<div>
  <p>
  </p>
  <ul>
    <li>
      <p>
        IDEX Biometrics, a fingerprint sensor manufacturer, has partnered with Mutual Trust Bank&nbsp;(MTB) to jointly introduce biometric payment cards in Bangladesh. MTB reportedly ranks among the top 10 banks in Bangladesh.
      </p>
    </li>
    <li>
      <p>
        <b>Analyst QuickTake: </b>
        Last year, IDEX established multiple partnerships to expand the use of biometric payment solutions in Bangladesh. This includes securing&nbsp;partnerships with 
        <a href="https://sp-edge.com/updates/24991">
          Eastern Bank PLC 
        </a>
        (November) and 
        <a href="https://sp-edge.com/updates/18774">
          Bangladesh&rsquo;s DoelPay 
        </a>
        (May).
      </p>
    </li>
  </ul>
  <p>
  </p>
</div>


<div>
  <p>
    <a href="https://www.idexbiometrics.com/mutual-trust-bank-launches-biometric-cards-with-idex-biometrics-in-bangladesh/">
      Press Release
    </a>
  </p>
  <p>
    <a href="https://www.fintechfutures.com/2024/04/mutual-trust-bank-in-bangladesh-partners-idex-biometrics-for-new-payment-card-security-feature/#:~:text=Mutual%20Trust%20Bank%20(MTB)%2C,to%20introduce%20biometric%20payment%20cards.">
      FintechFutures
    </a>
  </p>
  <p>
  </p>
</div>


Biometric Payments

ANALYST_QUICK_TAKE

PROMINENT_CATEGORY

<div>

<p>IDEX Biometrics, a manufacturer of fingerprint sensors, has teamed up with Mutual Trust Bank (MTB) to introduce biometric payment cards in Bangladesh. MTB is one of the top 10 banks in the country.</p>

</div> <p><b>Analyst QuickTake:<br>
 </b> Last year, IDEX established multiple partnerships to expand the use of biometric payment solutions in Bangladesh. This includes securing&nbsp;partnerships with <a href="https:<br>
//sp-edge.com/updates/24991"> Eastern Bank PLC </a> (November) and <a href="https:<br>
//sp-edge.com/updates/18774"> Bangladesh’s DoelPay </a> (May).</p>

IDEX Biometrics partners with Mutual Trust Bank to introduce biometric payment cards in Bangladesh

<div>
 
 <p>IDEX Biometrics has joined forces with Accomplish Financial to initiate a biometric payment program tailored for visually and memory-impaired individuals, initially in the UK. The initiative is spurred by the European Accessibility Act 2025 that encourages businesses to promote inclusivity and enhance accessibility. The cooperation could also stimulate the release of IDEX Pay biometric payment cards.</p>

</div>

IDEX Biometrics partners with Accomplish Financial to improve payment accessibility

<div>
 
 <p>IDEX Biometrics and KONA I are extending their collaboration to launch biometric card solutions, notably metal cards, in Japan. These cards are set to be compatible with standard protocols like FIDO2 and are expected to be launched in the second half of 2024.</p>

</div> <p><b>Analyst QuickTake:<br>
</b> The two companies <a href="https:<br>
//sp-edge.com/updates/23152"> partnered last October </a> to introduce biometric payment cards in both recycled PVC and metal formats for banking clients across the globe. Notably, IDEX has also established multiple partnerships in the recent past to encourage the use of biometric payment solutions in the Asian region. This includes partnering with Bangladesh’s EBL and receiving an <a href="https:<br>
//sp-edge.com/updates/24309"> initial order for IDEX Pay from an undisclosed smart card manufacturer in Asia in </a> November. Additionally, it partnered with <a href="https:<br>
//sp-edge.com/updates/19900"> Taiwanese Beautiful Card Corporation </a> and <a href="https:<br>
//sp-edge.com/updates/20394"> Hong Kong’s Goldpac Fintech in </a> July.</p>

IDEX Biometrics partners with KONA I to launch biometric payment cards in Japan

<div>
 
 <p>IDEX Biometrics has entered an agreement with Eastern Bank PLC to launch a biometric metal card solution in Bangladesh. The partnership aims to provide EBL's premium customers with these contactless cards, enhancing seamless payments in Bangladesh and Asia. The cards are scheduled to be available by early 2024.&nbsp;</p>
 
</div> <p><b>Analyst QuickTake:</b> IDEX has established multiple partnerships this year to encourage the use of biometric payment solutions in the Asian region. This includes securing an <a href="https://sp-edge.com/updates/24309"> initial order for IDEX Pay from an undisclosed smart card manufacturer in Asia </a> (November) and partnerships with <a href="https://sp-edge.com/updates/23152"> South Korean KONA I </a> (October), <a href="https://sp-edge.com/updates/19900"> Taiwanese Beautiful Card Corporation </a> (July), <a href="https://sp-edge.com/updates/20394"> Hong Kong’s Goldpac Fintech </a> (July), and <a href="https://sp-edge.com/updates/18774"> Bangladesh’s DoelPay </a> (May).</p>

IDEX Biometrics enters agreement with Eastern Bank PLC (EBL)

<p>IDEX Biometrics, a fingerprint sensor manufacturer, has secured an initial order for IDEX Pay, its biometric solution tailored for smart cards, from an undisclosed smart card manufacturer in Asia. The initial batch is set to be released to customers by the Q1 of 2024.</p><p>The partner plans to deploy these biometric payment cards for global bank clients. With an annual capacity exceeding 30 million cards, the unnamed partner specializes in providing metal cards and holds certifications from major payment schemes.</p><p>This collaboration aims to meet the increasing demand for biometric payment cards among high-end customers across Europe, Latin America, and Asia.</p><p><strong>Analyst QuickTake: </strong>IDEX has formed several partnerships this year to promote the adoption of biometric payment solutions in Asia. This includes partnerships with <a href="https://sp-edge.com/updates/23152">South Korean KONA I </a>(October), <a href="https://sp-edge.com/updates/19900">Taiwanese Beautiful Card Corporation </a>(July), <a href="https://sp-edge.com/updates/20394">Hong Kong’s Goldpac Fintech </a>(July), and <a href="https://sp-edge.com/updates/18774">Bangladesh’s DoelPay </a>(May).</p>

IDEX Biometrics secures order from smart card producer

<div>
 <ul>
  <li><p>IDEX Biometrics has raised NOK 35 million (~USD 3.2 million) through a private placement. The funds will be used for commercialization, product development, market expansion, and general corporate purposes.</p></li>
  <li><p>To improve efficiency, the company plans to reduce expenses and target a quarterly operating expenditure of around USD 4 million as it moves towards commercialization.</p></li>
  <li><p>Recently, IDEX Biometrics agreed to a non-binding term sheet with a new institutional investor group to issue a senior convertible bond worth up to NOK 100 million (~USD 8.9 million). With the funds from the private placement and potential convertible bond issuance, IDEX Biometrics expects to remain fully funded through 2024.</p></li>
 </ul> 
</div> <p><b>Analyst QuickTake:</b> Listed European biometric payment solutions providers have been taking measures to raise additional equity funding as they begin commercializing their products. Just last week, <a href="https://sp-edge.com/updates/23682"> Zwipe raised NOK 35.0 million </a> (~USD 3.13 million) through a rights issue to strengthen its financial position for the commercialization of biometric cards in payments and access control.</p>

IDEX Biometrics completes private placement of NOK 35 million (USD 3.2 million)

DISRUPTOR_PRESENT

<div>
  <ul>
    <li><p>IDEX Biometrics plans to issue a senior convertible bond for up to NOK 100 million (~USD 8.9 million) through a non-binding term sheet with a new institutional investor group.</p></li>
    <li><p>The bond will have a 92% price of the principal amount, a three-and-a-half-year amortization period, and 6% annual interest. Conversion price will be higher than the stock price at closing, and payment can be made in equity or cash.</p></li>
    <li><p>A meeting on November 30, 2023, is scheduled to seek approval for the convertible bond issuance.</p></li>
  </ul>
</div>

IDEX Biometrics issues convertible bond in preparation for commercial expansion

<div>
 <ul>
  <li><p>IDEX Biometrics and KONA I have partnered to introduce biometric payment cards for global banking clients. The cards will be available in recycled PVC and metal formats.</p></li>
  <li><p>The first shipment of the biometric payment cards, called IDEX Pay, has already been sent to KONA I.</p></li>
  <li><p>This partnership aims to help IDEX Biometrics offer its banking clients the opportunity to enhance brand loyalty, attract new customers, and strengthen relationships with existing customers.</p></li>
 </ul>
</div>

IDEX Biometrics partners with KONA I to introduce biometric cards worldwide

<div>
 <ul>
  <li><p>An undisclosed card maker has obtained a Letter of Approval (LoA) from Mastercard for biometric smart cards based on IDEX Pay's certified biometric solution.</p></li>
  <li><p>The LoA enables the card manufacturer to initiate the mass production of biometric payment cards. Notably, the card maker had already placed a production order with IDEX in anticipation of the approval.</p></li>
 </ul>
</div> <p><b>Analyst QuickTake: </b> IDEX has received multiple approvals from Mastercard this year. For instance, in <a href="https://sp-edge.com/updates/21390"> August 2023 </a> , IDEX Biometrics obtained a Conformity Compliance Statement (CCS) from Mastercard after completing Mastercard's Compliance Assessment and Security Testing (CAST) for its Payment Card solution. Prior to this, IDEX announced that its sensors had passed Mastercard’s Fingerprint Test Assessment Summary (FTAS) in <a href="https://sp-edge.com/updates/17672"> April 2023 </a> . These approvals can help card manufacturers also obtain their certifications; <a href="https://sp-edge.com/updates/19900"> Beautiful Card Corporation </a> (BCC) obtained Mastercard's approval for its biometric payment card—featuring Zwipe and IDEX’s solutions—in July this year.</p>

IDEX Biometrics expedites Mastercard certification with undisclosed card manufacturer

IDEX Biometrics, a fingerprint sensor manufacturer, has received a Conformity Compliance Statement (CCS) from Mastercard for its payment card solution. The certification was granted after IDEX completed Mastercard's Compliance Assessment and Security Testing (CAST). With this certification, IDEX can use Letters of Approval (LoA) without needing additional internal compliance tests.

All Updates