Wednesday July 17, 2019
Home Lead Story Samsung to Fo...

Samsung to Foster Growth by Investing in AI and 5G

To get ahead in the fast-changing tech industry, Samsung said it will expand investment in burgeoning tech segments to propel growth

0
//
samsung
To get ahead in the fast-changing tech industry, Samsung said it will expand investment in burgeoning tech segments to propel growth. Wikimedia Commons

Samsung Electronics Co on Wednesday said it will propel technology innovations to tackle the unfavourable business environment and foster new growth drivers such as artificial intelligence (AI) and 5G.

Samsung vowed to step up its innovations to overcome business challenges amid falling prices of memory chips and flattening global demand for new smartphones.

“The company plans to push for profound innovations across the divisions as the unfavourable business environment is expected to continue this year,” Kim Ki-nam, vice chairman of Samsung Electronics, said at a meeting at the company headquarters attended by about 1,000 investors.

samsung
“We will focus on new, promising businesses, such as AI and 5G, to bring meaningful changes and will actively respond to new business opportunities,” Kim said. Pixabay

To get ahead in the fast-changing tech industry, Samsung said it will expand investment in burgeoning tech segments to propel growth.

“We will focus on new, promising businesses, such as AI and 5G, to bring meaningful changes and will actively respond to new business opportunities,” Kim said.

Announcing business plans during the shareholders meeting, the first since a 50:1 stock split in May which was aimed at making it easier for retail investors to purchase stakes in the firm, Kim said: “We will continue to release innovative products in our home appliance and IT and mobile communication divisions to expand our market-leading position.”

The world’s largest handset and memory chip maker said it posted $215.8 billion in sales and $52 billion in operating profits last year on a consolidated basis, posting record high profits driven by the boom in memory chips, Yonhap news agency reported.

 

samsung
Its bid to propel its 5G business comes as Huawei, the world’s largest telecom equipment maker, faces growing pressure from the US over security protection issues. Pixabay

ALSO READ: Xiaomi to Expand its Offline Presence in India

Its bid to propel its 5G business comes as Huawei, the world’s largest telecom equipment maker, faces growing pressure from the US over security protection issues.

The Korean tech firm currently has a mere 3 per cent share in the 5G equipment sector, lagging far behind Huawei’s 28 per cent and Ericsson’s 27 per cent, according to market researcher IHS Markit.

The company has set a goal of capturing a 20 per cent share in the 5G equipment market by 2022. (IANS)

Next Story

Samsung Announces its Partnership with Paisabazaar.com to Offer Financial Products

The feature uses advanced predictive algorithms to provide the most suited lender to customers and significantly improve their chances of loan approval, the company claims

0
samsung
To get ahead in the fast-changing tech industry, Samsung said it will expand investment in burgeoning tech segments to propel growth. Wikimedia Commons

South Korean tech giant Samsung on Tuesday announced its partnership with Paisabazaar.com, an online marketplace for financial products in India.

Paisabazaar.com will now support Samsung Pay to provide users with a one stop solution to their financial requirements.

“Users can apply for credit cards and personal loans from the platform. The move will enable existing and potential users to get the benefit of opting for a host of financial services,” the company said in a statement.

Samsung, Home, Privacy
Arvin Baalu, vice president of product management at Harman International, talks about the Samsung Digital Cockpit during a Samsung news conference at the 2019 CES in Las Vegas, Jan. 7, 2019. VOA

The feature uses advanced predictive algorithms to provide the most suited lender to customers and significantly improve their chances of loan approval, the company claims.

“Samsung Pay has been designed to be the smartest and most convenient method to make digital payments almost everywhere. Our partnership with Paisabazaar.com has helped us create a holistic platform that gives them the comfort of opting for various financial products besides using it as a payment platform,” said Sanjay Razdan, Senior Director-Services Manangement, Samsung India.

Also Read: Instagram Announces a Unique Feature to Curb Online Bullying

Naveen Kukreja, CEO and Co-founder, Paisabazaar.com., said: “Paisabazaar’s integration with Samsung Pay is a natural fit as it will provide users with a platform that is equipped to give them a variety of quick financial solutions. Our seamless, transparent and end-to-end assistance, combined with industry first ‘chance of approval’ feature will significantly help customers in getting quicker approvals and disbursals.” (IANS)