California intends to broaden its digital identity program, exploring additional applications.
Malaysian Company NexG Bolsters Secure ID Document Production with $15.4M Investment
Malaysian firm NexG Bhd is set to boost its production of secure identity documents with a substantial investment of approximately RM250 million ($15.4 million). The brand-new facility, designed to meet Industry 4.0 standards, will utilize fully automated processes to enhance precision and productivity.
The investment will be executed in three stages, progressively raising annual production capacities for secure ID documents to over 15 million units. Once complete, the new plant is estimated to amplify NexG's existing production capabilities by 50 million secure ID documents, ensuring it can meet stringent international demands [1][2][4].
Equipped with advanced security systems, the state-of-the-art facility aims to deliver higher precision, improved product security, and better adherence to international requirements [2][4][5]. Funding for the project will be procured through a combination of internally generated funds, equity fundraising, strategic partnerships, and borrowings [2].
The plant's revenue potential is estimated to range between $100 million and $200 million per phase, depending on the nature of the document or solution, country-specific requirements, project scope, and level of document security [1][2].
NexG's executive chairman and CEO, Datuk Hanifah Noordin, asserted that the expansion will bolster the company's ability to cater to growing international demand for secure identity infrastructure and drive future innovation in research, development, system integration, and identity technology [2]. The company seeks to leverage this global platform to export Malaysian-developed secure identity technologies to more countries world wide [2].
In essence, NexG's latest investment marks a significant stride in addressing rising global demand for advanced identity solutions while fortifying its international competitiveness [1][2][5].
The investment of $15.4 million in NexG Bhd will be utilized to establish a state-of-the-art facility, which will leverage technology to meet Industry 4.0 standards, enhancing the precision and productivity of secure ID document production. With a focus on delivering higher precision, improved product security, and better adherence to international requirements, the new plant is expected to amplify NexG's existing production capabilities by 50 million secure ID documents.
