Totm Technologies and its subsidiaries have entered into agreements for a convertible loan worth US$3.75 million ($5.13 million) and an exclusive cooperation with PT Cakrawala Data Integrasi (CDI).
This is in hopes of providing fast and cost-effective verification-as-a-service to Indonesia’s private sector, the former Yinda Infocomm states in a Dec 13 regulatory filing.
Incorporated on Jul 6 2019, CDI started off with authorized capital of Rp 4 billion ($380,000). This was divided into 4,000 ordinary shares, with each having a nominal value of Rp 1 million.
A total of 1,000 shares, or 25% of the authorized capital has been issued.
CDI has been in the business of supplying defense equipment since 2020. Earlier this year, the company was awarded the Platform Bersama (joint platform) license following its agreement with the Directorate General of Population and Civil Registration and Ministry of Home Affairs (Dukcapil).
This sees CDI facilitating Dukcapil in providing small and medium enterprises (SMEs) access rights over identification and face photo data, for quicker verification and authentication.
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So far, only three companies inclusive of CDI have been granted the joint platform license.
“With the advent of digitalization and Covid-19 driving the need for identity verification, the Indonesian market has seen considerable interest in identity management solutions from both corporations and end users,” notes Pierre Prunier, CEO and executive director of Totm Technologies.
He goes on to call the services offered by Platform Bersama “a significant development” for Indonesia’s identity management industry. This as more SMEs have been exploring the benefits of adopting such solutions and are looking for cost-effective, easy-to-implement solutions.
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The convertible loan extended by Totm, will go towards supporting CDI’s Platform Bersama venture.
Meanwhile, CDI will share 60% of its revenue from Platform Bersama with a InterBIO or PT International Biometrics Indonesia, for using that latter’s products and services exclusively.
Such a phenomenon is well received by Prunier.
“InterBIO will take a leadership role in delivering identity management solutions to CDI’s customers with its existing suite of biometrics solutions such as BioCheck, BioCode and BioWatch as well as passive liveness e-KYC solutions offered by GenesisPro,” he explains.
Interestingly, this comes after InterBIO and Totm Tech SG – the group’s wholly-owned subsidiary – secured a US$3.6 million contract for a consortium led by CDI in October. This partnership looked to provide system integration services to the Indonesian government for a security platform.
The project has since been completed and is “expected to contribute positively to the group in 1H2022”.
Shares in Totm Tech closed up 0.5 cents 2.56% at 20 cents on Dec 13.
Cover image of Prunier: Albert Chua/The Edge Singapore
