IDENTITII LIMITED — Investor Presentation 2019

Mar 24, 2019

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Investor
presentation
Identitii Limited
ASX:ID8
25 March 2019
Identitii Limited | ASX:ID8
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Disclaimer and important notice

This presentation has been prepared by Identitii Limited (ABN 83 603 107 044) ( Identitii, Company ) based on information available to it as at the date of this presentation. The information in this presentation is provided in summary form and does not contain all information necessary to make an investment decision.

The information contained in this presentation is subject to change without notice and Identitii does not have any responsibility or obligation to inform you of any matter arising or coming to their notice, after the date of this presentation, which may affect any matter referred to in this presentation.

This presentation does not constitute an offer, invitation, solicitation or recommendation with respect to the purchase or sale of any security in Identitii, nor does it constitute financial product advice or take into account any individual’s investment objectives, taxation situation, financial situation or needs. An investor must not act on the basis of any matter contained in this presentation but must make its own assessment of Identitii and conduct its own investigations. Before making an investment decision, investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs, and seek legal, taxation and financial advice appropriate to their jurisdiction and circumstances. Identitii is not licensed to provide financial product advice in respect of its securities or any other financial products. Cooling off rights do not apply to the acquisition of Identitii securities.

Although reasonable care has been taken to ensure that the facts stated in this

presentation are accurate and that the opinions expressed are fair and reasonable, no representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, none of Identitii, its officers, directors, employees and agents, nor any other person, accepts any responsibility and liability for the content of this presentation including, without limitation, any liability arising from fault or negligence, for any loss arising from the use of or reliance on any of the information contained in this presentation or otherwise arising in connection with it.

The distribution of this presentation may be restricted by law and you should observe any such restrictions.

This presentation contains certain forward looking statements that are based on the Company’s management’s beliefs, assumptions and expectations and on information currently available to management. Such forward looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results or performance of Identitii to be materially different from the results or performance expressed or implied by such forward looking statements. Such forward looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the political and economic environment in which Identitii will operate in the future, which are subject to change without notice. Past performance is not necessarily a guide to future performance and no representation or warranty is made as to the likelihood of achievement or reasonableness of any forward looking statements or other forecast.

To the full extent permitted by law, Identitii and its directors, officers, employees, advisers, agents and intermediaries disclaim any obligation or undertaking to release any updates or revisions to information to reflect any change in any of the information contained in this presentation (including, but not limited to, any assumptions or expectations set out in the presentation).

INVESTOR PRESENTATION| MARCH 2019 2

Identitii (ASX:ID8)

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• Award winning Australian FinTech founded in 2014

• Raised AUS$11m via ASX listing in October 2018

• Funds raised to continue development and innovation around Identitii’s proprietary Overlay+ platform, undertake sales and marketing activities and secure pipeline opportunities

• Developing technology that uses a private blockchain to enable the secure, permissioned and auditable sharing of intelligent information for corporate payments

• All research conducted and software developed by in-house engineers, with one patent pending

• Contract with global tier one banking group HSBC, in live production since 2017, with further engagement announced in March 2019

• Growing pipeline of banks and payment networks

INVESTOR PRESENTATION| MARCH 2019 3

Early validation

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Participant Participant Partner Winner Winner FinTech 50 – ‘Emerging Stars’ Mastercard Start Accenture FinTech Approved as a Peer Choice Award Innotribe Industry KPMG and H2 Path 2018 Innovation Lab SWIFT partner Citi Tech 4 Integrity Challenge on Ventures Hong Kong 2015 Challenge, Compliance Singapore

INVESTOR PRESENTATION| MARCH 2019 4

Corporate payments landscape

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40 YEARS

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US$124 trillion sent Payments take across borders by between 30 seconds companies and ten days to in 2018[1] process

Customers have no Cross border visibility into when a payments are payment will be continuing to received and 8% are increase with 4.6%[1 ] delayed by the need growth expected in for manual processing five years and investigations, costing banks US$43.8 billion per year[2]

Demand for Open Banking and improving customer experience to meet digital expectations

Non-bank challengers such as FinTech’s are providing more choice for customers and banks must embrace the role of third parties in the corporate payments landscape

Current payments technology is up to 40 years old[3]

Banks are losing

customers as outdated technology isn’t able to meet demand for faster payments

US$2 trillion Regulators are is laundered through demanding more financial systems accountability from every year[4 ] banks for financial crime breaches

Reducing financial crime and complying US$321 billion[5] in with increased fines were issued AML/CTF regulations since the start of the is a key priority global financial crisis

INVESTOR PRESENTATION| MARCH 2019 5

INFORMATION PAIN POINTS IN PAYMENTS TODAY

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Payment
initiated
Can’t attach Attempt verification Phone call or email to Manual Case Different internal
documents or of document customer requesting investigation to management to standards for KYC
data authenticity more information verify documents resolve issues compliance
Originating
bank
Originating
customer
Payment
Highly manual Information Network Limited information
KYC due Each party completes received in No information about No audit attached is further
diligence KYC screening different formats sender or receiver trail reduced due to space
Payment
No visibility on Financial crime detection Information sent separate to settled
Counterparty Manual lookup Exceptions
assurance of information and false when funds will be difficult due to lack of the actual payment, usually
released information via email
review positives
Beneficiary
bank
Beneficiary
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INVESTOR PRESENTATION| MARCH 2019 6

Banks spend US$43.8 billion[2] a year chasing missing information

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Every interaction between a corporate bank and its customer requires an increasing number of documents and data points to be shared internally and externally

Multiple parties are responsible for collecting, processing and supplying data at different times. Requests for information are often made via phone, email or fax

The same data is processed a number of times along the payments chain by different parties as there is no single source of truth

Each party to a transaction wants to run its own checks and balances for AML, KYC and sanctions, as accountability demands it doesn’t rely on checks run by other institutions

Information is truncated and translated multiple times within banks and as it is passed along the chain for processing

INVESTOR PRESENTATION| MARCH 2019 7

How to solve a US$43.8 billion[2] problem

Rip and Replace

Overlay

Remove and replace existing technology that has been in place for up to 40 years

Enhance existing technology by overlaying a proprietary platform and private blockchain to securely exchange intelligent information

• Complex undertaking due to length of integration with other internal and external systems

• Expensive and lengthy implementation

• Unproven and high risk

• Potential for significant reputational damage

• Takes time to rebuild client network and re-establish trust

OR

• Seamlessly integrate with existing and emerging technology infrastructure

• Utilise trusted systems already in place

• Secure API

• Fast time to market

• Future proof – Open Banking ready and compliant

• Ensures data integrity

INVESTOR PRESENTATION| MARCH 2019 8

Identitii enables the secure exchange of intelligent information

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Know Your Transaction

Securely collect and share information with permissioned counterparties to support transfer of funds and understand the origin, purpose and beneficiary of a payment

Overlay approach

Upgrade existing technology infrastructure using a simple overlay approach and connected by API

Private blockchain

Timestamping, verification and auditability as everything is recorded on a decentralised ledger, establishing a provable history of document contents

INVESTOR PRESENTATION| MARCH 2019 9

Information exchange

Within a bank

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INVESTOR PRESENTATION| MARCH 2019 10

Information exchange

Between banks

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INVESTOR PRESENTATION| MARCH 2019 11

Information exchange

Between corporate banks and customers

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INVESTOR PRESENTATION| MARCH 2019 12

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Private
blockchain
and
tokenisation
Collect data from any source and
record it on the private Overlay+
blockchain.
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Unique Identitii Tokens cryptographically represent data and documents on the blockchain, then travel with a payment message over existing technology infrastructure, enabling the secure exchange of information

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INVESTOR PRESENTATION| MARCH 2019 13

PAYMENTS WITH OVERLAY+

Payment initiated Originating customer

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Originating bank

Payment Network

Beneficiary bank

Payment settled Beneficiary

INVESTOR PRESENTATION| MARCH 2019 14

Addressing key pain points in payments

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Instant payments

Open Banking

Corporate treasury

Financial crime compliance

Enables the sharing of purpose of payment (Know Your Transaction) information with a payment message as it travels on existing networks such as SWIFT, reducing delays created by manual processing and investigations

Creates a permissioned data ecosystem that securely communicates within a bank or between trusted third parties via an API, simplifying Open Banking and generating new value from data

A blockchain based channel for payers and payees to share information about a transaction, results in faster settlement of accounts receivable, more cash flow visibility and increased liquidity

Provides real-time insight into the origin and purpose of a transaction. Verified information about a transaction is securely shared in real-time enabling banks to quickly identify additional information needed to rule out money laundering and fraud

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INVESTOR PRESENTATION| MARCH 2019 15

Benefits of an overlay approach

• Enhance existing technology to meet digital expectations

• No costly and time consuming systems replacements

• Technology agnostic – choose which payment channel and internal technology to use

• Highly scalable deployment options, utilising innovative proprietary API

• Reduce manual processing of information

Know Your Transaction

• Improve real-time settlement rates

• Additional security around documents and data

• Improve data integrity and auditability

• Increase visibility into the purpose, origin and beneficiary of cashflows

• Reduce payment reconciliations and exceptions - leading to reduced cost

• Deliver enhanced end-to-end client experience

• Allow customers to bring together the latest innovations, leveraging a private blockchain and tokenisation

INVESTOR PRESENTATION| MARCH 2019 16

Increasing momentum

Identitii is progressing across key metrics

Increase revenue from customers

Scale existing relationship with HSBC

• HSBC further engagement announced March 2019

• 1H19 revenue and other income increased 31% yearon-year

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Scale consumption (transactions)

• Grow partnerships

  • Two new partnerships currently being negotiated

• Expected contract value growth of 100% in FY19

• Three customers at contract negotiation stage

INVESTOR PRESENTATION| MARCH 2019 17

Addressable market[6]

Large bank Medium bank Long tail	Large bank Medium bank Long tail	Large bank Medium bank Long tail
	Large bank Medium bank Long tail
	Number globally 310 482 4,000+
	Examples Citigroup, Wells Fargo, Westpac, HSBC Standard Bank, BBVA, State Street, Bank of India Bendigo Bank, Unicaja, First Community Credit Union
	Potential Overlay+ licences7 5-10 4-6 1
Potential annual licence fees per bank US$5 million US$3 million US$0.5 million	Potential annual licence fees per bank US$5 million US$3 million US$0.5 million

INVESTOR PRESENTATION| MARCH 2019 18

The network effect

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A single bank customer can introduce us to

• Their counterparties

• A single large bank can have up to 397 counterparties

• A medium bank can have up to 103

• A small (or long tail) bank can have up to 50

• Their correspondent banking network

• Their customers

This creates a network effect for licence growth and increases the opportunity for Identitii to grow data points

INVESTOR PRESENTATION| MARCH 2019 19

Commercial model

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Professional services Unlimited volume Site licences Software license Maintenance based fees and support One-off charge New geography, business Charged monthly or Priced per data point unit or Overlay+ module annually Percentage of created on the blockchain deployed license fee

INVESTOR PRESENTATION| MARCH 2019 20

How we drive consumption

Indicative activity	KYT data points	200+ KYT DATA POINTS
Direct
Payment initiation	35+
Core transaction information	74+
Accounts receivable	40+
Payment rules	15+
Partner integrations
RPA workflow results (Blue Prism)	2+
Sanctions checks (Dow Jones Risk and Compliance)	3+

INVESTOR PRESENTATION| MARCH 2019 21

Partners extend our reach

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We are creating a global network of best in class partners who exponentially increase data points on Overlay+

Our customers can access solutions from each of these organisations within Overlay+ and the results are recorded on the Identitii blockchain

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INVESTOR PRESENTATION| MARCH 2019 22

Partner integrations enhance functionality

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INVESTOR PRESENTATION| MARCH 2019 23

Competitive landscape Market infrastructure

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J.P. Morgan’s Interbank Information Network uses blockchain to minimise friction in processing global payments

Existing and emerging networks are improving or replacing the payment rails

Description

Description

SWIFT and Ripple are competing for payments business, but SWIFT has a significant majority

DLT-based information network providing rich and fast exchange of information between banks

Use cases

Use cases

• Transaction processing

• Cross border interbank payment

• Payment track and trace

• Real time sanctions screening

• Financial message networks

• Encrypted bank communications

How Identitii is different

How Identitii is different

Identitii adds secure exchange of information and documents about purpose and origin of payment to any payment rail. Identitii enables end-to-end information sharing, not just track and trace

IIN is only available to banks, not to corporate customers. Developed by J.P. Morgan, IIN is a clear conflict of interest to competitor banks. Identitii provides an independent alternative that can also extend access to corporates

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The Ivy Network facilitates fiat and digital currency business transactions using blockchain

Description

A blockchain-based channel for payments and associated information using the ivyKoin network

Use cases

• Fiat and crypto currency payments

• Information exchange

• IVY tokens to carry data points

How Identitii is different

Identitii is enhancing the existing payment networks Ivy is trying to replace. Over time, payments will be required to be settled across the Ivy Network, which uses both public and a private blockchains

INVESTOR PRESENTATION| MARCH 2019 24

Competitive landscape Authentication and timestamping

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Real-time validation and an audit trail for the digital society

A single permanent document catalogue for legal audits

Description

Description

Industrial blockchain that ensures data integrity and proves time of existence

A layer above Bitcoin blockchain, allowing data to be committed to the blockchain in real-time

Use cases

Use cases

• Enterprise security

• Document digitisation and authentication

• Automated verification of compliance

• Regulatory auditing and litigation

• Cloud traceability & accountability

• ID document chain

How Identitii is different

How Identitii is different

Guardtime provides a technology stack that adapts to internal systems. Identitii provides a plug & play solution with low-touch integration

Factom lacks industry focus, providing a generic solution. Identitii focuses on the financial services market

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Verification of official documents plus blockchain anchoring of data

Description

Two products:

• Proof: An independent data validator

• Chainpoint: Blockchain to anchor data

Use cases

• Audit trail for businesses

• Regulatory compliance

• Document timestamping

How Identitii is different

Identitii’s permission scheme allows for exchange of information with low-touch interaction between databases

INVESTOR PRESENTATION| MARCH 2019 25

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Providing information exchange for corporate banks and their customers

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Patent protection pending and continual innovation and development of core technology – Overlay+ V3 to be released Q2 2019

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Summary

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Works with a bank’s existing Expanding relationship with and emerging technology to HSBC, a revenue generating avoid costly rip and replace customer projects

Large addressable market and growing pipeline

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Successfully raised AUS$11 million in October 2018

Rapidly expanding partner network providing enhanced functionality

Proven in a tier one bank environment

INVESTOR PRESENTATION| MARCH 2019 26

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Appendix

INVESTOR PRESENTATION| MARCH 2019 27

Company timeline

NOV 2014 1H 2016 1H 2017 MAR 2018 DEC 2018 FEB 2019 Upcoming Angel investment Rebrand Transaction document pilot HSBC production Tier two bank Mobile capabilities Overlay+ V3 release Sparro established to Identitii HSBC engagement commences deployment POV successfully BIAN membership Partner Marketplace SWIFT POV concludes continues completed announced launch

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2H 2015 2H 2016 2H 2017 OCT 2018 Seed investment POC Two Serra debuts at Finovate NY ASX IPO Tokenisation SWIFT Innotribe Challenge Microsoft partnership Key hires complete First POC SWIFT POV with seven banks announced at Sibos senior leadership Accenture FinTech Lab Launch of Overlay+

JAN 2019 MAR 2019 Mastercard Start HSBC agrees Path completed phase two roll out

INVESTOR PRESENTATION| MARCH 2019 28

Board of Directors

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Martin Rogers
Non-Executive Director
Michael Aston Nicholas Armstrong
Independent Executive Director
Non-Executive Chairman CEO
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Peter Lloyd Independent Non-Executive Director

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INVESTOR PRESENTATION| MARCH 2019 29

Key management

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Margarita Claringbold Chief Financial Officer

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Mark Garvie
Chief Commercial Officer
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Elissa Hansen
Company Secretary
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Clare Rhodes
Chief Marketing Officer
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Ben Buckingham
Chief Product Officer
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Elliott Shepherd
Chief Technology Officer
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James Andrew-Smith Chief Information Officer

INVESTOR PRESENTATION| MARCH 2019 30

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Capital structure and shareholders

Capital structure8	Capital structure8
	Capital structure8
	ASX code	ID8
	Share price	$0.44
	Ordinary shares on issue	54.5m
	Market capitalisation (undiluted)	AUS$23.98m
	Unlisted options9	12.3m
	Pro forma cash at 31 December 2018	A$7.3m
Debt	Debt	-

Share register composition	Share register composition
	Share register composition
	Board of Directors	25%
Top 20	Top 20	83%

INVESTOR PRESENTATION| MARCH 2019 31

Blockchain explained

A blockchain is a growing list of records, called blocks, which are linked using cryptography. Each block contains a cryptographic hash (a mathematical representation of a piece of data) of the previous block, a timestamp and data specific to the latest activity being recorded.

There is no central owner of or authority over the records. The blockchain is recorded across many computers so that a record cannot be altered retroactively without the alteration of all subsequent blocks and the consensus of the network.

It is this that makes blockchains tamper evident and tamper resistant and ensures that under normal operation of the blockchain network, no transaction can be changed once published.

Public blockchains are networks where anyone can read and write to the blockchain without authorisation. Minors run the network and in exchange are paid in cryptocurrencies.

Private blockchain networks limit participation to specific people or organisations and allow permissioned access and controls. They act like an internal network or intranet, where proof of authority is required to access the blockchain. It has no relationship to cryptocurrency, and is used purely as an unalterable way to record transactions and activities. It is the preferred type of blockchain for banks who need to know who is on the network.

INVESTOR PRESENTATION| MARCH 2019 32

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and Identitii Tokens

Identitii uses a private blockchain to ensure permissioned access to the Identitii system, create an unalterable and auditable record of a transaction and its associated documents and to create Identitii Tokens.

When a receiver is sent an Identitii Token, it gives them secure, permissioned access to the Identitii network, where they can access and view the underlying information and documents related to that transaction.

Identitii Tokens are cryptographic unique identifiers that represent a specific set of data related to a transaction. They are created in Overlay+ and then sent alongside a financial message, overcoming the data limits currently set by payment networks.

It is this process of tokenisation that enables the accurate retention and sharing of all of the information about a transaction, without compromising its security or sending actual documents and information via email or other less secure channels.

INVESTOR PRESENTATION| MARCH 2019 33

OVERLAY+ COMBINES BEST IN BREED TECHNOLOGY

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The Overlay+ technology stack brings together the latest technology to enhance legacy banking infrastructure:

• Global search powered by Elastic Search

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• API (interface) & SDK (tools) for connectivity with systems including SAP and Oracle

• Analytics powered by Kibana

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• Ability to leverage multiple blockchain technologies

• Highly scalable deployment options via Kubernetes, Envoy and Docker

INVESTOR PRESENTATION| MARCH 2019 34

FOOTNOTES

1. McKinsey & Company, Global Payments Outlook 2018

2. Company estimates and internal Identitii data gathered during POC with SWIFT and seven banks in 2016

3. SWIFT website

4. UN Data on money laundering

5. Boston Consulting Group, Global Risk 2017: Staying the Course in Banking

6. Indicative forecast based on Company estimates. ‘Potential annual licence fees per bank’ assumes fees are earned from multiple licences of Overlay+. Typically a bank will purchase a single licence first and additional licences will be added over time. Licence periods are typically three years.

7. A single Overlay+ licence for one use case is worth between US$250,000 and US$500,000

8. As at 24 March 2019

9. Board and employees

INVESTOR PRESENTATION| MARCH 2019 35

Identitii Limited | ASX:ID8

THANK YOU

+61 2 9056 4160 investors@identitii.com www.identitii.com