Apple’s rumoured iWatch London - Arabstoday Samsung has confirmed it is developing a watch to take on Apple's rumoured iWatch. The Korean giant let its plans slip during an interview - setting the scene for the arch-rivals to do battle in yet another market. Experts believe both technology giant's watches will link to mobile phones and offer largely similar functions, such as the ability to show emails and download mini apps. “We’ve been preparing the watch product for so long,'”Lee Young Hee, executive vice president of Samsung’s mobile business, told Bloomberg during an interview in Seoul. “We are working very hard to get ready for it.” “We are preparing products for the future, and the watch is definitely one of them.” “The issue here is who will first commercialize it so consumers can use it meaningfully,” he said. The Samsung device will perform many of the tasks of a smartphone, a source told Reuters on Tuesday, without giving further details. The source declined to be identified because Samsung did not want to reveal to the public any information about its new product line at this time. However, an earlier concept developed by designer Joseph Loetiko shows a watch than can be removed from its wristband when running or to answer a call, for example. The Galaxy S4, unwrapped to much fanfare in New York to challenge Apple's iPhone on its home turf, offered some incremental evolutionary improvements, but media reports have since suggested these features may not be sufficient to excite buyers in an industry that lives and dies by innovation.