Samsung Plans Entry Into Commercial Banking Sector With New Super App: Report

Samsung is making waves in the financial sector with its ambitious plan to transform its existing financial services app, Momino, into a comprehensive super app, aiming to rival platforms like WeChat. A media house reported that this strategic move signals Samsung's entry into the super app arena, emphasising its commitment to expanding beyond its traditional tech domain.

The initiative will be led by Samsung Financial Networks, the conglomerate's financial arm. The plan involves partnering with a leading South Korean bank to enhance the app's functionality, offering a range of financial services under one digital roof. Samsung has approached five major banks—KB Kookmin, Shinhan, Hana, Woori and digital-only K Bank—with proposals to collaborate on this innovative project.

Although Momino currently provides services such as money transfer, currency exchange and comparative pricing for real estate and cars, it has not gained widespread user adoption, boasting only a few million users. The super app aims to significantly expand these offerings, leveraging the partnership with a selected bank to enhance the app's capabilities.

A decision on the banking partner is expected soon, possibly as early as Wednesday, according to the report. Due to regulatory restrictions preventing Samsung from directly owning a bank in South Korea, this collaboration is essential. The partner bank will provide the necessary banking infrastructure, while Samsung will contribute software development and integrate its financial services to enhance the super app's user experience and functionality.