Philippines digital ID efforts draw in Totm biometrics

Digital ID and onboarding biometrics company Totm Technologies is pairing with a Filipino telco to win more government sales.

Totm says it has instructed one of its indirectly held subsidiaries, PT International Biometrics Indonesia, to work more closely with Cosmic Technologies, which owns Filipino handset maker Cherry.

Executives with Totm have signed off on a memorandum of understanding approving closer coordination between PT International and Cosmic. The parent company, with operations in several Southeast Asia nations, is pursing more Philippine government contracts through the relationship.

Totm subsidiary InterBIO also will play a role in the relationship but is unclear what it will look like.

The executives want to move a slate of biometrics-related products, including ID management and encryption, commercial and KYC services. Their announcement of the relationship specifically mentions the attractiveness of state-owned enterprises and state development bank subsidiaries.

Pierre Prunier, CEO of Totm, says in a statement that the experience his company has gained in creating and maintaining Indonesia’s national ID program will serve it well in the Philippines.

For the year ended May 31, the company reported a comprehensive loss of $12.1 million, or $0.0107 per basic and diluted share, on revenue of $19.3 million. This compares with a comprehensive loss of $12.2 million, or $0.0126 per share, on revenue of $11.1 million in fiscal 2022.

Totm completed its acquisition of InterBIO at the beginning of this year.

 

This story was updated Sept. 9, 2023 at 3:57 EST to correct a reporting error involving the company’s loss in per-share value. It was originally reported at $1.07 and $1.26 per share. The story now reflects the correct value. We regret the error and thank the reader who pointed it out.

Article Topics

biometrics  |  financial results  |  government purchasing  |  Philippines  |  stocks  |  Totm Technologies