`SC Korea to roll out high-security mobile banking service

The Seoul-based branch, a wholly owned subsidiary of London-based Standard Chartered said the mobile banking services will have 5G quantum security technology applied, a first for a commercial bank here.

The services will be offered to users of the Samsung Galaxy A Quantum smartphone, in which a quantum random number generator (QRNG) chipset is embedded, offering the strongest level of encryption and protection.

SK Telecom, the country’s largest mobile carrier, will be sole provider of the android-based mobile phone that offers the services.

QRNG is a technology that creates unpredictable quantum random numbers without patterns by utilizing the characteristics of protons.

This technology in theory greatly improves security by using the most complete random number to generate cryptographic keys, allowing more secure encryption of customer information.

Customers with Galaxy A Quantum handsets can as a result make financial transactions safer, such as opening accounts and transferring money through the mobile banking app.

“The most important factor for customers who use mobile financial services through online channels is security that protects the safety of transactions,” said a Standart Chartered Bank Korea official said.

“We will continue to play a leading role in customer convenience and digital innovation as well as customer information protection through partnerships with various finctech firms.”

Meanwhile, SK Telecom is discussing with various smartphone manufacturers about incorporating QRNG chipsets in their devices.

The bank will offer the services to such smartphones.

Led by CEO Park Jong-bok, the Korean branch reported a net profit of 900 million won ($813,000) in the third quarter of 2020. The figure for the first nine months was 182.9 billion won.