Korean Air Lines and Samsung Financial Networks will jointly explore future businesses and push for collaboration from multiple angles.
Korean Air Lines said on the 18th that it signed a memorandum of understanding (MOU) at the Samsung Life Insurance headquarters in Seocho-gu, Seoul, to build a strategic partnership with Samsung Financial along with Hanjin KAL, the holding company of Hanjin Group, and Hanjin Group's airline affiliates Asiana Airlines and Jin Air. Samsung Financial consists of five companies: Samsung Life Insurance, Samsung Fire & Marine Insurance, Samsung Card, Samsung Securities, and Samsung Asset Management.
Korean Air Lines and Samsung Financial agreed to identify new future revenue sources and pursue joint new businesses. They will also discuss services that combine next-generation technologies such as Fintech, artificial intelligence (AI), and digital asset with their memberships. They will continue multifaceted collaboration in new business areas, including developing financial products with aviation industry themes and developing safety management insurance programs for the aviation and transportation industries.
They also plan to provide a differentiated customer experience by combining the expertise and brand asset accumulated in the aviation and financial sectors. They are reviewing ways to launch co-branded products with Korean Air Lines benefits and to offer premium services for VIP customers.
A Korean Air Lines official said, "By building a strategic partnership with Samsung Financial, we will seek a range of ways to secure market competitiveness befitting a global network carrier and provide innovative services to customers."
A Samsung Financial official said, "Through collaboration among corporations representing the financial and aviation industries, we expect customers will experience more differentiated services and benefits."