IDEX ASA – Third quarter 2018 report
Oslo, Norway – 8 November 2018 – IDEX ASA, the leading provider of advanced fingerprint identification and authentication solutions, has made significant progress in commercializing biometric smart cards in the third quarter. The company commenced shipment in fulfillment of the production order announced in September for sensors incorporated into biometric enabled payment cards. In addition to anticipated follow-on orders from this lead customer, the company expects increased traction with additional customers. Also in the third quarter, Fransabank launched the first Mastercard biometric payment card featuring IDEX’s sensor to customers in Lebanon.
The company has completed development of its sensor for dual-interface cards. These sensors are currently being integrated into cards by a range of vendors and is expected to lead to multiple pilots with dual-interface cards in the coming quarter. IDEX is confident about ‘certification’ of dual interface cards and volume deliveries by mid-2019.
Recently IDEX has announced partnerships with several customers, including Feitian, JINCO Universal, Hengbao and XH Smart Tech. Feitian is a leading provider of user authentication and transaction security in China, JINCO is a leading Taiwan-based smart card manufacturer, Hengbao, one of the largest card solutions providers in China, to introduce biometric smart cards in Southeast Asian markets, and XH Smart Tech is ranked among the top five Chinese smart card vendors by international market share, having shipped more than 3 billion smart cards across a broad customer base that includes numerous institutions in China, Africa and the Middle East.
The market for biometric cards is picking up significant momentum. Large players in the smart card ecosystem are investing heavily in biometrics, including customers like card issuers and public institutions, as well as card integrators, global payment schemes and secure element vendors. In this nascent phase of the market for biometric smart cards it is critical to educate potential customers and drive penetration of biometrics. IDEX has been driving this effort together with its partners for several years. Recently there has been activity from other players as well, including customer trials similar to what IDEX started in early 2017. IDEX considers this dynamic very positive to build the market for biometric cards as quickly as possible.
As a pioneer in this market IDEX has gained critical insight enabling the company to develop solutions addressing usability and security. These privileged insights, coupled with IDEX’s unique off-chip technology and systems approach, makes IDEX confident in its ability to maintain its leadership position in the biometric smart card market.
IDEX is hosting a presentation of the results today, Thursday 8 November 2018, at 09:00 CET at the Vika Atrium Conference Centre in Munkedamsveien 45 in Oslo. The presentation will be given by the CEO Stan Swearingen and CFO Henrik Knudtzon.
Please find the interim report for the first nine months of 2018 and the presentation of the results attached or linked at the end of this notice.
Contact
Henrik Knudtzon, CFO, +47 9302 2827, henrik.knudtzon@idexbiometrics.com
About IDEX Biometrics
IDEX Biometrics, also known as IDEX ASA (OSE: IDEX), is the 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, unlock devices or gain admittance to buildings 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, please visit www.idexbiometrics.com and follow us on Twitter @IDEXBiometrics
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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