As someone who has lived through the Covid-19 period, one thing I would never leave home without is the TraceTogether token.

This has greatly benefitted the home-grown manufacturer of the TraceTogether Token – iWOW Technology. Its revenue jumped from S$4.4 million in FY2020 to FY2021 in FY2021 when Singapore adopted this technology islandwide.

But the question here is: what will happen to iWOW now that the TraceTogether Token has been phased out after the pandemic?

In this article, we will dive into how iWOW continues to ride on the Internet of Things (IoT) wave and expand its solutions to bag contracts worth S$100.4 million as of 31 October 2023.

One-Stop IoT Shop

To better understand iWOW, we take a closer look at their 2 main business segments and the types of solutions they provide.

As you can see from the picture above, revenue from the TraceTogether Token is delivered on a project basis. On the other hand, iWOW’s higher-margin IoT-as-a-Service segment provides high earnings visibility given its recurring subscription model.

Point to note: iWOW has developed this electronic monitoring system (EMS) which supplies ankle bracelets to young offenders and prisoners to monitor their whereabouts, and this contract provides sale visibility till 2027 (with the option to extend 2 years).

Tapping on the Expanding IoT market

Internet of Things (IoT) has emerged as a pivotal technology in the 21st century. The ability to connect everyday objects such as security cameras, kitchen appliances, doors, and thermostats to the internet through embedded devices has enabled seamless communication among people, processes, and things.

As per data from, the global Internet of Things (IoT) market is anticipated to expand from USD 300.3 billion in 2021 to USD 650.5 billion by 2026, demonstrating a Compound Annual Growth Rate (CAGR) of 16.7% from 2021 to 2026.

Within the local landscape, the Internet of Things (IoT) connections in Singapore have grown to approximately 63 million, surpassing the previous year’s figure of around 54 million connections. According to Statista, it is projected that the number of IoT connections will persist in its upward trajectory, reaching an estimated 143 million by the year 2028.

According to the Economic Development Board, Singapore has actively championed the widespread adoption of IoT by continuously upgrading its IT infrastructure, data collection & analytics.

One particular area where Singapore is looking to harness the power of IoT is in its road transport ecosystem. For example, Singapore is set to launch its next-generation electronic road pricing (ERP) system, utilizing IoT to monitor and oversee traffic conditions across the entire island.

In addition, iWOW has been enhancing its portfolio of IoT solutions, aiming to assist seniors in maintaining an active and secure lifestyle. Under the Age Well SG programme, iWOW has rolled out a wireless alert alarm system which will be progressively expanded to all seniors living in public rental housing, many of whom lack family support.

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As Singapore moves towards the development of a Smart Nation, it bodes well for iWOW Technology given its strong foothold in the city-state. The Group’s entry into IoT growth markets in Asia and the Middle East, such as Japan, Thailand, Malaysia, Indonesia and UAE, will provide yet another growth impetus. In fact, iWOW has registered a 181% CAGR in revenue between FY2020 to FY2022 by tapping on its solid track record and the tailwinds of fast-growing IoT adoption globally.

Stable Topline for 1H2024

iWOW’s revenue for 1H2024 inched up 1.2% to S$17.3 million as compared to S$17.1 million in the previous year.

Notably, this growth was achieved despite a 96.8% y-o-y decline in revenue from its Smart City Solutions segment, primarily due to the absence of TraceTogether Tokens sales and a delay in tenders for expected projects.

On a brighter note, the drop in revenue is mitigated by strong revenue contribution from the Smart City Infrastructure (“SCI”) segment with a top-line contribution of S$12.2 million in 1H2024 (versus “zero” in 1H2023).

Despite a stable 1H2024 topline, the Group witnessed an 88.2% Y-o-Y decline in net profit to S$0.3 million, largely due to a shift in product mix and higher costs from increased headcount. The latter will reinforce the Group’s R&D and business development capabilities to capture near-term growth opportunities and accelerate project completion.

Confident of 2H2024 with Record High Order Book

iWOW Technology’s order book experienced a nearly twofold increase, rising from S$54.4 million as of 30 September 2022 to S$100.4 million as of 31 October 2023. Consequently, the Group is cautiously optimistic about its revenue performance for the second half-year ending 31 March 2024 (“2H2024”).

In particular, the Group foresees a jump in revenue in 2H2024, led by its Smart City Infrastructure segment as it fulfills the majority of installation tasks for an estimated S$20.0 million contract announced on July 21, 2023 – inclusive of 10 years of recurring maintenance services.

The Group believes that the steadfast focus on expanding the Group’s higher-margin subscription-based business will allow iWOW to benefit from improving future earnings visibility.

Mr. Raymond Bo, Chief Executive Officer and Executive Director of iWOW Technology, remains sanguine about the company’s prospects:

“We have been strategically boosting our R&D investment to strengthen our position and enhance our ability to capitalise on potential opportunities. We are also constantly leveraging on our network and strategic partners in our pursuit of regional opportunities.”

High Insider Ownership

Based on the ownership table above, it indicates that management interests are well aligned with that of retail shareholders. For instance, Mr Kee Wee Soo, Chairman of iWOW Technology Limited, owns a sizable 46.59%.

If you move down the list of top shareholders, you can see that they are also part of the management team. Even Mr. Ashokan Ramakrishnan, the Head of Marketing, owns a good 2.8% interest worth S$1.6 million.

This strong alignment of interests can potentially retain key employees and encourage executives to make decisions that are in the best long-term interests of the company and its shareholders.


In conclusion, iWOW Technology has established a solid track record and become a trusted IoT solution provider for Singapore government agencies and B2B customers such as Singtel, 3M and Mapletree over the years.

As evident from its increase in its order book, especially in the Smart City Infrastructure segment, iWOW’s revenue is not solely supported by the success of the TraceTogether Tokens, but by a wide array of solutions.

Moving forward, iWOW is well-positioned to ride the IoT wave with further investments in its R&D capabilities to develop new wireless technologies i.e. LoRaWAN, 5G and NBIOT.

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