Five Samsung companies team up to form Samsung Financial Networks

A logo for Samsung Financial Networks [SAMSUNG LIFE INSURANCE]

Five Samsung companies teamed up to form Samsung Financial Networks, creating a new application and promising continuous partnerships with each other.

Samsung Life Insurance, Samsung Fire & Marine Insurance, Samsung Card, Samsung Securities and Samsung Asset Management are part of the Samsung Financial Networks alliance.

Financial services are now offered by not only traditional financial companies, but also by big tech companies. The companies formed the team to create synergy and enhance competitiveness and market share.

One of the first projects as part of the partnership is an application named Monimo, which will start service Thursday. Users will be allowed to access services of all five companies on the app instead of having to use five different ones.

Sending money to other bank accounts, paying insurance bills and checking prices of secondhand cars are some of the services that will be available on the app.

The companies have been working with each other to develop the app since April last year.

Similar apps like Kakao Pay, Naver Pay and Kakao Bank have 20.4 million,16 million and 14.7 million users respectively. Samsung Financial Networks estimates that Monimo will have around 23 million users, considering the number of customers using the companies’ services.

“The boundaries of financial services are becoming more and more blurred,” said a spokesperson for a company under Samsung Financial Networks. “Companies compete against each other, but also cooperate to survive, and the partnership will serve as a stepping stone for Samsung and its financial companies to grow.”

Samsung Financial Networks will create a new logo for each of the five companies, changing signs at each of their headquarters and websites. The company names will remain the same.

BY AHN HYO-SEONG, LEE TAE-HEE [lee.taehee2@joongang.co.kr]