Iris to collaborate with TruTag Technologies of US

KUALA LUMPUR: Digital identity and business solutions company Iris Corp Bhd will be partnering US authentication and digital security company TruTag Technologies Inc to look into the potential for smartcard and secure label applications globally.
TruTag, which has manufacturing facilities in Hawaii, is the only company in the world with covert and edible optical memory microtags that can be applied to both consumables (pharmaceuticals, food and beverage) and secure documents.
Both parties yesterday signed a letter of intent to jointly develop smartcard and secure label applications to help enhance traceability and security document identification, eliminate counterfeit products and improve supply chain visibility.
“This collaboration is actually to build and enhance the current technology that Iris has. So we will work together and create more products that are suitable for Malaysian market and we are also targeting South East Asia,” Iris’ acting CEO Choong Choo Hock said at the signing ceremony here yesterday.
“It is an ongoing collaboration. So as we talk to customers, we will finalise in more details on the collaboration,” he added.
Felda, which holds a 21.33% equity stake in Iris through Felda Investment Corp Sdn Bhd (FIC), is positive on the partnership between the two companies.
Felda’s new chairman Tan Sri Shahrir Samad, who witnessed the signing, said the proposal will be discussed by the boards of Felda and FIC to map out the potential markets and sectors to target.
“The expansion of Iris’ product portfolio to include new, industry-defining technologies is an important element of the corporate restructuring currently in process in Iris, as it puts Iris a few generations ahead of its peers in the secure and trusted ID business,” Shahrir said.
Meanwhile, TruTag Technologies founder and chairman Dr Hank Wuh said the combined strengths and product portfolios of both companies will enable them to target every aspect of product, authentication, including enhancing the safety and traceability of food and medicine, which is an issue of global importance.
“We have global clients today across different continents in different businesses, including pharmaceuticals, biotech as well as authentication across different product lines as well.
“We think that there is a global opportunity and we also think that Asia, especially Southeast Asia is a very unique market. So with Iris, we can team up and blend our technology to address the needs of the market that they (Iris) have already know so well,” Wuh said.