From left: Park Byung-ryul, CEO of Jin Air; Song Bo-young, CEO of Asiana Airlines; Ryu Kyung-pyo, Vice Chairman of Hanjin Kal; Woo Ki-hong, Vice Chairman of Korean Air; Hong Won-hak, President of Samsung Life Insurance; Lee Moon-hwa, President of Samsung Fire & Marine Insurance; Park Jong-moon, President of Samsung Securities; Kim Yi-tae, President of Samsung Card; and Kim Woo-seok, CEO of Samsung Asset Management, pose for a photo after signing a business agreement at the Samsung Life Insurance building on the 18th. Samsung Card
Five Samsung financial affiliates have joined forces with Hanjin Group to develop combined services merging finance and aviation.
Samsung Financial Networks signed a strategic partnership built around this framework at the Samsung Life Insurance headquarters in Seocho-gu, Seoul, on Tuesday, the company said.
The two sides will first launch a Korean Air co-branded card. The card will offer a range of benefits that can be used when purchasing airline tickets or using membership services. The companies also plan to review ways to provide premium services for VIP customers.
They will also discuss linking Korean Air’s major mobile services to “Monimo,” Samsung Financial’s integrated platform. Monimo is an integrated platform designed to allow customers to use the financial services of Samsung financial affiliates in one place. While specific services and timelines have not been finalized, the companies plan to review the potential introduction of various services that could enhance customer convenience.
The two sides will also expand cooperation in new business areas. They will review ways to utilize new technologies such as digital assets and artificial intelligence (AI)-based services, while also developing financial products linked to the aviation industry. In particular, they plan to explore cooperation possibilities across various financial areas, including aviation industry-based insurance products, aircraft lease-related financing, asset-backed securities (ABS), and security token offerings (STO).
The partnership is significant in that the scope of collaboration between an airline and a financial company has expanded from the conventional focus on co-branded cards to the platform and new business areas. The two sides plan to identify cooperation tasks through a joint task force (TF). In particular, they intend to combine the competitive strengths held by each company to develop differentiated customer services.
“Through collaboration between companies representing finance and aviation, we will be able to provide customers with differentiated services and benefits,” a Samsung Financial official said. A Korean Air official said, “Based on our partnership with Samsung Financial, we will continue to seek ways to enhance customer experience and strengthen global competitiveness.”