IDEX Biometrics & Chutian Dragon to Jointly Develop Advanced Digital Currency Solutions
May 05 2021 - 2:40AM
Oslo, Norway – 5 May 2021 - IDEX Biometrics
ASA, a leading provider of advanced fingerprint
identification and authentication solutions, and Chutian Dragon Co.
Ltd. (CTD) today announced an expansion of their ongoing
collaboration to include the development of a Digital
Currency/Electronic Payment (DC/EP) card based solution supporting
the People’s Bank of China initiative. The new, smart card based
digital wallet will be secured by IDEX’s TrustedBio™ fingerprint
authentication technologies.
IDEX is a well-established biometric technologies provider, with
competitive advantages in biometric performance, system security
architecture and convenience, within the rapidly expanding field of
secure payment cards. Chutian Dragon, one of Asia’s largest smart
card manufacturers, is a leading participant in the Digital
Currency/Electronic Payment National Project initiative and, as
China accelerates the deployment of Central Bank Digital Currency
(CBDC) infrastructure, well-positioned to be a frontrunner in
delivering secure, card-based, digital currency applications. IDEX
and Chutian Dragon entered into their initial license and
commercialization agreement back in 2019, and have continued to
expand the collaboration and partnership to today’s focus on one of
the most important initiatives within the Chinese banking
community.
By planning and building an infrastructure for mass digital
payments, online or offline, China will be providing a solution for
the millions of unbanked and underbanked people in China. The
card-based digital wallet initiative is intended to be especially
beneficial to the nearly 45% of the Chinese population who do not
have access to a smartphone, thereby helping to narrow the digital
divide in financial services. China’s six largest banks began
multi-city trials of Digital Currency/Electronic Payment in
December 2020, with enthusiastic consumer response. A mandate to
deploy digital currency in time for the Beijing Winter Olympics in
2022 will continue to drive the pace of rapid development.
Fingerprint biometrics are an enabling feature for the
card-based form factor of the “digital yuan,” assuring ease of use
for safe and secure consumer transactions. Like private
cryptocurrencies, central bank sponsored digital currencies, such
as the Digital Currency/Electronic Payment initiative, are based on
blockchain technology. However, central bank sponsorship fosters
confidence in the concept of a digital currency.
Susan Su, Chief Executive Officer of Chutian Dragon, stated, “We
are pleased to be working with IDEX Biometrics on our latest
Digital Currency/Electronic Payment card products. IDEX’s advanced
fingerprint sensors and biometric technologies are already
qualified for the card environment and are well suited for payment
card based contactless transactions.”
Vince Graziani, Chief Executive Officer of IDEX Biometrics,
stated, “The planned rapid deployment of Central Bank Digital
Currency in China presents an ideal application for our secure
fingerprint sensors and biometric technologies in protecting stored
value within a hard wallet. Protecting stored value of digital
currency for individuals is recognized as an important use-case in
the deployment of Digital Currency/Electronic Payment. Chutian
Dragon established position in the Chinese market and its early
leadership in Digital Currency/Electronic Payment makes the company
an ideal partner for us.”
NOTE: For further information on Central Bank Digital
Currency visit the blog section of our website
www.idexbiometrics.com/blog/
For further information contact:
Marianne Bøe, Investor Relations E-mail:
marianne.boe@idexbiometrics.com Tel: + 47 9180 0186
Brett L Perry, U.S. Investor Relations E-mail:
bperry@sheltongroup.com Tel: + 1 214 272 0070
About Chutian Dragon Co.
Ltd.
Chutian Dragon Co., Ltd.
(Abbreviation: CTD and SZSE:
003040) is a multi-field solution provider
focusing on the high-end smart card and supporting software,
intelligent terminal equipment, digital archives, application
platform system and security
solutions. We are committed to providing high
quality products and services for customers in government, finance,
communication, transportation, medical and other
industries.
For more information, visit https://www.smart-iccard.com/
About IDEX Biometrics
IDEX Biometrics ASA (OSE: IDEX and Nasdaq:
IDBA) is a leading provider of
fingerprint identification technologies offering simple, secure,
and personal touch-free 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, visit www.idexbiometrics.com and follow on
Twitter @IDEXBiometrics
Trademark Statement
The wordmark ‘IDEX’ and the IDEX logo are registered trademarks
of IDEX 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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