IDEX Biometrics strengthened its ongoing partnership with China’s Chutian Dragon to develop a digital currency/ electronic payment (DC/EP) card based solution.
The move comes as China aims to accelerate the deployment of Central Bank Digital Currency (CBDC) infrastructure.
Notably, six Chinese banks commenced multi-city trials of Digital Currency/Electronic Payment in December last year.
The mass digital payments infrastructure is aimed to provide a solution to underbanked people in the country.
As agreed, the new card based digital wallet will be secured by IDEX TrustedBio fingerprint authentication technologies. Particularly, the offering is expected to benefit the population who do not have access to a smartphone.
Chutian Dragon CEO Susan Su said: “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.”
IDEX Biometrics CEO Vince Graziani said: “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 recognised 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.”
Headquartered in Beijing, Chutian Dragon particularly focuses on delivering high-end smart card and supporting software solutions.
The Chinese firm first entered into a licence and commercialisation agreement with IDEX in 2019. Subsequently, the two companies have expanded their collaboration.
In March, IDEX signed an agreement with Multi-Fineline Electronix (MFLEX) to bolster its supply chain.