Malaysian digital ID companies pair up to address government market
Executives of a Malaysian public company have said they will invest an undisclosed sum in a biometrics developer, also in Malaysia, to create digital identity software for the national government.
Pertama executives in their bursa filing said the investment will have no material impact on the company’s earnings or net assets during the fiscal year ending in December 2023.
The arrangement is called a commercial collaboration and will explore joint work on “potential projects for Malaysians” that focus on Kridentia digital ID products.
The pair might also design and develop products and services for the government, according to the document. Malaysia’s government has been attempting to expand access to public services online through “local champions.”
Pertama had been in textiles until 2020 when executives decided to divest those assets in favor of digital ID products.
Through a controlling interest in another Malaysian firm, Pertama controls DAPAT Vista, a joint venture that sells three fintech apps that involve ID features.
EJamin is a mobile bail-payment app. MySMS is an SMS-based government services portal. And MyPay is another government portal through which citizens can search for information and make payments.
Kridentia executives say they primarily make security algorithms and encryption products for sale to law enforcement agencies in Asia, Europe and the United States. They also sell into the Know Your Customer sector.
Their software, they say, has been loaded in 135 ID programs, processing 3 billion fingerprints annually.