Interested parties have yet to provide their input to the Commission.
Austrian tech company YOUNIQX Identity AG, a subsidiary of the Austrian State Printing House (OeSD), is making significant strides in the digital identity market. The company's in-house software forge has achieved a successful position with its solutions for secure identity verification and blockchain security.
One of the key drivers of YOUNIQX Identity AG's success is the digital identity app "MIA". This innovative app, which allows for quick online authentication and can be used with a smartphone, has been well-received both domestically and internationally. In June of this year, the app won the "Africa Innovation Challenge" of the Austrian Economic Chamber, a testament to its global potential.
The company's financial performance also reflects its growth. In the first half of 2019/20, total sales increased from EUR 25.6 million to EUR 32 million. Foreign sales saw a significant boost, rising from EUR 2.3 million to EUR 7.1 million compared to the same period last year. The pre-tax result also improved, reaching EUR 6.0 million, up from EUR 4.3 million in the previous year. After deducting taxes, the period's total result was EUR 4.3 million, an increase from EUR 3.2 million in the previous year.
Despite the positive financial results, the company's financial result for the first half of 2019/20 remained the same as in the previous year, at EUR -0.1 million. The number of employees at YOUNIQX Identity AG increased by 3 to 156 in the first half of the business year 2019/20.
YOUNIQX Identity AG's partnership with Nok Nok, a leading provider of advanced authentication solutions, positions the company as a player in the evolving digital identity landscape. This collaboration could lead to the development of GDPR-friendly solutions and cross-platform consistency, aligning with broader industry trends such as the adoption of passkeys for more secure and convenient user experiences.
While specific future plans are not yet detailed, it is reasonable to assume that any future direction will be influenced by the ongoing partnerships and the broader trends in digital identity and authentication technologies. As the world continues to digitalise, YOUNIQX Identity AG is poised to play a significant role in shaping the future of digital identity and authentication.
The digital identity app "MIA" developed by YOUNIQX Identity AG, managed to secure victory in the "Africa Innovation Challenge" of the Austrian Economic Chamber, showcasing its potential on a global scale. In the realm of finance, the company's business growth is evident through increased sales and improved pre-tax results, indicative of the positive impact of their advanced technology solutions in the finance and business sectors.
