DGB Daegu Bank has teamed up with SK Telecom to to use its 5G quantum cryptography technology in its mobile banking app IM Bank.
The trial will reportedly start in September 2020, according to the FinTech Times and is said to mark the first quantum-powered service in the banking industry.
People with a Samsung Galaxy A Quantum smartphone will be able to use the app and to simultaneously tap into a higher level of cybersecurity.
However, DGB Daegu Bank is not the only financial firm to tap into quantum technology.
Earlier this week, FinTech Global reported that the Spanish bank BBVA has run a proof-of-concept quantum technologies test together with Multiverse to see the innovative technology would boost investment portfolios’ performance.
The advent of quantum technology could lead to significant security risks as bad actors with access to the technology could theoretically use it to bash through today’s encryption in a matter of seconds.
That is a very real risk identified by cybersecurity startup PQShield has warned that quantum technology, which is why it is working on solutions that would help businesses prepare for the tech revolution.
PQShield has been rewarded for its efforts by a recent £5.5m funding round and a place on the coveted CyberTech100 list of the 100 most innovative companies in the cybersecurity space.
The quantum cryptography market is estimated to be worth $89m in 2020, but that figure is expected to skyrocket to reach $214m by 2025 at a compound annual growth rate of 19.1%.
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