Totm Technologies takes digital ID focus to MSCI Singapore Micro Cap Index
Totm Technologies has announced it will be included in the MSCI Singapore Micro Cap Index at the start of trading on 1 December 2021, as the company seeks backers for its digital ID ambitions.
The index counts 195 constituents, and aims to measure the performance of the micro cap segment of the Singapore market.
“We are looking forward to the inclusion of the company in the index as this is a key milestone that will enhance Totm Technologies’ trading liquidity and increase its visibility among global investors,” comments Totm CEO, Pierre Prunier.
“We endeavor to step up our engagement with the investment community and promote Totm Technologies’ value proposition as a leading expert in Identity Management Solutions, especially in the space of Digital Onboarding and Digital ID.”
The announcement comes months after the company changed its name from Yinda Infocomm. Before that, Totm was known as CMC Infocomm and was a joint venture between Malaysian firm CMC Engineering and TEE International. CMC was then purchased by Shanghai Yinda Science and Technology Industrial in 2017, which later helped the company weather the storm of the pandemic.
Moving forward, Prunier told The Edge Singapore, Totm intends to intensify its efforts in digital identity management, and face, finger, and iris biometrics in particular.
The company’s legacy telecommunications business delivered “lumpy” revenue due to its dependence on projects, whereas in its current incarnation, Totm seeks steadier recurring revenue by offering a fuller technology stack, including digital identity-as-a-service (IDaaS).
“There was a global trend towards digitalization and this was happening even pre-COVID-19,” he said.
“There are now several new ways of transacting in an economy that do not rely on physical needs. It all has become digital. COVID-19 definitely accelerated the need for that.”
The company is currently in talks with multiple financial institutions in Indonesia to potentially provide them with its biometric know your customer (KYC) services.
Totm Technologies has also recently completed a strategic investment of US$10.5 million in Tech5 to accelerate the growth of both companies’ digital identity management businesses.