Totm plans JV with UAE-based partner to address offline biometric authentication demand
Totm Technologies has signed a ‘Strategic Teaming Agreement’ with United Arab Emirates-based big data and AI provider Presight.AI to focus on the delivery of high-performance biometrics and AI capabilities to partners and clients in the Middle East, Africa (MENA) and Southeast Asia.
Presight is a part of G42 Group, an AI and cloud computing provider headquartered in Abu Dhabi.
The companies will develop and deploy their combined proprietary technologies to support public safety, healthcare and fintech organizations in the region as they deploy biometric solutions as part of digital transformation, possibly through a joint venture based on the agreement.
Totm and Presight will work together on solutions for hardware-less digital KYC authentication, frameworks for offline, contactless biometric authentication, real-time liveness detection and age classification.
Asked about the role of mobile phones in the plans for joint offerings, Totm CEO Pierre Prunier explained to Biometric Update in an email, “Ultimately, in order to achieve Digital Transformation of an economy or a business model there is a strong need to consider the enormous potential that mobile phones play within the framework.”
“It is one of the potential channels we work towards however a lot has to do with the stakeholders on the ground and what their objectives are,” he adds.
Prunier also said that “Although Presight is new, their ability and achievements in cloud services and big data analytics are unparalleled in the region. As their partner we will gain access to new markets and have the potential to enhance any Digital ID program.”
The announcement notes that market forecasts have pegged the automatic identification and data capture market at $100 billion, and demand for regulatory technology is growing fast.
“We are excited to be partnering with Presight.AI to jointly develop new business opportunities in Southeast Asia, the Middle East and Africa,” Prunier said in the announcement. “We look upon these markets as a multi-faceted and complex sandbox, offering unique opportunities for both companies to identify and curate suitable digital ID, biometric AI and Big Data Analytics solutions especially in the areas of public safety, healthcare and fintech. We look forward to combining our expertise and unique strengths to delivering these high performance, biometric AI solutions to our clients.”
“A robust and dynamic digital identity platform is an essential cornerstone to develop a stronger and more inclusive, safer and resilient digital society. TOTM has a deep appreciation for our value proposition and adds strong execution experience and robust technology platforms for identity management and biometrics. We look forward to our future partnership,” states Thomas Pramotedham, CEO of Presight.
As of an early-2022 earnings report, biometrics and ID management were up to 80 percent of Totm’s fast-rising overall revenues.
This post was updated at 3:54pm Eastern on July 1, 2022 to clarify that the basis for a JV has been agreed to, but no JV has yet been formed.