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By Lee Min-hyung
With Samsung Group launching a new financial brand called Samsung Financial Network, all eyes are on whether the five financial arms of Samsung will be able to generate enough synergy despite an increasing aversion to big tech and fintech firms.
Samsung launched a converged financial app called "Monimo," Thursday, seeking to offer a customized financial service app for its customers. Given Samsung's massive market influence, the converged platform will pose a threat to existing financial firms.
The number of customers using Samsung's financial services from among the five companies including Samsung Life Insurance, Samsung Fire & Marine Insurance, Samsung Securities and Samsung Card is estimated to surpass 25 million.
By far, Toss is the largest financial app with more than 20 million subscribers. Kakao Bank, the nation's leading internet-only lender, came in second with over 18 million users. KB Financial Group, the largest financial holding firm by market capitalization, also holds some 17 million subscribers.
Even if Samsung's presence is threatening to existing big tech and conventional financial firms, industry watchers do not expect Samsung to rise to the top quickly, as it remains to be seen whether the converged financial app will be able to draw a positive market response.
"The point is whether Samsung's new financial service will receive a favorable market response," an industry analyst said. "Major big tech and fintech players such as Naver, Kakao and Toss still have a competitive edge due to their platform dominance. We need to wait and see."
"It will be hard for Samsung to make any game-changing outcome without any powerful and sensational service, as most of the mobile-driven financial services are operated by existing companies."
Samsung's financial arms started developing the converged app back in April 2021.
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