Australian company signs security deal with Chinese govt

SYDNEY - Australian anti-counterfeiting technology company, YPB Group, announced on Monday that it has signed a deal with the Chinese government's Ministry of Public Security to provide its invisible tracer products and T1 scanners.

The company is also making a smartphone app to help Chinese consumers spot fakes by authenticating branded products as genuine.

The company said that counterfeit is systemic all across Asia. It estimates the greater-Asian anti-counterfeit authentication market is valued at $14 billion a year and growing 20 percent each year.

YPB Executive Chairman and Chief Executive John Houston said in a statement that the company's contract in China was the start of bigger and better things.

"The contract forms part of the first stage in this process, and we continue to be excited by the level of interest in our unique anti-counterfeit technology and its potential applications," he said.

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