Officials from Korean Air and Samsung Financial Networks pose for a photo after signing a memorandum of understanding to establish a strategic partnership on the 18th. From left: Ha Eun-yong, Vice President of Korean Air’s Finance Division; 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 Lee-tae, President of Samsung Card; and Kim Woo-seok, CEO of Samsung Asset Management. Photo courtesy of Korean Air
Korean Air (003490) and Samsung Financial Networks have agreed to cooperate to find future revenue sources.
Korean Air, along with Hanjinkal, Asiana Airlines (020560), and Jin Air (272450), signed a memorandum of understanding (MOU) to build a strategic partnership with Samsung Life Insurance, Samsung Fire & Marine Insurance, Samsung Card, Samsung Securities (016360), and Samsung Asset Management, the company said Tuesday.
Korean Air and Samsung Financial plan to discover future revenue sources and pursue joint new businesses to strengthen their market competitiveness. This is expected to include providing services that combine the memberships held by both companies with fintech, artificial intelligence (AI), and digital assets.
In addition, the two sides plan to continue collaboration in areas such as developing aviation-themed financial products and creating safety management insurance programs for the aviation and transportation industries. “Through building a strategic partnership with Samsung Financial, we will equip ourselves with market competitiveness befitting a global network carrier,” a Korean Air official said.