Securemetric bags contracts to supply digital security solutions for Vietcombank

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KUALA LUMPUR (May 17): Newly-listed Securemetric Bhd has won two contracts with a combined value of RM3.94 million to supply digital security solutions to Vietcombank.

Securemetric said in an exchange filing that the contracts, awarded to Securemetric Technology Co Ltd, its wholly-owned subsidiary in Vietnam, are expected to be completed in the financial year ending Dec 31, 2019 (FY19).

The first contract, worth US$590,568 (RM2.46 million), was awarded by Prognostic Services Pte Ltd, a regional mobile satellite telco services provider, for Securemetric to supply two-factor authentications solutions (2FA) and hardware security module (HSM) to Vietcombank.

The other contract was awarded by IT consulting services firm Information And Networking Technology Joint Stock Company (InfoNet), for 8.26 billion dong (RM1.48 million). Under this contract, Securemetric is to supply user licenses for 2FA, as well as install and integrate both 2FA and HSM for Vietcombank.

Vietcombank, listed on the Ho Chi Minh City Stock Exchange, is one of Vietnam’s largest comercial banks by asset size and operates 111 branches throughout the country.

Securemetric expects the contracts to contribute positively to the group’s earnings and net assets in FY19. In FY18, the group saw its net profit slump 89% to RM613,000, due to expenses related to business expansion, impairments and one-off listing. Revenue fell 30% to RM31.30 million.

On Bursa Malaysia’s ACE Market today, Securemetric shares slipped one sen or 1.8% to close at 55.5 sen, for a market capitalisation of RM135.20 million.