Singapore Alliance Pays Off for Cadmus Technology
Singapore Alliance Pays Off for Cadmus Technology
Payment solutions company, Cadmus Technology Limited (NZX: CTL), today announced that its partnership with a Singapore Technologies company, CET Technologies Pte Ltd (CET), has begun to pay dividends with an initial order for 5,000 of its new EMV (Europay, Mastercard, Visa) compliant payments technology.
The order, for Cadmus CPO3 SCR pinpads, is to be delivered to CityCab Pte Ltd ¡V one of Singapore¡¦s major taxi fleet operators ¡V and supplied to CET within the next 12-18 months (with volume deliveries beginning in July). Cadmus expects that additional orders for its payments technology will follow thereafter.
As part of the deal, Cadmus has enhanced its CPO2 SCR pinpads to meet new product specifications (CPO3 SCR) ¡V requiring additional research and development investment. While the investment will not be totally recovered in this instance, the company will benefit with cost efficiencies from further deals into the APAC region.
This is Cadmus¡¦ first order from CET and has been marginally priced to gain a foothold into the fast-growing Singaporean payments market. Further, given CET¡¦s established presence and business interests in the greater South East Asian region, Middle East and Europe, Cadmus anticipates that it will likely open up a number of new channels and markets for the company.
¡§This is an important win for Cadmus in the Asia region, and one which we anticipate will open up a number of new channels for our payments technology,¡¨ says Pat McCammon, Cadmus¡¦ Director of International Sales and Marketing. ¡§Not only does this agreement increase Cadmus¡¦ market presence in the Singapore payments market, it highlights the growing partnership between CET and Cadmus.¡¨ In August last year, CET took up a cornerstone shareholding of 9.9% in Cadmus. At the time, it was expected that the agreement would result in more future business opportunities.
¡§At CET, we continue to provide innovative solutions for communications, electronic payments and intelligent transportation systems,¡¨ says Mr Lau Thiam Beng, General Manager, CET Technologies Pte Ltd.
¡§The synergies between CET and Cadmus provides a strong advantage as we expand the gateway into the high-growth worldwide electronics payments market.¡¨ CET is one of the world¡¦s leaders in mobility systems, providing Fleet Management Solution systems and in-vehicle terminals for more than 20,000 vehicles of major fleet owners worldwide. In August 03, CET secured the deal worth approximately $NZ26 million (S$23million) to design, develop and implement CityCab¡¦s new generation Integrated Transport Management System, based on wireless GPRS technology.
¡§Cadmus¡¦ payments technology expertise will enable us to integrate their solutions with our own in-house designed and developed cetrac„µ advanced taxi booking and despatch system,¡¨ adds Mr Lau Thiam Beng.
The Cadmus CP03 SCR pinpads can be easily integrated into a taxi company¡¦s fleet management and despatch system, and will also be installed into Singaporean taxis to meet the new EMV requirements.
With over 17,000 taxis in Singapore, and growing, Cadmus expects a number of additional orders to result from this deal.
¡§Over the past 8 years, Cadmus has built a strong reputation for designing and developing state of the art payment products which cater to the needs of the transportation industry,¡¨ adds McCammon. ¡§As a result of this deal, and our alliance with CET, we believe there will be a number of additional opportunities to target new channels and reach a wider global market.¡¨
The CP03 SCR pinpads are highly secure PIN entry device designed to interconnect to the Cadmus range of payment terminals. The pinpad is also EMV compliant and enabled to meet the needs of the new generation of smart card products being promoted by banks world-wide. CET is a wholly-owned subsidiary of Singapore Technologies Electronics Limited (ST Elect), which is one of the largest electronics systems house in the region.
ST Elect specialises in the design, development and integration of advanced electronics system, broadband RF & microwave communication, rail & traffic management, real-time command & control, training & simulation, intelligent building management, information security and m-commerce solutions.
CET has, over the past two decades, built up extensive experience and skills as a leading solution house in the Asia Pacific region for communications, electronics and intelligent transportation businesses. It has vertically integrated the processes of design development, production, system integration, maintenance and system enhancement to be a one-stop solution house for its customers. Its core business expertise includes mobile solutions and infocomm appliances, intelligent traffic and fleet management systems, integrated communications solutions, radio and radio frequency tagging systems, mobile track & trace systems, as well as infosecurity products and solutions.
For more information, please visit www.cet.st.com.sg
About Cadmus Technology Cadmus Technology Limited (NZX: CTL) designs, develops and implements innovative point-of-sale payment solutions for merchant businesses worldwide. The company is New Zealand¡¦s largest manufacturer and exporter of payment terminals, with an increasing customer base developing internationally. The company offers payment and data management solutions, including EFTPOS and data capture terminals, loyalty programs and customer relationship management solutions. Cadmus also provides end-to-end payment solution and data management services for retail, business payment and transactional processing requirements.
Bank of New Zealand, TAB, Wellington Combined Taxis,
Bartercard Australia Pty Ltd, On-Q Business Systems Pty Ltd,
eScience Systems Malaysia, Paysys (M) SDN BHD, Coles Myer
Australia, Caltex Australia, Harvey Norman Australia,
Bi-low, Priceline and Franklin's.