Samsung Financial Selects Kookmin Bank as Partner Bank for Monimo Activation

Samsung Financial Networks (Samsung Life Insurance, Samsung Fire & Marine Insurance, Samsung Card, Samsung Securities) has selected KB Kookmin Bank as the preferred negotiation partner for affiliated banks to activate the integrated financial application 'Monimo'.

A representative from Samsung Financial Networks stated on the 12th, "Samsung Financial Networks plans to finalize the detailed service contents with KB Kookmin Bank and sign the main contract. Afterwards, we will apply for innovative financial services and introduce new services within the year."

Last month, Samsung Financial Networks proposed cooperation for Monimo activation to five companies, including the four major banks?Kookmin, Shinhan, Hana, and Woori?as well as the internet bank K Bank. This is intended to expand Monimo services through collaboration with banks to overcome the limitations of financial companies without banks.

Monimo is an app launched in April 2022, which also introduced the MyData service (gathering scattered information from individual institutions and companies into one place to provide customized financial services) in June last year. However, Monimo’s monthly active users (MAU) have been under 3 million, showing recent sluggish performance.

Meanwhile, Samsung Financial Networks will hold a commemorative event to celebrate the 2nd anniversary of Monimo’s launch. They plan to offer benefits to customers who participate through various channels such as the Monimo app, offline, and social networking services (SNS).