On 27th May 2020, Samsung announced Samsung Money by SoFi in the US in partnership with US-based digital financial services company, SoFi. Samsung Money by SoFi offers a Mastercard debit card linked to a cash management account. This report assesses the key drivers behind this announcement and identifies some challenges Samsung will need to address as it stretches its brand into providing its users with mobile-centric money management tools, and potentially other financial services. Samsung joins Apple, Xiaomi, Oppo offering financial services products to their mobile customers.
Analysis 3
What is SoFi? 3
Why is Samsung Launching Samsung Money in the US? 4
Will Samsung Money Resonate With Samsung Owners? 5
OEMs Look to Financial Services to Encourage Loyalty and Boost Margin 6
Implications and Conclusions 7
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