TOTM Technologies (SGX:42F) has secured two major projects in Indonesia for digital identity management and biometrics, with over 200 million citizens enrolled on its KTP-el platform.
The company, which provides identity management and biometrics services, disclosed the projects as it provided an update on its strategic initiatives and recent performance in a Tuesday filing on the Singapore Exchange.
TOTM said it is focusing on its core strengths, including AI and cybersecurity partnerships, and plans to streamline operations and reduce consultancy costs.
For fiscal year 2024, TOTM reported a drop in revenue to SG$6.5 million from SG$19.4 million in FY2023, with a loss before tax of SG$12.1 million.
New contracts worth SG$7.5 million from the Indonesian government are expected to boost future revenue, it said.
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