IFSS targets RM104.5mil revenue from PJ smart cards plant
PETALING JAYA: IF Security Solution Sdn Bhd (IFSS Malaysia) has targeted annual revenue of about RM104.5 million from its new smart card production facility in Petaling Jaya.
Petalung Jaya: IF Security Solution Sdn Bhd (IFSS Malaysia) has set its sights on generating around RM104.5 million in annual revenue from a new smart card production plant in Petaling Jaya. The company projects it can churn out 40 million cards annually with a single shift operation. Scaling up to a dual-shift setup, the Regional Personalisation Services Centre (RPS Centre) can ramp up production to approximately 80 million cards per year.
This strategic move aims to capitalize on the surging demand for payment, SIM, and secure identification products. IFSS Malaysia's general manager, Melvin Lee, explained that the revenue target assumes an 80 percent utilization rate on a single shift. The facility's development is a collaborative effort between IF Security Solution Pte Ltd from Singapore and IFSS Malaysia.
Upon completion, it will cater to 110 banking customers spanning over 40 regions, along with equipment and project partners from Hong Kong and Macau. The centre boasts 10 production lines and offers comprehensive smart card manufacturing, personalization, and fulfillment services to various sectors including banks, financial technology firms, government entities, and telecommunications providers.
Their product lineup encompasses credit, debit, prepaid, and government cards, as well as physical SIM cards and embedded SIMs for 4G and 5G networks. Notably, the facility also produces specialized cards crafted from materials like metal, ceramic, and gold, along with LED-enabled and eco-friendly cards utilizing recycled materials.
Lee highlighted Malaysia's favorable manufacturing environment, citing the country's competitive edge in electronics, logistics, and secure document production. The expansion of IFSS Malaysia aligns with the burgeoning demand for smart cards in both local and global markets. Malaysia is believed to have over 58 million active cards and 45 million SIM connections annually.
By partnering with IFSS and their technology provider, IFSS Malaysia aims to build a diverse customer base across Malaysia, Europe, Africa, Latin America, and the Middle East.
Written by urgent.news from New Straits Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
