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Malaysian Technology Firm NexG Invests Over $15 Million in Secure ID Document Production Facility
In a major growth move, NexG Bhd, a Malaysian technology company, has announced plans to invest roughly RM250 million ($15.38 million) to establish a cutting-edge facility for the production of secure identity documents. This new center, employing Industry 4.0-ready technologies, aims to address the surging international demand for secure identity infrastructure.
The investment will be executed over three phases, with the goal of increasing annual production capacity to over 15 million secure ID documents per phase. Upon completion, this facility is projected to add around 50 million units to NexG’s existing capacity, significantly bolstering its ability to cater to international markets.
Utilizing fully automated Industry 4.0 technologies, the production plant will strive for higher precision and security in the manufacturing process. Moreover, the facility will be equipped with advanced security infrastructure tailored to meet country-specific requirements, document types, and other project needs.
Funds for the project will be sourced from various channels such as internally generated funds, equity fundraising, strategic partnerships, and borrowings. Revenue projections for the facility range between $100 million ($421 million) and $200 million ($843 million) per phase, depending on the document types and security solutions implemented.
The long-term vision behind this initiative is to create a dedicated global platform for Malaysian-developed secure identity technologies. This move is expected to foster innovation in research and development, system integration, and identity technology beyond simple production.
According to NexG’s Executive Chairman and CEO, Datuk Hanifah Noordin, this investment places NexG in a strong position in the global secure identity market and equips the company to better address the rising international demand.
In conclusion, NexG’s RM250 million venture into secure ID document production signifies a strategic expansion aimed at enhancing production capacity, leveraging advanced automation, and establishing Malaysia as a key player in the global secure identity technology industry. This facility aims to cater to growing international demand with high security and precision standards while continuing to innovate in the sector.
The investment by NexG Bhd, a Malaysian technology firm, will not only enhance its production capacity for secure ID documents but also equip the company with advanced technology, making it a significant player in the global secure identity market. The new facility will stand as a testament to Malaysian technology's role in addressing the surging international demand for secure identity infrastructure with precision and security.
