture a larger share of the mobile banking market.

In its quest to enhance Monimo’s capabilities, Samsung is actively engaging with startups and fintech companies, offering incentives such as investment opportunities through Samsung Venture Investment and potential joint ventures. This collaborative approach underscores Samsung’s commitment to fostering innovation and driving growth within the mobile banking ecosystem.

As Samsung prepares to unveil its ambitious super app for mobile banking, all eyes are on the tech giant as it seeks to redefine the landscape of financial services in South Korea and beyond. With its vast resources, technological expertise, and strategic partnerships, Samsung is poised to reshape the future of mobile banking and cement its position as a key player in the digital finance revolution.