IDEX Biometrics and Tongxin Microelectronics Agree to Collaborate on New Market Opportunities
Initially targeting development of turnkey reference designs for biometrically-secured hardware wallet in support of China’s Digital Currency Electronic Payment initiative
Oslo, Norway – 23 November 2021 – IDEX Biometrics ASA today announced it has entered a Memorandum of Understanding with Tongxin Microelectronics Co., Ltd (TMC), a leading Chinese supplier of secure element (SE) microprocessors. The memorandum calls for collaboration on a range of business opportunities for which fingerprint authentication is applicable. The first such opportunity is a jointly developed, turnkey reference design for a biometrically-secured, stored-value, card in support of the Central Bank Digital Currency (CBDC) initiatives.
Vince Graziani, Chief Executive Officer of IDEX Biometrics, stated, “We have enjoyed a close and productive relationship with TMC for several years, and, through the successful integration of our sensor modules with TMC’s market-leading THD89 SE, have seen the certification and commercialization of multiple smart card designs incorporating this integration. This memorandum represents a formalization of the next step in our companies’ relationship. Our parnership now will go beyond technical collaboration to joint marketing in China. Initially, we are focusing resources on a comprehensive reference design for Chinese card manufacturers seeking to accelerate their participation in the rapidly developing digital currency initiatives.”
Graziani continued, “The memorandum contemplates that the two companies will pursue opportunities across market segments in which TMC is well-positioned with its security ICs, including transportation/ticketing. Our goal is to involve affiliate companies within the Tsinghua Unigroup organization in the collaboration with IDEX Biometrics. Linxens, the global leader in smart card inlays and related interconnect solutions, is one such affiliate and is expected to participate in the development of the digital currency card reference design.”
For further information contact:
Marianne Bøe, Investor Relations
Brett L Perry, U.S. Investor Relations
About IDEX Biometrics
IDEX Biometrics ASA (OSE: IDEX and Nasdaq: IDBA) is a leading provider of fingerprint identification technologies offering simple, secure, and personal authentication for all. We help people make payments, prove their identity, gain access to information or unlock devices with the touch of a finger. We invent, engineer, and commercialize these secure, yet incredibly user-friendly solutions. Our total addressable market represents a fast growing multi-billion-unit opportunity.
For more information, visit www.idexbiometrics.com
IDEX, IDEX Biometrics and the IDEX logo are trademarks owned by IDEX Biometrics ASA. All other brands or product names are the property of their respective holders.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
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