[Featured Stock] Genitics Opens the World with Samsung Smartphones... First to Develop and Supply Samsung Pay

[Asia Economy Reporter Hyungsoo Park] Genitics is showing strong performance. It appears that the news of Samsung Electronics adding features such as freely accessing homes and starting car engines through Samsung Pay is influencing the stock price.

As of 10:16 AM on the 9th, Genitics is trading at 3,245 KRW, up 7.27% from the previous day.

Samsung Electronics announced that it will sequentially roll out a software update integrating Samsung Pass services into Samsung Pay to enhance user convenience. Through this update, Samsung Pay will offer a 'digital key' feature that can be used for homes and car keys, a virtual asset inquiry function, and a ticket service feature that allows users to store and use airline tickets, movie tickets, and more.

With the digital key, users can access their homes and cars via Samsung Pay without carrying physical keys. Users can lock and unlock car doors and even start the engine through Samsung Pay. The sharing feature allows family members or acquaintances to use the keys together.

Han Jini, Vice President of Samsung Electronics MX Division, said, "Through the Samsung Pay update, we aim to provide a more convenient experience not only for payments but also for homes, cars, public transportation, and cultural activities throughout life," adding, "We plan to continuously expand the Samsung Pay ecosystem by collaborating with various partners and developers."

According to the quarterly report, Samsung Electronics, a smartphone manufacturer, adopted the MST method for its Samsung Pay, and Genitics' MST IC products have been actively used in Samsung Electronics smartphones since 2016. Previously, MST ICs were exclusively supplied by a foreign company (Texas Instruments), resulting in high prices and supply difficulties. However, with Genitics' successful localization, the localization rate has reached about 50%, leading to a cost reduction effect of 18-21%. The MST IC, the ZF series (including ZF100N, ZF115N), was first developed domestically in May 2015 and has been mass-produced since January 2016. Genitics explained that it is currently steadily supplying MST ICs to Samsung Electronics.