"When it's open, it's a tablet offering a big-screen experience", said Justin Denison, Samsung's SVP of mobile product marketing, according to Wired. But it's smaller than tablets made by either company.
One UI's "clean and minimal design keeps the most relevant content on the bottom half of the screen - making it more natural and comfortable for one-handed use", said Samsung in a release.
Mr Dave Burke, vice-president of engineering for Google's Android software platform, told a Google conference in California that Samsung planned to introduce a new Android-based device early next year.
"We expect to see foldable products from several Android manufacturers", he added. "We are excited to work with developers on this new platform to create new value for our customers".
Samsung and Huawei have been vying to be the world's first developer of a foldable smartphone.
But they were unexpectedly beaten by a Chinese display start-up, Royole, last week.
China's Huawei Technologies has said it is planning to launch a 5G smartphone with a foldable screen in mid-2019. Royole said it would start filling orders late next month.
There is a high chance it will carry a price tag of around 2 million won ($1,790).
Other companies: Google has started working on foldable devices, too, The Verge reports.
Moving on to one of the more immediate benefits for users across the globe, Samsung has confirmed that its assistant will gain support for five new languages within the "coming months".