Taiwan-based chipmaker MediaTek Inc. unveiled a 5G chip for fast, high-end smartphones at the Computex trade show in Taiwan on May 29, in a bid to target the more powerful phones currently supplied by Qualcomm, Reuters reported.

The newly released chip combines a modem with SoftBank Group Corp.-owned Arm Holdings' processor core technology. A company official said MediaTek's latest chip currently handles only sub-6 variants of 5G networks, but that helps keep its costs down. However, the Taiwanese chipmaker plans to work on 5G networks from carriers such as Verizon Communications Inc. and AT&T Inc. that use millimeter-wave technology, according to the report.

Russ Mestechkin, MediaTek's senior director of sales and business development for the U.S. and Latin America, said the company is confident of breaking the hegemony of big players in the chip market for phones designed to work on networks that only use sub-6 technology, the news outlet added.