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I doubt Malaysian government will cancel Niise project and these are the reasons why;
NIISe is an initiative of the Ministry of Home Affairs to replace the Malaysian Immigration System (MyIMMs), which has been operating for more than 20 years. Iris, which has been working with the Immigration Department since 1998, introduced the first ePassport, enabling the deployment of e-Gates to read and verify ePassports using travellers’ thumbprints.
The NEC ABIS and NEC e-Gate systems, which are expected to be rolled out by 2024. NEC has pioneered the concept of digital identity, create a touchless and seamless airport experience using its biometrics platform at Frankfurt and Munich airports since November 2020. Additionally, travellers at Narita International Airport in Japan have been using “Face Express”, its face recognition technology, since last year.
The system will consist of 13 main and six support modules that cover various areas of the Immigration Department, including passport and travel documents, immigration control, enforcement, intelligence, security management and advanced passenger screening, among others.
The ministry is also looking to incorporate the latest technological innovations in biometrics, artificial intelligence (AI), Internet of Things (IoT) and big data analytics to digitise Malaysia’s immigration systems as well as preserve national security.
Jaden/Kai Yan, you need to look into Niise project organization.
1 OWNER - Home MInistry
2 Contract Holder - A consortium IRIS + 3rd Party Company. Purpose; Qualify for Bumiputra status; technical / financial criteria
3 Subcontractor - Technology / technical provider; NEC
This consortium has met all requirements above.
If there is political connection, there is no evidence so far. This consortium already declared that no one in their organization has any interest or relatives in Home Ministry.
Thus, this consortium has fulfilled its contractual requirements.
The only thing that can terminate this consortium from this contract is when this consortium unable to fulfill and meet Home Ministry requirements which is to deliver Niise on time in full in 2025
One small advice to IRIS. IRIS needs to be very patience working with Japanese. They are strict and direct.
Just make sure they get what they want. Then they will deliver on time and in full.
Don't be calculative. Just make sure you meet every milestone. Keep us update.
IRIS can cover all extra charges with earning from rising IRIS stock prices.
In this coming 4QFY23, IRIS can wrapped FY23 with min MYR300mil. IRIS business is improving after Covid19 pandemic. Their business is not limited to Malaysia only. They can market their services overseas.. And their ID technology is new and in demand. Future rpospect looks good.
I only put money on new companies with good prospect, clean balance sheet with promising future. I dont put money in speculative stocks, matured, labour intensive and old companies e.g. CTOS, HWGB, Reneuco and etc..
IRIS has good foundation. Its just that IRIS reacts to news. But these reactions are short. When there is an opportunity similar to this, market capitalised and cash in when IRIS looses steam. They always come back when dust settles.
Under one condition, broker must not interfere/ manipulate with market.