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South Korea’s IM Bank to Apply Sk Telecom’s Quantum Cryptography to Mobile Banking App

By IQT News posted 20 Aug 2020

(AjuDaily) A mobile banking app based on SK Telecom’s 5G quantum cryptography technology will be introduced at a the South Korean IM Bank. Personal information will be thoroughly protected when customers transfer money or going through identity verification to open new accounts.
SK Telecom (SKT), a top mobile carrier in South Korea, said it would apply its 5G quantum cryptography technology to IM Bank, the mobile banking app of DGB Daegu Bank, in September. It would be the first quantum-powered service in South Korea’s banking industry.

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IM Bank will enable users of Samsung Galaxy A Quantum to benefit from a new level of security in mobile banking transactions, SKT said in a statement, adding users would have their personal information thoroughly protected when they transfer money or open new accounts via identity verification.
By encrypting the app’s digital one-time passwords and identity verification information based on true random numbers, IM Bank provides advanced security. SKT and IDQ have shared Galaxy A Quantum’s application programming interfaces with DGB Daegu Bank.

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