Fingerprint Cards' (Fingerprints) business lines Mobile and Payments & Access both feature mass production by a limited number of global manufacturers that are part of complex value chains with numerous participants. At the same time, these industry ecosystems differ in many respects, not least in terms of structure, regulatory environments, and geography. The world's top three payment card producers are all based in continental Europe, while most of the largest smartphone OEMs are headquartered in Asia.
Two regional offices will be created: one in Shanghai, China and the other in Zug, Switzerland. The Shanghai office is our center for the Mobile business line, while the office in Zug is our Payments & Access business line center. Shanghai, being the most important economic, financial, trade, and shipping hub in China, is close to our major customers and partners in the mobile industry, while Zug has become a well-respected and established hub in the payments marketplace, with its central European connections.
Fingerprints will also set up a sales and distribution hub in Singapore in order to streamline inventory management and realize economies of scale in our distribution operations to multiple markets. This distribution center will own our inventory as well as invoice customers and pay suppliers.
"As we enter the next phase in Fingerprints' development, I believe that close collaboration and proximity to key customers, suppliers and partners, as well as access to critical talent, will be even more crucial to our success. Our new organization will benefit our operations through enhanced organizational flexibility, speed, cost- and cash effectiveness, as well as through a sharper focus on our two individual business lines," comments Christian Fredrikson, President & CEO.
The parent company, listed on Nasdaq Stockholm, will remain in Sweden together with other main functions already present in Sweden. As part of this change, Fingerprints' CEO and CFO will relocate to Zug. At the same time, they will both remain in their current roles in the Swedish parent company.
For further information, please contact:
Christian Fredrikson, President & CEO
Investor Relations:
+46
Press:
+46
About Fingerprints
Fingerprint Cards AB, read our blog, and follow us on Twitter. Fingerprints is listed on Nasdaq Stockholm (FING B).
Attachment
- 210409 - Prepares for growth (https://ml-eu.globenewswire.com/Resource/Download/0dba9b9e-089b-4a73-896a-d1daa823c513)
