Goldpac selects IDEX Biometrics as strategic tech partner for DC/EP digital wallet

March 18, 2021

IDEX Biometrics ASA – a provider of advanced fingerprint identification and authentication solutions – have been selected to be the strategic technology partner of Goldpac Group Ltd on their Digital Currency/Electronic Payment hardware-based digital wallet initiative.

DC/EP is the name given to the Central Bank Digital Currency (CBDC) of China and is the digital version of the Yuan, China’s national currency. A CBDC involves using blockchain technology to represent a country’s official currency, meaning it is regulated by a central bank unlike popular existing cryptocurrencies. DC/EP is backed by Yuan deposits held by China’s central bank.

DC/EP has already been piloted in the Chinese cities of Shenzhen, Chengdu, Suzhou and Xiong’an, potentially reaching over 42 million people. The hardware wallet initiative will be especially beneficial to a large percentage of the population who do not have access to a smartphone, thereby helping to narrow the digital divide in financial services

The goals and objectives of DC/EP move from mass regional adoption within the next year to international reach shortly thereafter. As hardware wallets actually store currency, they require high levels of security in order to be successful. IDEX’s fingerprint solutions meet these level of security.    

“It is critical to have enhanced levels of security in our DC/EP hardware wallets and we believe that adding fingerprint technology from IDEX will provide industry leading levels of security,” said Hou Ping, CEO of Goldpac.

“We are excited to have been chosen by Goldpac to be their security partner on their DC/EP strategy,” added Vince Graziani, CEO of IDEX Biometrics. “With the Winter Olympics being under a year away Goldpac is moving ahead swiftly and have already placed an order with us.”

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