Innov8tif Holdings Sdn Bhd (Innov8tif Holdings) recently announced that the company has solidified its position as the largest digital ID assurance solutions provider in Malaysia with more than 70% market share through its wholly-owned subsidiary Innov8tif Solutions Sdn Bhd (Innov8tif Solutions), a leading provider of digital ID assurance solutions and the recent acquisition completion of Xendity Sdn Bhd (Xendity).
The acquisition has strengthened Innov8tif Group’s market position, expanded its customer base, and provided customers with a wider range of digital ID solutions.
In addition to the acquisition, Innov8tif Solutions has also announced a collaboration with its technology partner, Skyelimit Sdn Bhd (Skyelimit) to provide electronic know-your-business (e-KYB) services, which has the potential to become a service provider for Suruhanjaya Syarikat Malaysia amongst others.
Leveraging Innov8tif Solutions’s advanced technology and Skyelimit’s extensive resources and network, the collaboration will deliver comprehensive e-KYB services that comply with regulatory requirements and provide a seamless customer experience.
According to a recent market research report, the global digital identity market is projected to cross USD1 trillion by 2024, with a valuation of USD663.9 billion in 2022, up 8.5% from a valuation of USD612 billion in 2021.
The report also highlights the need for next-generation fraud prevention solutions, which are provided by companies operating under multiple segments in digital identity, due to the sharp increase in identity fraud and cyberattacks/data breach incidents.
“In addition to the extensive support from our strategic partner, Hong Seng Consolidated Bhd who are acquiring 51% equity interests in Innov8tif Holdings, have made it possible for us. With Hong Seng’s financial support and its capabilities in tapping on the capital markets, it has helped accelerate Innov8tif Group in achieving its goals,” said Innov8tif Holdings CEO George Lee.
The group remains committed to delivering innovative and secure digital ID solutions that enable businesses and government agencies to operate more efficiently, securely, and with greater trust.