Samsung Electronics has partnered with the Bank of Korea (BOK) to conduct research on developing a central bank digital currency (CBDC) ecosystem. The two parties signed a memorandum of understanding (MOU) at Samsung's headquarters in Suwon, Gyeonggi Province. The MOU will see Samsung and the BOK collaborate on further research into the CBDC issued by the BOK, as well as in the offline payment sector. Samsung previously participated in the BOK-led CBDC pilot project last year, during which it developed offline CBDC technology to enable device-to-device transfers and payments through near-field communication (NFC).