Idex signs biometric payment card deal with online bank and files 2021 annual report

Norwegian company Idex Biometrics has agreed to supply German online bank Fidor with its biometric payment card technology.

“Fidor has the ambition to continue to be an innovator in digital banking,” said the bank’s chief financial officer, Naren Ramachandran, according to a Google translation of the German outlet’s comments. IT Finance magazine.

Customers who order a biometric payment card will receive an external “sleeve” reader needed to enroll their biometric data on the card and activate it. The cards will work with all NFC compatible payment terminals.

“The introduction of biometric payment cards should further enhance payment card security features and provide our customers with a seamless user experience.” adds Ramachandran.

While the cards’ biometric sensors will be supplied by Idex Biometrics, the cards themselves will be manufactured by CNG TCSwhich is certified by Mastercard and Visa.

Idex also recently partnered with G+D JV to market biometric payment cards in Eastern Europe.

Idex Biometrics Files 2021 Annual Reports

The company also filed two different annual reports for 2021. The first was Form 20-F filed with the United States Securities and Exchange Commission (SEC).

While Idex Biometrics’ net loss for the year 2021 increased to $32.6 million from $26.8 million in 2020, revenue jumped $1.1 million to $2.8 million of dollars, in accordance with its preliminary report.

In the report, Idex reports more than one billion shares outstanding as of December 31, 2021.

According to the report, the nominal value of each share is NOK 0.15 (USD 0.02), with a total economic value of NOK 1.5 billion (about USD 16.6 million).

The form, divided into four sections, also includes detailed information on key shareholders, code of conduct and financial statements

The last section has been developed in a separate document, namely the 2021 Executive Compensation Reportthat Idex Biometrics published on April 29.

The Board did not propose any changes to the compensation structure in 2021 and confirmed that there were no deviations from the executive compensation policy in 2021.

The report will be put to an advisory vote at the 2022 Annual General Meeting on May 12, 2022.

Article topics

banking | biometric cards | biometrics | financial results | fingerprint sensors | Idex Biometrics | payments | actions

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Elaine R. Knight