Presight AI Holding Ltd “Presight”, a G42 company, the leading UAE-based Big Data Analytics and AI company, and TOTM Technologies Limited (“TOTM”) have announced plans to establish a joint venture [via their wholly-owned subsidiaries] for the development and deployment of their combined proprietary technologies, marking a deepening collaboration between the ADX-listed tech provider and Singapore’s home-grown, SGX-ST Catalist-board listed biometrics and Digital ID solutions provider.
The agreement was signed today by Thomas Pramotedham, CEO of Presight and Pierre Prunier, CEO & Executive Director of TOTM at Gitex 2023 in the presence of H. E. Kamal R. Vaswani, Singapore’s Ambassador to the United Arab Emirates.
The joint venture agreement will establish an entity that will leverage Presight’s Big Data AI and Data Analytics capabilities to enable the scale-up deployment of TOTM’s Digital Identity products and solutions on cloud and on-demand. This will allow governments and enterprises to transform mission-critical infrastructure with intelligent new solutions that are data-driven, further opening new ways of working, operating and doing business with biometrics-driven Digital Identity.
For national governments who are transitioning to, or looking to implement national digital identity programs, the Presight x TOTM joint venture entity offers a public-private approach which turns national digital identity from a cost center to a profit center, enabling revenue-generating digital transformation at the national level.
The Presight x TOTM joint venture entity aims to provide open-standards and off-the-shelf technologies which minimises and reduces vendor lock-in, burdensome maintenance costs, and hinder interoperability to establish a future-proof foundation and propel national digital transformation at the national level, particularly in Middle East, Africa and South-East Asia markets.
The digital transformation include disrupting traditional industries by leveraging hardware-less e-KYC authentication, and building new digital systems and frameworks that may not require an internet connection for the deployment of contactless biometric authentication to unlock the power of a digital identity, secured with real-time liveness detection and supported with age classification.
Thomas Pramotedham, CEO of Presight said:
“We are excited to partner with TOTM to develop, integrate and deploy biometric AI solutions in the public safety, healthcare and fintech sectors in the Middle East, Africa and South-East Asia regions.
Together, this partnership is uniquely positioned to further support our clients, and the region, on their digital transformation journeys, and elevate the digital ecosystem to deliver long-term and sustainable value with our combined technologies. A robust and dynamic digital identity platform is an essential cornerstone to develop a stronger and more inclusive, safer and resilient digital society. TOTM has a deep appreciation for our value proposition and adds strong execution experience and robust technology platforms for identity management and biometrics. We look forward to our future partnership.”
Said Pierre Prunier, CEO & Executive Director of TOTM, ‘’We are immensely proud to be announcing this joint venture with Presight, which is a significant milestone in TOTM’s journey as we lead the way with our unique approach which makes it easy for countries to make the transition to digital-first national ID systems through the adoption of the Public-Private-Partnership model.
The establishment of this joint venture entity will allow us to address issues arising from outdated ICT architecture, better prepare us to adopt and adapt to emerging technologies and social imperatives, enable cost-effective implementation and operation, and will extend the reach and utility of foundational identities to provide increased value to governments and users alike.
The technologies that we are seeking to develop jointly with Presight will be based on modular architecture that allows for easy integration between government ministries, is cloud-native and API-driven.
With this approach, initial implementation can be done relatively quickly and cost-effectively, for a solid foundational platform that invites modular scalability and increasing functionality and connectivity, laying the foundation for a robust ecosystem of e-citizen services and digital enterprise solutions.”
About Presight:
Presight, an ADX-listed public company limited by shares whose majority shareholder is Abu Dhabi company G42, is the region’s leading big data analytics company powered by Artificial Intelligence (“AI”). It combines big data, analytics, and AI expertise to serve every sector, of every scale, to create business and positive societal impact. With its world-class computer vision, AI and omni-analytics platform as its engine, Presight excels at all-source data interpretation to support insight-driven decision making that shapes policy and creates safer, healthier, happier, and more sustainable societies.
About TOTM Technologies Limited:
TOTM Technologies Limited (“TOTM Technologies” or the “Company” and together with its subsidiaries, the “Group“) is a leading integrated solutions and services provider in identity management and biometric technology.
Leveraging on its strong execution experience and the robust technology platforms from strategic technology partners, the Group’s solutions have been applied to leading public and private projects across North America, Europe, Middle East, Asia Pacific, Latin America and Africa. TOTM Technologies also manages and maintains one of the largest biometrics National ID databases in the world with approximately 200 million enrolled citizens.
The Group’s platforms are based on core, multi-modal technologies, such as face, finger and iris biometrics, which are listed in the top tier of the National Institute of Standards and Technology (“NIST”) benchmarks. The Group is looking to expand its coverage to medical insurance, healthcare, banking electronic payments, transport, and telecommunications-related applications in the commercial sector.
This press release has been reviewed by the Company’s sponsor, SAC Capital Private Limited (the “Sponsor”). It has not been examined or approved by the Singapore Exchange Securities Trading Limited (the “SGX-ST”) and the SGX-ST assumes no responsibility for the contents of this press release, including the correctness of any of the statements or opinions made or reports contained in this press release.
