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Technology

31 May 2022

Big Firms to Invest Smart Ring that acts as Wallet and Key called “Evering”

The Index Today

Sources said that big Japanese firms like ITOCHU, Mitsubishi UFJ Financial Group and other companies are reportedly investing in Evering - a chip-embedded smart ring that can act as a wallet and a key.

Evering is currently backed by MTG, a listed Japanese health and beauty company. MTG struck a contract with Visa last year and began selling rings in Japan, which cost about 20,000 yen (S$213.69) apiece, including tax.

Evering and MTG envisions its retailers around the world that seek ways to make shopping easier for consumers without touching anything. The ring is made out of zirconia, the finger-worn gadget lets people do things such as lock and unlock doors, as well as pay for drinks in stores.

MTG disclosed information that they are raising about 1 billion yen from investors in a securities filing on Tuesday (May 31). More than a dozen investors are participating in the financing for Evering, which may eventually seek a public listing, said the people, who asked not to be identified because the negotiations aren't public. Potential backers include Daiwa House Industry and Toppan.
A representative for MTG declined to comment about their investors.

Itochu confirmed that it is participating in the funding, as did Daiwa House, which plans to integrate Evering's technology into homebuilding. While the Spokespeople for Mitsubishi UFJ and Toppan declined to comment.

©Photo: Rehda

Clay pottery with table linens