Samsung has just introduced its new Galaxy Round handset, the world's first smartphone with the latest flexible display technology.

Flexible displays have been a hot topic for a good while now, and the race was between Samsung and LG to be the first company to bring such a device to the market. With its newly-announced Galaxy Round, it looks like Samsung beat LG to the punch and it will be the first manufacturer to launch a flexible display smartphone.

Samsung has announced on late Tuesday, Oct. 8, that the Galaxy Round boasts the latest flexible display technology, as well as several other unique features that will likely make the device a must-have for tech enthusiasts.

"With this pioneering curved display technology, GALAXY ROUND blends the latest smartphone screen innovations with unique design features," touted Samsung in its press release. "The sleek and thin GALAXY ROUND which equipped with a 5.7" Full HD Super AMOLED with 7.9mm thick and weighs 154g offers a comfortable hand grip feeling to user, and exclusive experiences of curved display."

In terms of design, the Samsung Galaxy Round seems reminiscent of the company's Galaxy S3 and Galaxy S4 smartphones. It does, however, have a slight dip in the middle, which allows the device to curve along a vertical axis. Aside from the display, the handset's body is quite rigid, which means it doesn't really bend, but it has a curve that allegedly fits the contour of the user's face. According to the company, that stationary curvature allows users to control their apps, music and photos.

"As a result of its unique curved design, users can take advantage of round integration experiences like the Roll Effect that enables the user to check information such as date, time, missed call and battery easily when home screen is off, and the Gravity Effect for creating visual interaction with the screen by tilting the device."

"When the GALAXY ROUND's display is off while the music player is running, a short press to the left of the device will play the previous track while a short press to the right will play the next track. For pictures and videos, the Side Mirror feature enables users to gain access to list of the album content with a left and right tilt."

The smartphone comes with a powerful 2,800 mAh battery, a quad-core processor clocked at 2.3GHz, 3GB of RAM, a 13-megapixel rear camera and it runs on the latest Android 4.3 Jelly Bean.

The Samsung Galaxy Round will launch in Samsung's home country of South Korea for now, and it remains unclear at this point when the company plans to make a global launch for the smartphone. On the other hand, the world's first smartphone with a flexible display is now finally official, so the company shouldn't take too long before making it available internationally.