PETALING JAYA: IF Security Solution Sdn Bhd (IFSS Malaysia) is targeting annual revenue of about RM104.5 million from its new smart card production facility, as it seeks to expand its presence in local and international markets.
The company’s facility here has an annual production capacity of about 40 million bank cards and SIM cards on a single shift, which can be doubled to 80 million units by operating two shifts.
IFSS Malaysia general manager Melvin Lee said the company aimed to serve multinational customers across Malaysia, Europe, Africa, Latin America and the Middle East.
“Our goal is to provide a one-stop, end-to-end service for customers, from smart card production through personalisation to fulfilment,” he said at the launch of IFSS Malaysia’s Regional Personalisation Services Centre (RPS Centre) here today.
Lee said the company is targeting annual revenue of approximately US$25.6 million (about RM104.5 million), based on an 80% utilisation rate on a single shift.
The company aims to position itself among the top five local industry players, supported by its production capabilities and the growing demand for secure payment and identification solutions.
“Malaysia offers a cost-competitive base for global smart card production, with a strong electronics ecosystem and logistical advantages,” Lee said.
He highlighted Malaysia’s experience in secure document production, noting that the country was among the first to incorporate chips into its national identity cards and passports.
The facility, developed in partnership with Singapore-based IF Security Solution Pte Ltd, has ten production lines and will provide smart card production, personalisation and fulfilment services for banks, financial technology companies, government institutions and telecommunications operators.
Its products include credit, debit, prepaid and government cards equipped with magnetic stripes, contact chips and contactless technology, as well as physical SIM cards and embedded SIMs for 4G and 5G networks.
The facility will also offer premium and specialty cards, including metal, ceramic, LED and gold blast cards, alongside environmentally friendly alternatives made from recycled polyvinyl chloride, degradable polylactic acid and PET-G.
Its production equipment can personalise up to 1,600 bank cards per hour per line and up to 5,000 SIM cards per hour per SIM line. Fulfilment lines can process between 1,500 and 2,000 card mailers per hour.
The facility’s capabilities include chip and magnetic stripe personalisation, graphical customisation, encryption, key management and secure mailing.
Each card undergoes verification checks to ensure accuracy and security before delivery.
Card issuers will be able to manage issuance plans and branch card inventories through IFSS’s Mavis CardTailor issuance platform.
Malaysia is estimated to have more than 58 million active cards in circulation and 45 million SIM connections annually, providing a domestic market for the company’s services.
Globally, about 8.3 billion smart cards were shipped in 2025, including 2.94 billion EMV payment cards, 4.08 billion SIM cards and nearly 650 million government identification cards.
The global smart card market was valued at an estimated US$65.2 billion in 2025 and is forecast to reach US$122.8 billion by 2035, according to Global Market Insights.