Standard Chartered adds quantum-level security to mobile banking app
The quantum revolution is well underway, with real world applications being introduced across multiple markets. One of the early adopters has been the world of banking and finance, with FinTech being transformed by next generation, quantum-led security.
South Korea has become an innovation hub for 5G enabled mobile applications in recent months. The Seoul offices of London based Standard Chartered Bank have just announced they will be introducing quantum security to their mobile banking app.
Customers with a Samsung Galaxy A Quantum smartphone will be able to benefit from the built-in quantum random number generator (QRNG) to benefit from the strongest possible level of encryption and data protection. The level of entropy created by the QRNG chip enhances the security of encryption key generation.
The new app is the latest example of FinTech leveraging the quantum technologies introduced by SK Telecom and ID Quantique. The Samsung Galaxy A Quantum device features IDQ’s QRNG chipset, a miniaturized version of the industry leading QRNG range, designed specifically for mobile and IoT applications.
SK Telecom is South Korea’s leading ICT company and has been at the forefront of quantum technologies in the country. Exclusive distributor of the Galaxy A Quantum handset, SK Telecom is able to provide a differentiated service based on best-in-class security – something of particular importance to the financial services sector.
As more customers adopt mobile banking, data security has become a hot topic. Hackers are frequently seeking account access for financial gain and the addition of quantum-level security provides an additional level of protection for financial transactions and account services.
In an interview with the Korea Times a Standard Chartered Bank official said, “The most important factor for customers who use mobile financial services through online channels is security that protects the safety of transactions.”
“We will continue to play a leading role in customer convenience and digital innovation as well as customer information protection through partnerships with various FinTech firms.”
The partnership between SK Telecom and Samsung is the first to market, but unlikely to remain the only application for long. SK Telecom are already in discussion with other handset manufacturers and IoT device manufacturers seeking to leverage the miniaturization of quantum technologies to deliver future-proof data protection.