Samsung Electronics Co. is introducing a security chip and related software that offers advanced protection for mobile payments, digital banking, isolated storage and other solutions. 

Samsung's solution, which includes the S3FV9RR chip, follows an earlier generation solution announced in February. The security chip is Common Criteria Evaluation Assurance Level (CC EAL) 6+ certified, the highest level acquired by a mobile component, according to a press release.

"In this era of mobility and contactless transactions, we expect our connected devices, such as smartphones or tablets to be highly secure so as to protect personal data and enable fintech activities such as mobile banking, stock trading and cryptocurrency transactions," Dongho Shin, senior vice president of System LSI marketing at Samsung Electronics, said in the release. "With the new standalone security element solution, Samsung is mounting a powerful deadbolt on smart devices to safeguard private information."