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Fintech startup GDP secures US$1M in seed funding, providing cross-border services for SMEs

Singapore-headquartered fintech startup GDP Inc. received over US$1 million in its seed fundraising round from angel investors.

The company was co-founded by Amos Huang, COO; Weili Liu, Head of Legal, and Victor Wu, CEO.

Huang previously founded Viscovery in 2013, an Artificial Intelligence company based in Taiwan, and Liu is a renowned attorney at LCC Partners Law office. CEO Wu has a digital marketing background and founded VPon Big Data Group in 2008, Asia’s Big Data ad technology company with offices all over the region.

“Traditional methods provide inefficient cross-border services with expensive fees, long transaction times, unfavorable exchange rates, and even transparency issues. Using the power of Blockchain, Artificial Intelligence, Big Data analysis, and social innovation, GDP developed two flagship solutions: PEZZAPay and PEZZALoan,” explained Wu.

PEZZAPay is a P2P cross-border payment platform that matches users in the Philippines with helpers in Japan and China tasked to execute the desired payment on behalf of the user.

Also Read: [Exclusive] MyCash raises funding from 500 Startups; to take its financial services platform for unbanked migrant workers into new markets

PEZZALoan is a P2P financing platform that aims to provide fast, easy, and secure business loans for SMEs by offering attractive returns for smart investors willing to lend directly to these businesses. It is currently in the early testing phase with established SMEs beta users in Taiwan.

So far, GDP has already established offices in five locations (Singapore, The Philippines, Taiwan, Japan, Estonia) and soon to be in Hong Kong and China.

The startup has also invested in its operations compliance efforts by applying to +7 licenses in the region including Crypto, Money Service Operations, and E-Money licenses.

The startup said that it plans to grow its user pool and its transaction cash flow in the upcoming months, as it prepares for a Series A fundraising in early 2020.

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Singaporean biotech startup Curiox receives US$15M investment, planning Korean IPO

Curiox Biosystems, a bio-instrumentation startup based in Singapore, announced that it has received US$15 million in its Series B funding round from Korean biotech investors, DealStreetAsia reported.

The investors in the Series B funding round include KB Investment, Dayli Partners, Quad Investment Management, IMM Investment, SV Investment Partners, and HB Investment.

Previously, Curiox has raised funding from Singaporean venture investment firm Zig Ventures.

The company notes that the fresh funding will be used for global commercialisation activities and to scale up. “Our new funding will help us expand our global reach to the flow cytometry community and other cell-based assay developers,” said CEO Namyong Kim.

Curiox also revealed plans to pursue an initial public offering on the Korean stock exchange, KOSDAQ, in the next 36 months, given its now-backer is from the country.

Also Read: Singapore biotech startup Engine Biosciences raises US$10M for drug discovery technology

In a statement, Zig Ventures said that the Korean biotech investors who are attracted to Curiox’s bio-instrumentation solutions developed for cell analysis and therapy in the pharma and biotech industries.

Curiox is a spinoff bio-instrumentation company of the Agency for Science, Technology, and Research (A*STAR) in Singapore. Curiox is led by Chief Executive Officer Dr. Namyong Kim and provides products like the Laminar Wash HT1000 System and two new systems, the Laminar Wash AUTO1000 and Laminar Wash MINI.

The AUTO 1000 system allows scientists to have a fully-automated flow cytometry staining platform that can produce quantitative and reproducible results for flow cytometry. Cytometry is the measurement of the characteristics of cells.

Meanwhile, the Laminar Wash MINI, made up of a smaller, benchtop unit designed for smaller throughput labs.

Zig is SEEDS Capital’s co-investment partner under Startup SG Equity and has been an investor of Curiox since 2011.

Photo by Josh Riemer on Unsplash

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Why culture will play a huge role in compliance with data privacy rules

Privacy has become a big thing recently thanks to the European Union’s General Data Privacy Regulation (GDPR).

It’s arguably among the biggest development in tech this year and has put privacy in the spotlight. Organisations with an online presence were compelled to review how they handle privacy even if they don’t really serve European audiences.

But even without the GDPR, it’s high time that privacy becomes part of daily concerns. In the Philippines, its National Privacy Commission is noticeably quite active in recent months launching events and online campaigns that inform of the basic principles of the regulations.

This drive to promote privacy has been long overdue. The Philippines’ Data Privacy Act was passed way back in 2012 but it was only in 2016 that the implementing rules were finally established. The regulations include provision for organisations to take steps such as appointing data protection officers, performing privacy impact assessments, and creating privacy management programs.

The idea is to have organisations comply with these measures but it’s tough to enact sweeping changes especially if it goes against the grain of the prevailing norms and culture.

Also read: How can privacy-focussed apps step up amid a world of data breaches?

It’s been somewhat of a joke that gossip is a national past time in the Philippines.

Some say that the reason why there aren’t many reported serial killers in the country is because neighbours would immediately notice if something shady is actually going on. Jokes aside, it’s easy to experience the effects of the little regard most entities give to people’s privacy.

Proper and secure document management and archiving are capabilities most organisations fail to develop. It’s still common to see enterprises hedge on adopting digitization as they continue to rely on antiquated and insecure paper-based filing systems.

Sales and profits also seem to be more of a priority for larger enterprises. Up until today, it’s common for mobile phone subscribers to get bombarded by calls and texts from various telemarketing agencies which leads you to question how they get access to your contact information.

Smaller businesses and entrepreneurs also have this lax approach to protecting their customers’ information. It’s common to see online sellers showcase their sales by posting pictures of packages or order lists bearing the names, addresses and contact details of their buyers for the public to see.

Individuals and end-users aren’t helping either. Oversharing of information is still common online.

Despite notices by the social networks and online services for users to check their privacy settings, not everyone has chosen to secure their accounts and hide information that can be used by malicious actors for fraud. People still don’t even perform basic measures like shredding bills and bank statements before disposing of them.

Also read: Cashless payments come with security and privacy challenges from the viewpoint of consumers and businesses

The status quo only continues to promote negligence and devalue the importance of data privacy. Many Filipinos still overlook the gravity of the breach of the Commission on Elections website which compromised the personal and biometric data of all registered voters.

While most are preoccupied with violent crimes, the security breach of such magnitude should have been considered among the more appalling crimes to be committed.

While it’s nice that the government is ramping up its efforts to promote privacy. It would take a collective effort to change the prevailing mindset and establish a new culture that truly values people’s information.

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Ex-Facebook execs think social media is destroying society, but is it really?

The moment Sean Parker suggested Mark Zuckerberg drop “The” in “The Facebook” was the moment that changed the world as we know it. For the better or for the worse is still up for debate though.

With over two billion users, the social media platform has permeated today’s society in heights unforeseen.

Today, the way we make friends, communicate, promote ourselves and our brands, entertain and be entertained, are all influenced by Facebook and other social media platforms.

It is undeniable impact on people also begs to question if its influence on society is good or bad. Many experts have studied its negative effects, but social media founders and practitioners always find a way to defend their cause. Until now.

Earlier this month, former Facebook Vice President for User Growth, Chamath Palihapitiya, spoke against the platform, noting its harmful effects on the society around the world.

The executive spoke to a crowd at the Stanford Graduate School of Business wherein he shared his “tremendous guilt” for what he helped establish with the Palo Alto company. The exec is the second former employee of the platform who has spoken about the negative effects Facebook and social media has on society.

Palihapitiya admits creating “tools that are ripping apart” society

“We have created tools that are ripping apart the social fabric of how society works. That is truly where we are,” the 41-year-old venture capitalist told the audience during a talk on November 10, 2017.

Palihapitiya joined Facebook in 2007. At that time, the company was still in its early-yet-booming stages, having been launched in 2004. What started as a platform exclusive to Harvard students, created by Mark Zuckerberg in his dormitory room, soon exploded into a country-wide phenomenon. Before everyone knew it, people from all over the world were getting hooked.

When he joined the company, the former VP admitted that there wasn’t really much thought put into the long-term negative effects of the platform. As they built the network, they made themselves believe that no negative consequences will come out of what now seems as the exploitation of consumer psychology.

“I think in the back, deep, deep recesses of our minds, we kind of knew something bad could happen,” he revealed.

Also read: Watch out, these startup social media marketing strategies are bullshit

While social media, as a whole, has helped bridge people from thousands of miles away, Palihapitiya admits that it has taught the community to be impatient. Driven by likes and hearts, people now turn to social media for instant gratification, “eroding the core foundations of how people behave.”

“The short-term, dopamine-driven feedback loops that we have created are destroying how society works. No civil discourse, no cooperation, misinformation, mistruth.”

The Golden State Warriors owner did praise Facebook for the overwhelming good it does for the world, but the damaging effects have pushed him to stop using the tool. And he encourages people to take a “hard break” from Facebook and other social media platforms as well.

Sean Parker, a “conscientious objector” of social media

Even before Palihapitiya made his claims, Sean Parker already made his thoughts about social networking known. The infamous former Facebook president attended an Axios event in Philadelphia earlier in November where he acknowledged the “unintended consequences” of the platform he helped grow.

“It literally changes your relationship with society, with each other … It probably interferes with productivity in weird ways.”

Parker noted that Facebook is “a social-validation feedback loop,” and exploits a vulnerability in people’s psychology. He likens social media to having a dopamine hit whenever someone gets a like or comment. Much like other substances, once the high subsides, users want to take another hit to feel elated and elevated again.

“God only knows what it’s doing to our children’s brains,” Parker, who is now founder and chair of the Parker Institute for Cancer Immunotherapy, said.

Facebook admits mental health adverse effects

Defending itself from all the negative claims about its platform, Facebook responded to its former VP clarifying that things have been different since Palihapitiya left the company. A spokesperson for the company told The Verge that when the former exec was with FB, they were solely focused on “building new social media experiences” and establishing the brand across the world. However, over the years, as the platform grew, “we have realized how our responsibilities have grown too.”

“We take our role very seriously and we are working hard to improve. We’ve done a lot of work and research with outside experts and academics to understand the effects of our service on well-being, and we’re using it to inform our product development,” the spokesperson explained.

Also read: We are in the ‘Black Mirror’, living in a world where social media is taking us on a nosedive

A recent journal published by the social media giant, however, confirmed that depending on the use of their platform, Facebook could indeed affect mental health negatively. “Passively consuming” information — like reading posts on the newsfeed — without interacting with other Facebook users could lead to depression and lower self-esteem.

A UC San Diego and Yale study revealed that people who simply browsed through their feeds — liking posts and clicking on links — are more inclined to have negative social comparison than those who post on their walls often.

The American Academy of Pediatrics (AAP) has also released a similar study wherein it confirmed that social media use may lead to “Facebook Depression” among adolescents. The term coined by the researchers pertains to the depression that preteens and teens develop when they spend time on the platform.

“Acceptance by and contact with peers is an important element of adolescent life. The intensity of the online world is thought to be a factor that may trigger depression in some adolescents,” the journal noted. It added that “Facebook Depression” may lead to substance abuse and self-destructive behaviour.

To address such issues, Facebook has been taking steps to make its ecosystem a safe one. It has been employing the help of social psychologists, sociologists, and social scientists to establish an environment where the network contributes in a positive way. So far, it has added the “On This Day” feature which shows memories with friends and encourages user interaction. It has also positioned itself as a venue for goodwill and humanitarian work through fundraisers for disaster relief.

CEO and founder Mark Zuckerberg says the company wants “the time people spend on Facebook to encourage meaningful social interactions.” Moreover, the company promised users that they are willing to reduce their profitability to “make sure the right investments are made.”

Editor’s note: e27 publishes relevant guest contributions from the community. Share your honest opinions and expert knowledge by submitting your content here.

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Image Credit:  Alex Haney

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Online catering startup Yummy Corp secures US$ 7.75M in Series A funding led by SMDV, Intudo Ventures, targeting more kitchen distribution

Yummy Corp, Indonesian online catering and cloud kitchen startup has received a total of US$7.75 million in Series A funding led by SMDV (Sinarmas Digital Ventures) and Intudo Ventures.

Participating in the round are East Ventures, Agaeti Ventures, Sovereign’s Capital, and Selera Kapital by Sour Sally Group.

With this investment, Yummy Corp said it is targeting 200 locations for the year 2020 across Jakarta and other major cities in Indonesia.

Mario Suntanu, CEO of Yummy Corp said, “We aim to use this investment to increase the quality of food and customer experience. Our main focus is the customers, and by adding distribution points we want to ensure that the customers can experience faster delivery experiences and fresher food to be enjoyed anywhere the customer orders.”

Yummy Corp was established in 2017, offering two main services: catering solutions and cloud kitchen.

Also Read: Yummy Corp acquires Berrykitchen, aims to become the largest online catering service

Its catering solution offers foodservice to companies on-premise (by operating the company’s kitchen and cafeteria) as well as off-premise (as ready-to-eat meal delivery). Yummy enables employees to select and order their meals through the Yummybox app using their corporate balance or top up their balance.

Meanwhile, Yummy Corp’s cloud kitchen business, named Yummykitchen, works with local culinary brands and delivery platforms to extend their services to its network of delivery-focussed kitchens, serving as a growth platform for the partner brands.

In May 2019, Yummybox acquired Berrykitchen, the first online catering company in Indonesia. Yummy Corp said that the decision to acquire Berrykitchen was because the company happened to have the same target market as Yummybox: Office employees with greater awareness of the health and taste aspects of the food they ate.

Today, Yummy Corp operates 25 cloud kitchen locations in the Greater Jakarta Area that serves upwards of 10,000 meals every day and has more than 3,000 menus.

Photo by Baiq Daling on Unsplash

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