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Samsung currently offers a plethora of exclusive apps and services within its devices, including Samsung Health and Samsung Pay. To double down on that, the Korean OEM might also launch a super app for mobile banking in South Korea.
A Super app is a single application that offers various services within the app itself. It eliminates the need to install multiple apps. For example, WeChat is a messaging app that also offers online payment services.
As reported by Kedglobal, Samsung Financial Networks, which operates as a subset of Samsung Group’s financial affiliates, is pursuing the idea of a super app for mobile banking by collaborating with some leading commercial banks in its hometown of South Korea.
Samsung to launch a super app for mobile banking in South Korea
As the report reads, Samsung has sent its proposal to the country’s leading banks, including KB Kookmin, Shinhan, Hana, Woori, and internet-only K Bank AR, to promote the idea of a super app. The app will be based on Samsung’s Monimo, a local mobile app launched in 2022 to offer financial services to South Korean people.
After evaluating their business presentations, Samsung has yet to choose one partner among the five banks. A local bank executive told the outlet, “Having a Samsung brand in our banking business is a huge strength to become bigger in the Korean financial market.”
Samsung is barred from owning a bank in its hometown and doesn’t have a banking affiliate either. Thus, launching a super app for mobile banking gives the company a unique opportunity to tap into the financial market and expand its portfolio.
Samsung sees many rivals in its hometown
What will happen to Monimo after launching the super app remains to be seen. Meanwhile, the app has already disappointed Samaung due to its failure to attract users and rough competition in the South Korean market. Monimo currently has a few million users in the country. However, its rival app, Toss Bank, has over 20 million users.
When launching a super app for mobile banking, Samsung should still face major rivals in South Korea. Apps like the Shinhan Super SOL super from Shinhan Financial Group and KB Star Banking from KB Financial Group.