Partnership formed between MOSIP and GLEIF as they join Mojaloop's partner program, aiming to boost financial accessibility.
Malaysian company, NexG Bhd, unveils plans for RM250 million production facility for secure identity documents
Kuala Lumpur, Malaysia— NexG Bhd, a leading provider of secure identity documents, is set to invest approximately RM250 million in the development of a state-of-the-art production facility. The new plant will be equipped with cutting-edge automation technology, aiming to boost production capacity and precision.
The investment, scheduled over three phases, will be financed through a combination of internal resources, equity fundraising, strategic partnerships, and borrowings. Each phase is expected to increase the annual production capacity to over 15 million units of secure ID documents. Upon full completion, the facility will augment NexG's current production capacity by an estimated 50 million units.
The facility will prioritize advanced security infrastructure, enabling it to support future advancements in research and development, system integration, and identity technology. This focus on innovation positions NexG to export its Malaysian-developed secure identity technologies globally.
In light of these developments, NexG is actively pursuing international opportunities, targeting expansion in the global market for secure identity documents. The company projects that each phase of the development could generate between US$100 million and US$200 million in revenue, depending on factors such as document type, specific country requirements, and security levels.
[1] "NexG to invest in identity document production facility to meet international demand." (2022). The Edge Markets. Retrieved from https://www.theedgemarkets.com/article/nexg-invest-identity-document-production-facility-meet-international-demand
[2] "NexG to invest RM250 million in secure ID documents production plant." (2022). Bernama. Retrieved from https://www.bernama.com/en/business/news.php?id=1975159
[3] " Secure identity document production facility to support future innovations." (2022). NexG Bhd. Retrieved from https://nexg.com.my/secure-identity-document-production-facility-to-support-future-innovations/
[4] "NexG: Expanding globally and exploring international opportunities." (2022). NST Online. Retrieved from https://www.nst.com.my/business/2021/12/728683/nexg-expanding-globally-and-exploring-international-opportunities
Note: References are provided for verification purposes and are fully attributed to their original sources. Nonessential or repetitive details have been excluded to streamline the article.
The investment in the production facility for secure identity documents by NexG Bhd will be financed through various means, including internal resources, equity fundraising, strategic partnerships, and borrowings. With each phase of development, the facility is projected to generate between US$100 million and US$200 million in revenue, helping NexG expand globally.
