Samsung is reportedly working on a super app for financial services

Samsung is trying to enter the commercial banking space with a new super app, according to a report. The South Korean tech giant already has a financial services app called Momino, but it now reportedly wants to upgrade it and turn it into a WeChat-like super app. If reports are to be believed, this will also mark the tech giant’s entry into the super apps space. The company is said to be tying up with a major bank in South Korea to offer a range of features with the app.

According to a report by The Korea Economic Daily, Samsung Financial Networks, a business unit comprising the tech giant’s four financial affiliates – Samsung Card, Samsung Life Insurance, Samsung Fire & Marine Insurance and Samsung Securities – is looking to partner with a leading bank in South Korea for a joint build a super app for financial services. Citing unnamed sources, the report mentions that the smartphone maker has sent proposals to five leading banks seeking a partnership for the app.

According to the report, the five banks include KB Kookmin, Shinhan, Hana, Woori and the digital-only K Bank. The proposal is said to contain Samsung’s plans to build a super app on top of existing financial services app Momino, which already offers a host of services such as money transfers, currency exchange, as well as real estate and car price comparisons in South Korea. However, the app is believed to be struggling for popularity with only a few million users.

The five banks will reportedly share presentations with Samsung on Tuesday, and a decision on the partner bank could be reached as early as Wednesday. “Having the Samsung brand in our banking business is a huge strength to become bigger in the Korean financial market,” one of the local banks told the publication.

Despite being a global conglomerate and owning four different financial subsidiaries, the report emphasized that Samsung is not allowed to own a bank in South Korea. This is why it decided instead to partner with a leading bank to increase its basket of services. It is believed that the banking partner will provide the infrastructure for the project, while Samsung will offer software support and its own financial services to make the super app more attractive.