Samsung Electronics Co Ltd unveiled a new foldable smartphone, the Galaxy Z Flip, on Wednesday, which can fold into the size of a wallet and fit in people's pockets or bags, at the company's annual Unpacked event in San Francisco.

The company said when the gadget is closed, it is a stylish, compact palm-sized device. When opened, its screen size nearly doubles to reveal a stunning 6.7-inch display.

"Galaxy Z Flip is an important next step as we look to build the foldable category by bringing to consumers a new form factor, display and most importantly, a new kind of mobile experience," said TM Roh, president and head of mobile communications at Samsung.

"With Galaxy Z Flip's unique foldable design and user experience, we're redefining what a mobile device can be, and what it enables consumers to do." Priced at $1,380, the smartphone will start shipment in select markets on Feb 14.

Last year, the South Korean technology giant unveiled its first consumer-ready foldable smartphone Galaxy Fold, which serves as a tablet when fully opened and becomes a phone when closed.

Moreover, Samsung launched the Galaxy S20 series, which is the company's first full 5G flagship lineup, with artificial intelligence-powered camera technology.

"As we enter this new decade, 5G will completely change how we communicate and how we experience the world around us," Roh said, adding all three Galaxy S20 variants come with 5G connectivity.

With a larger image sensor available on the Galaxy S20 series, camera resolution is significantly increased for more detailed images and added flexibility for editing, cropping and zooming.