Samsung Financial Networks, the integrated financial service of Samsung Group’s financial bodies, is looking to partner with Korean banks for its platform, Monimo. These efforts have currently garnered interest from two commercial banks and one internet-only bank.

According to industry sources on Monday, Samsung Financial Networks’ Samsung Card Co. recently proposed partnerships to four major banks - KB Kookmin Bank, Shinhan Bank, Hana Bank and Woori Bank - as well as online-only Kbank. Samsung’s financial units are expected to select the partner after reviewing each of the banks’ proposals to strengthen Monimo’s reach, with presentations scheduled for Tuesday.

KB Kookmin Bank, Hana Bank, and Kbank demonstrated interest, and are reportedly participating in Tuesday’s presentation. Shinhan Bank and Woori Bank opted not to participate and are likely to prioritize the growth of their own banking apps following internal assessments.

Monimo, powered by Samsung’s financial units including Samsung Life Insurance Co., Samsung Fire & Marine Insurance Co., Samsung Card, and Samsung Securities Co., was launched in April 2022 as the first integrated app from a non-banking financial company. The app offers features such as easy payment, insurance premium claims, asset management, and cash points.

Samsung’s move to expand the number of Monimo’s partnerships is viewed as a strategy to address the limitations faced by non-banking financial companies, as the app’s active users are significantly smaller than those using bank apps. Most of Monimo’s active users are those from its insurance and card service, and its monthly active users (MAUs) are estimated to total around 2 million.

“Monimo provides rewards with in-app points, and we are promoting partnerships with banks to provide various benefits using this point system,” Samsung Card explained.

By Park Na-eun and Chang Iou-chung

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