KUALA LUMPUR (Sept 18): Information technology solutions provider Theta Edge Bhd is looking to collaborate with Estonian technology firm Cybernetica AS on joint development, implementation, marketing and promotion of digital identity product exclusively in Malaysia and digital identity, cybersecurity, privacy enhancement and interoperability within Malaysia and other Asean countries on a project basis.

In a filing with Bursa Malaysia on Monday, Theta Edge said it has entered into a memorandum of understanding (MOU) with Cybernetica on the proposed collaboration.

"The MOU will provide an opportunity for the parties to initiate further discussion to establish a collaboration and leverage on each party’s strength and expertise with a main objective for a long-term strategic partnership and collaboration," it added.

In a separate statement, Theta group chief executive officer Datuk Nuraslina Zainal Abidin said the strategic alliance with Cybernetica signifies its relentless pursuit of bringing top-tier technology and solutions to Malaysia and the broader Asean region. "Pairing Theta’s profound understanding of local markets with Cybernetica's technological acumen ensures we are primed to set new industry benchmarks.”

Under the MOU, Cybernetica will assume the pivotal role as a technology partner, working in tandem with Theta to jointly shape the solutions provider's architecture, technical components and overall integration strategy.

Cybernetica’s unique expertise ranges from secure data exchange like the X-road to digital identity, i-voting, information security and privacy by design. Currently, Cybernetica’s technologies are used in 35 countries all over the world.

The MOU is effective for a period of 12 months.

At 4.20pm on Monday, Theta shares were traded down 0.5 sen or 0.73% at 68 sen, giving it a market capitalisation of RM79.64 million.