- US$10.5 million total investment gives Totm Technologies exclusive licensing rights in new Asia Pacific markets
- TECH5 achieved significant progress in signing new contracts and technological advancements year-to-date
- Synergy from strategic partnership poised to accelerate growth for Totm Technologies and TECH5 in the Identity Management industry
Totm Technologies Limited. (“Totm Technologies” or the “Company” and, together with its subsidiaries, the “Group”) and Tech5 SA (“TECH5”) hereby jointly announce that Totm Technologies has completed the US$8.0 million investment by way of subscription of new shares in the capital of TECH5 as well as exercise its rights to convert the US$2.5 million convertible loan into new shares in TECH5. With the completion of these transactions, Totm Technologies’ Chief Executive Officer and Executive Director, Mr Pierre Prunier, has been appointed as a director on the board of TECH5.
In addition, the TECH5 Additional Licensing Agreement has come into effect that grants Totm Technologies exclusive distribution and value added reseller rights for Cambodia, Singapore, Thailand and Vietnam. The initial TECH5 Preferential Licensing Agreement grants preferential licensing rights to the Company to integrate and distribute TECH5’s biometric technology solutions exclusively in China and Japan, as well as non-exclusive distribution rights for TECH5’s technologies worldwide.
As an international technology company which focuses on developing disruptive biometric and digital ID solutions through the application of Artificial Intelligence (“AI”) and Machine Learning technologies, TECH5 has made significant strides in the first half of 2021 in signing new contracts with customers in Latin America, Africa and Asia in the areas of Digital Onboarding and Foundational ID. Similarly, TECH5 has achieved critical technological advancements in the first half of 2021 and gained further traction in the latest quarter. Some of the notable recent developments include:
- Winning the National Payments Corporation of India (“NPCI”) PayAuth Challenge ran in association with Application Programming Interface Exchange (“APIX”). As a result, TECH5 was offered an opportunity to develop a proof of concept with NPCI to showcase a novel, secure and private method for authorising UPI (unified payments interface) payments. This would potentially position TECH5 and its Digital ID to be used as a payment verification and authorization solution for UPI. The NPCI runs retail payments and settlement systems in India through the UPI and nine other payment products and operates a network including more than 1,200 banks, 200 aggregators and apps, and a billion users.
- Striking global partnership with Imageware. Through this collaboration, all TECH5 offerings will be available through integration with the existing Imageware product portfolio. In connection with this partnership, Imageware also announced that it will be providing Security Identification Systems Corporation (“SISCO”), a leader in visitor management systems, with the Imageware Identity Platform, powered by TECH5 technologies, to enhance its product portfolio for the marine and visitor management industries.
- Launching its fully contactless mobile biometric capture technology powered by AI and deep learning, T5-AirSnap Finger, making it immediately available to its certified partners across the globe. TECH5 has also launched an enhanced AI-based fingerprint matching algorithm, which is robust and ensures high accuracy even with low quality fingerprints, while at the same time requiring 5-10 times less hardware compared to other leading competitor brands.
- Integrating its Digital ID solution with the MOSIP Foundational Identity Platform. The new functionality, following biometric enrolment of citizens, includes the issuance of secure and private Digital IDs with data sourced from a National ID database. In addition, TECH5 has made its Digital ID solution available for rapid implementation pilot projects to its certified partner network and launched a partner onboarding program to facilitate ease of deployment covering knowledge transfer, technical training, and certification.
Mr Pierre Prunier, Chief Executive Office and Executive Director of Totm Technologies, said, “We are excited to consummate this strategic relationship with TECH5 as it enters the next phase of its strategic expansion. This is a significant milestone for the Group as we are one step closer towards becoming a leading expert in Identity Management Solutions. TECH5 has made significant headways year-to-date, we look forward to supporting TECH5 as it continues to build upon its rich technical capabilities and product offerings. We believe that by harnessing the synergies between Totm Technologies and TECH5, our well-established brands, greater geographic diversification and access to a larger global user base will put us on a faster growth trajectory.”
Mr. Machiel van der Harst, Co-Founder and CEO of TECH5, said “We are delighted to announce the expansion of our partnership with Totm Technologies as Totm Group becomes a technology hub for prospective biometric technologies and solutions. We are looking forward to build a strong partnership and develop innovative solutions taking advantage of the synergies within the group, as well as increase brand awareness of our companies.”
For media and IR queries related to the respective companies, please contact:
Totm Technologies Limited
Ngo Yit Sung, Executive Director
Tel: +65 8111 4885
Email: [email protected]
TECH5 SA
Yulia Bibikova, VP Marketing
E-mail: [email protected]
About TECH5 SA
TECH5 is an international technology company headquartered in Geneva, Switzerland, with branches in the US, Europe and Asia, dedicated to the design, development, and distribution of biometrics-driven Identity Management solutions. The company was founded by a team of seasoned industry professionals, who have been innovating in the area of multi-modal biometric matching solutions for more than 20 years. The TECH5 market focus is on highly scalable products built on the experience gained by the implementation of large deployments. TECH5 target markets include Government and Private sectors with products powering Civil ID, Private ID, as well as Authentication solutions that deliver Identity assurance for use cases such as digital onboarding and e-KYC when opening a Bank account, applying for a document or a service.
For more information, please visit www.tech5.ai
About Totm Technologies Limited
Totm Technologies Limited (“Totm Technologies” or the “Company” and together with its subsidiaries, the “Group”) is a regional integrated solutions and services provider in identity management and biometric technology.
Leveraging on its strong execution experience and the robust technology platforms from strategic technology partners, the Group’s Identity Management and Biometrics business unit currently serves mainly ministries and government agencies, such as Indonesia’s national identity database of approximately 200 million enrolled citizens.
The Group’s platforms are based on core, multimodal technologies, such as face, finger and iris biometrics, which are listed in the top tier of the National Institute of Standards and Technology (“NIST”) benchmarks. The Group is looking to expand its coverage to medical insurance, healthcare, banking electronic payments, transport, and telecommunications-related applications in the commercial sector.
The Company was listed in August 2015 on the Catalist Board of the SGX-ST.