OSLO: IDEX Biometrics ASA and Chutian Dragon Co. Ltd. (CTD) 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(TM) 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.”
hutian Dragon Co., Ltd. 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. www.smart-iccard.com
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.