To enable wire transfers on Galaxy phones, Samsung collaborates with the Bank of Korea
The South Korean tech giant has signed an MoU with the Bank of Korea. Reportedly, the two organizations are partnering on the technical research of CBDC (Central Bank Digital Currency). It includes a sort of digital money issued by the nation’s central bank. This research intends to provide safe wire transfers and payments to Samsung Galaxy smartphones and smartwatches via digital currency.
The MoU signing ceremony was organized at Samsung Digital City in Suwon, South Korea. The reputable executives Seungheon Lee, Senior Deputy Governor at Bank of Korea, and Dr. Won-Joon Choi, EVP and Head of Mobile R&D Office at Samsung MX attended the ceremony. The two organizations will continue the research on CBDC. The dedicated devices from Samsung that will support CBDC transfer will come with EAL (Evaluation Assurance Level) 6+ grade hardware certification. It is known as the highest security level in terms of security worldwide.
Even without an internet connection, Galaxy phones and smartwatches will support money transfers and payments
The tech giant Samsung has participated in the second phase of a pilot study on CBDC conducted by the Bank of Korea. The companies have tested the new money transfers and payments system by using NFC-based transfers from device to device. The feature works even without an internet connection. The technology behind this system is based on an eSE (embedded Secure Element) security chip. These chips are inserted in Galaxy devices to limit security risks. In this way, users can carry out reliable transactions.
According to Dr. Won-Joon Choi, EVP and Head of Mobile R&D Office, MX Business at Samsung Electronics, “This association with Bank of Korea has permitted us to employ Samsung’s advanced security innovations in the digital currency field. We assume our partnership to aid in the improvement of universal offline CBDC technology.“
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