On 21st August 2020, SK Telecom announced it is introducing the first mobile banking service app, called IM Bank, based on 5G quantum security technology. This will be the first quantum-powered service in South Korea’s banking industry; developed with DGB Daegu Bank, one of Korea’s largest regional banks, and ID Quantique (IDQ), the world leader in quantum-safe security solutions.
Quantum Security Mobile Banking is a service exclusively designed for Samsung’s latest 5G smartphone « Galaxy A Quantum », the world’s first quantum security smartphone commercialized by SK Telecom in May 2020. This new 5G smartphone includes ID Quantique’s QRNG chip to protect its customers’ most valuable information. It allows smartphone holders to use selected services safely by generating true random numbers that cannot be hacked.
Starting next month, IM Bank app which was developed in conjunction with DGB Daegu Bank will allow customers to safely protect personal information when transferring money or when signing up and opening an account through ID authentication procedures. By encrypting the app’s digital one-time passwords and identity verification information with quantum random numbers, IM Bank will enable users of Samsung « Galaxy A Quantum » smartphone to benefit from a new level of security.
In Fintech, and especially mobile banking services, personal information leakage has become a serious problem. Account and financial access remains a primary target for cyber-criminals.
“Going forward, we will continue to build a safer and more secure sociaty bu applying ID Quantique’s quantum cryptography technology to other areas; including finance and Internet of Things”
Han Myung-Jin, MNO Marketing Business Head, SK Telecom
ID Quantique and SK Telecom have been working together since 2016, developing quantum technologies for the telecom and IoT markets. Last year SK Telecom applied ID Quantique’s QRNG systems in its 5G mobile core network to improve the security of the subscriber authentication.