The race is on: Samsung VP confirms upcoming wristphone like Apple's iWatch

Following Apple's footsteps, Samsung is also working on developing a smartwatch.

Samsung's mobile executive VP Lee Young Hee has confirmed that the company is hard at work preparing a new smart watch.

In Bloomberg's report, the VP also said, "We are preparing products for the future, and the watch is definitely one of them."

Apple’s plans to build the iWatch has been in the news for quite sometime and the US company has about 100 product designers working on a wristwatch-like device that may perform similar functions to the iPhone and iPad.

Young Hee also hinted that he wishes to be first in the market with his product by saying, "The issue here is who will first commercialise it so consumers can use it meaningfully."

The race to be the first in the market with cutting edge technology is getting fierce. Only time will tell how the Samsung wristwatch will look and whether it will be a notch up than Apple's inspiration.