Samsung partners with Bank Of Korea to bring wire transfers to Galaxy phones

Samsung has announced that it has signed an MoU (Memorandum of Understanding) with the Bank of Korea to collaborate on technical research for offline CBDC (Central Bank Digital Currency). This research aims to bring secure wire transfers and payments to Samsung Galaxy smartphones and smartwatches through a form of digital currency issued by the country’s central bank.

The signing ceremony of the MoU between the Bank of Korea and Samsung Electronics took place at Samsung Digital City in Suwon, South Korea. Executives attending the signing ceremony included 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. The two companies have pledged to continue research on CBDC. Samsung phones and smartwatches that support CBDC transfers will have EAL (Evaluation Assurance Level) 6+ grade hardware certification, which is the world’s highest security level of security.

Galaxy phones and smartwatches will offer money transfers and payments even without an internet connection

Samsung participated in the second phase of a pilot study on CBDC that the Bank of Korea conducted. The companies tested device-to-device money transfers and payments via NFC, and the feature works even when the devices aren’t connected to the internet. The technology used to make these payments includes using the eSE (embedded Secure Element) security chip inside Galaxy phones to reduce security risks and ensure reliable transactions happen during emergencies.

Dr. Won-Joon Choi, EVP and Head of Mobile R&D Office, MX Business at Samsung Electronics, said, “This collaboration with Bank of Korea has allowed us to apply Samsung’s advanced security innovations to the digital currency field. We expect our collaboration to contribute to the advancement of global offline CBDC technology.“