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Samsung's financial affiliates launch unified service app Monimo

All News 11:13 April 14, 2022

SEOUL, April 14 (Yonhap) -- Financial affiliates of South Korean conglomerate Samsung Group on Thursday launched an integrated financial service app that offers various financial plans spanning insurance to financial investment.

The new Samsung app, Monimo, offers services from four Samsung financial affiliates, such as Samsung Life Insurance Co., Samsung Fire & Marine Insurance, and Samsung Card Co.

The app enables Samsung customers to use different financial services, including calling car insurance agents and filing for life insurance money. App users can also request a higher ceiling for the Samsung card and invest in Samsung Securities' investment vehicles.

Some Samsung services are offered exclusively on Monimo, such as managing different Samsung accounts on a single page, money transfer, credit management, exchange of foreign currencies and price search for real estate and cars, according to them.

Besides the financial services, Monimo throws fun events and health challenges linked to other Samsung apps.

About 23 million people are customers of at least one Samsung financial firm, according to Samsung's data.

The logo of Samsung's financial service app Monimo (Yonhap)

The integrated financial service app came under Samsung Financial Networks, a new strategic brand by Samsung financial affiliates.

Samsung Financial Networks is Samsung's latest move to get an upper hand in the country's fast-digitalizing financial landscape.

The rise of the MZ generation, born between the early 1980s and the early 2000s, has become the key contributor of the swift growth of Naver Corp. and Kakao Corp., relative newcomers to the banking, securities and insurance market.

On Wednesday, Kakao sent shockwaves in the industry as it won the regulator's approval to launch the country's first-ever digital-only insurance firm. Kakao's insurance business is slated to be launched as early as the third quarter of the year.

As competition intensifies between legacy firms, like Samsung, and digitally strong challengers, Samsung said it will continue to introduce new services on Monimo to tighten its grip of MZ customers.

The logo of Samsung Financial Networks, provided by five Samsung financial affiliates (PHOTO NOT FOR SALE) (Yonhap)


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