Company origins IDCorp is a greenfield subsidiary of Iranian banking software vendor, Tosan. IDCorp is based in Malaysia and is an international representative of the Tosan group, which comprises 20 entities focused on different areas of technology in the financial services sector, such as core banking, remote banking, card management, risk management, AML, BI, ERP and payments. The group lists some of Iran’s largest banks as clients, including Parsian Bank for front-to-back office core banking (the bank attempted to implement Misys’ Bankmaster in 2002 but did not succeed), Bank Melli Iran for Islamic credit card management, Bank Mellat for card management and payment solutions, and the Central Bank
of Iran for a national exchange switch that connects the country’s 700 money exchange operators. Tosan has been around since the late 1990s and operated
under the name of Kishware prior to its rebranding in 2010. Tosan is an abbreviation of the firm’s corporate name in Farsi, Tosse’ Samaneye Negin, which means ‘Negin software development’. Tosan is also translated as ‘wild horse’ and is a symbol of agility in Persian culture and literature. IDCorp was set up to facilitate Tosan’s international
expansion. IDCorp operates as a stand-alone entity, with two offices in Malaysia: one for research and development and the other for sales and support. Both offices are currently staffed with employees of Tosan that relocated from Iran, but Omid Torabi, IDCorp’s CEO, told IBS that the company intended to
