Idex secures biometric payment card deal with online bank, files 2021 annual report

Norway-based Idex Biometrics has agreed to provide German online bank Fidor with its biometric payment card technology.

“Fidor has the ambition to continue to be an innovator in the field of digital banking,” says the bank’s CFO Naren Ramachandran, according to a Google translation of comments in German outlet IT Finanzmagazin.

Customers ordering a biometric payment card will be provided with an external ‘sleeve‘ reader necessary to enroll their biometrics to the card and activate it. The cards will work with all NFC-enabled payment terminals.

“The introduction of biometric payment cards should further enhance the security features of payment cards and offer our customers a seamless user experience.” Ramachandran adds.

While the biometric sensors in the cards will be provided by Idex Biometrics, the cards themselves will be manufactured by GNC TCS, which is certified by both Mastercard and Visa.

Idex also recently partnered with G+D JV to commercialize biometric payment cards in Eastern Europe.

Idex Biometrics files 2021 annual reports

The company has also filed two different annual reports for 2021. The first one was Form 20-F submitted to the U.S. Securities and Exchange Commission (SEC).

While Idex Biometrics’ net loss for full-year 2021 increased to US$32.6 million from $26.8 million in 2020, revenues leapt from $1.1 million to $2.8 million, consistent with its preliminary report.

In the report, Idex reports over one billion shares outstanding as of December 31, 2021.

According to the report, the nominal value of each share amounts to NOK 0.15 (US$0.02), for a total economic value of NOK 1.5 billion (roughly $16.6 million).

The form, divided into four sections, also includes detailed information about key shareholders, code of conduct, and financial statements

The last section was further expanded in a separate document, namely the 2021 Executive Remuneration Report, which Idex Biometrics published on April 29.

The Board did not propose any changes to the pay structure in 2021 and confirmed there were no deviations from the Executive Remuneration Policy in 2021.

The report will be subject to an advisory vote at the 2022 annual general meeting on May 12, 2022.

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