NEXT receives first 8 MNOK purchase order from Chinese tier-one OEM

26 Jun 2024 08:00 CEST

Norwegian biometrics company NEXT, confirms an 8 MNOK order for a solution
targeting the banking market in China. Deliveries will be within Q2.

NEXT recently announced the first successful product integration of its China ID
sensor solution for a tier one Chinese OEM (Mingsen). In line with the agreement
and NEXT’s previous estimates, Mingsen has now placed an 8 MNOK order for NEXT’s
China ID sensor solution. The customer’s solution targets the banking market in
China.

Early 2024, NEXT received its much-coveted China ID certification, a regulatory
requirement for participating in the banking tenders in China. Recently another
significant product milestone was announced, being NEXT’s first successful
product integration of its China ID certified sensor solution. Mingsen’s product
targets the banking market in China, where the China ID certification is used
for on-device authentication and verification purposes.

Ulf Ritsvall, Chief Executive Officer at NEXT, comments:
“I am extremely pleased to announce the very first purchase order for our China
ID certified sensor solution and that NEXT’s China ID sensor solution is ready
for mass-production. Today, China ID is required to be granted access to the
most attractive, top tier tenders within the banking and finance industry. Our
technology is in high demand as it is secure and remains robust throughout the
most demanding authentication and verification environments. We expect this
first order to put NEXT in a highly competitive position and give us a first
mover advantage on the China ID market”.

He adds:
“This order is also a proof-point, validating our team’s efforts. Given NEXT’s
previous turnaround process, we are proud that we have now delivered on our
promises and in line with our strategy”.

For more information, please contact:
Ulf Ritsvall, Chief Executive Officer
ulf.ritsvall@nextbiometrics.com

Eirik Underthun, Chief Financial Officer
eirik.underthun@nextbiometrics.com

About NEXT
NEXT provides advanced fingerprint sensor technology that delivers uncompromised
security and accuracy for the best possible user experience in the payment and
fintech, government ID, access control and office and notebook markets. The
company’s patented NEXT Active Thermal ® principle allows the development of
large, high-quality fingerprint sensors with superior security level. NEXT
Biometrics Group ASA is headquartered in Oslo, with sales, support, and
development operations in Seattle, Taipei, Tokyo, New Delhi and Shanghai.

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