The concept of super apps has been around for a while. The idea is fairly simple, provide users with much of what they want within one single app. China's WeChat is the epitome of a super app. This idea has been executed in different segments and has the most potential for mobile banking.
Perhaps that's why Samsung Financial Networks, a unit under Samsung Group's financial affiliates, is now interested in launching a super app for mobile banking in collaboration with a major South Korean bank.
Samsung's looking to establish a foothold in Korea's banking sector
The super app will be based on Monimo, a financial services app that Samsung Financial Networks launched in April 2022. It provides features like money transfers, foreign currency exchange, search and price comparison for real estate and cars in South Korea.
However, Monimo has had a tough time attracting a solid user base amid competition from similar apps from commercial banks and fintech platforms. It has only managed to have a user base of a few million people whereas competitors have amassed tens of millions of users. Most major banks in the country have already launched their own banking super apps.
Samsung has also floated a proposal to all of South Korea's five top banks, KB Kookmin, Woori, Shinhan, Hana, and online-only K Bank to develop a mobile banking super app based on Monimo. The five banks will make their business presentations today with Samsung picking one for the partnership as early as tomorrow. Since Samsung Group doesn't have a banking affiliate, a super app for mobile banking will give it the opportunity to compete in the mobile banking service sector.
Samsung now seeks to upgrade Monimo's capabilities by working with startups and fintech companies. It's providing startups with incentives such as investment stages by Samsung Venture Investment and joint venture opportunities.
