CardLab reaches licensing agreement with TBSP for fingerprint smartcards
CardLab has announced it has entered into a long term strategic agreement with Thai British Secure Printing (TBSP) to integrate its security technologies, including RFID skimming protection and fingerprint sensors, into card products from TBSP.
The agreement grants TBSP a license to use all CardLab anti-fraud and identity protection technologies, including Fingerprint Cards new T-Shape fingerprint sensor, which is provided under an existing partnership between CardLab and Fingerprint Cards.
CardLab also has an agreement with Precise Biometrics to integrate its Precise BioMatch Embedded algorithm with the Fingerprint Cards sensor.
“I’m very happy we have been able to make this agreement securing a strong partner to bring superior card solutions to the market to fight the increasing fraud and identity theft problems where identity theft alone according to latest data from CSIS and McAfee annually amounts to USD 600 billion, equal to 0,8% of worldwide BNP. We have experienced TBSP as a very progressive company interested in sending more secure card products to the market that can eliminate these problems and CardLab working with TBSP can help cardholders avoid criminal activities in the future” says Frank Sandeløv, CEO of CardLab.
The agreement also enables CardLab to leverage TBSP’s certifications for major card brands including VISA and Mastercard.
CardLab is currently seeking an investment of $3.5 million for an ownership stake of approximately 10 percent, according to the announcement, to fuel its growth plans and support its efforts to ramp up sales and production to meet the demand generated by its agreements with Fingerprint Cards and TBSP.