With the recent release of the LG G4 smartphone by LG Electronics just a few weeks ago, it has already been speculated that the South Korean tech giant is planning to launch a new model and successor, the LG G5 smartphone, sometime by the fourth quarter of this year or by early next year, according to reports.

The new LG G5 smartphone is expected to come with an iris recognition technology, a big step by the South Korean company towards mobile security.

A recent report by Who Wired, on the other hand, says the launch is expected to happen by the second half of 2016. Who Wired also reported that LG is working, in collaboration with Korean-based biometrics supplier company IRIENCE Co., Ltd., on the new iris technology.

Since LG just released the LG G4 smartphone, it's still early to speculate on the specs and features including the exact release date of the new successor, but while the rest are currently upgrading their smartphones with fingerprint scanning technologies, LG is already upgrading its new handset with a retina scanner.

Iris recognition technology is said to be safer and more secure than fingerprint scanning technology, especially for mobile banking.

The new LG G5 handset will use the iris scanner via its front-facing camera, according to reports, which might be close to 5.1 mega pixels. The new phone might also come with a bigger battery, a 4100 mAh, according to reports.

Another company from Asia that began releasing new handsets with iris scanning technology is Fujitsu Ltd. Fujitsu just launched the ARROWS NX F-04G device about a month ago.

Fujitsu's new product is equipped with the "Iris Passport", an iris authentication technology that can be used to unlock and access the phone, claims the Japanese tech company. Fujitsu also claims its iris authentication technology to be the world's first.