Like a Russian doll, Malaysian ID verifiers collaborate with and buy each other

With its recent buyout, Malaysian ID verifier Innov8tif Holdings says it has a 70 percent market share in the archipelago nation.

Or rather, Hong Seng Consolidated is about to have the dominant position because it is buying 51 percent of Innov8tif Holdings. In a press release, Innov8tif said its prospective new owner has provided the “financial support and its capabilities in tapping the capital markets” to fuel its expansion.

Innova8tif executives say in the release that they had already wholly owned a subsidiary, Innov8tif Solutions, in the niche and adding ID verification firm Xendity gives the holding company a dominant position.

Innov8tif holds a patent for authenticating Malaysia’s national ID document, MyKad, and also provides selfie biometrics.

And because one can never be too busy, Innov8tif Solutions has also announced a collaboration with Skyelimit to market electronic KYB service. Skyelimit brings resources and a network to the pairing. Innov8tif Solutions has the software, according to Innov8tif.

Hong Seng is in a slide, financially. While its second quarter last year was generally energetic, it has been struggling for an even keel since.

Article Topics

biometrics  |  identity verification  |  Innov8tif  |  Malaysia  |  MyKad  |  selfie biometrics