Samsung’s Monimo app to expand financial services to minors

(Samsung Card)

Samsung Financial Networks’ integrated financial platform, Monimo, is expanding its services to minors with group-tailored services.

According to industry sources on Wednesday, Monimo recently notified its users of changes to its terms and conditions. The changes include the removal of restrictions on minors joining the platform and the addition of a new clause allowing minors to join the platform, with users under the age of 14 requiring the consent of a legal guardian to access the Monimo app.

The platform is expected to launch services specifically designed for young users, including a prepaid card and transportation card services. Other potential services include school-related services such as schedules and meal plans, allowance management, and reward challenges for teens.

While the release date and details are still to be confirmed, a Samsung Financial Networks official said the new services would be launched soon.

This service expansion reflects Samsung Financial Networks’ strong commitment to securing future customers and staying competitive in the fierce integrated financial app market, following the steps of other fintech companies that have added youth services to their integrated apps instead of creating a separate app for youth.

Traditional financial institutions have either created separate youth apps or offered a limited set of services, such as allowance management, via their banking apps rather than their integrated financial apps.