Singapore-based startup Touché has signed up Mashreq Bank of the United Arab Emirates (UAE) to explore ways to offer its fingerprint biometric payment technology to the bank’s merchant clients in the country, the Business Times reports.
The company’s software associates fingerprints with credit cards for point-of-sale transactions, and provides loyalty program services leveraging deep analytics. Merchants pay a monthly fee over a two-year contract, rather than a licensing fee.
Touché CEO Sahba Saint-Claire told the Business Times that the company has a list of potential clients in the Middle East, and plans to deliver its solution in Q1 2019. He said it is about to sign another banking client, and has already agreed on a pilot project with an international hotel chain.
The company recently accelerated its push into the Middle East region with a deal the Dubai-based SEED Group.
“The Middle East, and the UAE in particular, are very interesting markets. We have spoken to a number of companies and regardless of their size, we have found them very entrepreneurial, innovative and open to new technologies,” says Saint-Claire. “The senior executives we talk to get our vision, which is to deliver much more personalized and convenient in-person customer experiences through the Touché solution, whether that is through biometrics, literally at the touch of two fingers, or through more traditional payment methods.”
In addition to the new deals, Touché is planning to raise $10 million in a structured offering, not all of which be equity, before the end of Q1 2019 to grow its team, expand its market reach, and support research and development.