Revenue Group Berhad moves ahead with its corporate plans by acquiring a controlling stake (51% equity interest) in Innov8tif Holdings Sdn Bhd for RM36 million, an investment holding company that owns Innov8tif Solutions Group and Xendity Sdn Bhd.
The company is involved in digital ID solutions specialising in ID verification technology to support e-Know Your Customer (e-KYC), e-Know Your Business (e-KYB), anti-fraud processes, customer onboarding process automation, and mobile biometric authentication. With more than 70% market share in Malaysia, Innov8tif Group is currently the largest digital ID assurance solutions service provider, and its award-winning digital onboarding and IDV solutions are designed to revolutionise existing processes for businesses, especially those in industries with high compliance requirements.
“The acquisition of Innov8tif Group is a strategic move for REVENUE with its strong network in the banking industry to expand beyond e-payment solutions and enter the digital ID solutions industry taking advantage of the wider customers base of Innov8tif in the region. It is estimated that a significant 72 percent of Malaysia’s digital opportunity worth RM184 billion could be derived from digital technology applications, making this a lucrative market for REVENUE to enter. The Group aims to position itself as a front runner in the digital economy race and expand its dominance across Southeast Asia (SEA) by strategically acquiring potential businesses and partners in the digital payment and digital banking industries in the future,” said Mr. Teh Chee Hoe, Executive Director of REVENUE.
According to research, the global digital ID solutions market is expected to expand at a compound annual growth rate (CAGR) of 17.2% from 2023 to 2030, driven by the development of biometrics integration in smartphones and increasing adoption of digital ID solutions across various sectors such as banking, financial services, and insurance.
Innov8tif Group has a strong customer base that includes major banks, fintechs, telcos, government agencies, and insurance companies in SEA, including Singapore, Indonesia, Philippines, Thailand, and Cambodia.
