Achiko at an event in Pekanbaru, Indonesia
Listed on the Swiss Stock Exchange (SIX), Achiko AG is known as a fintech company that provides user registration and payment services accessible for app developers. But as the COVID-19 pandemic continues to rage on, the company decides to take part in making a difference.
“We’re out to save the world. Like, really,” Achiko AG CEO & Director Steven Goh writes in a press statement.
In an interview with e27, Goh gives a further explanation about their move to the healthtech space, starting with the products and services that they are working on.
The first arm is Teman Sehat, an ecosystem platform that aims to assist governments and businesses in dealing with the COVID-19 impact through contact tracing services, combined with couponing and advertising. Goh likens the app to Swarm, which allows users to get rewards for checking in to places.
The second arm is a COVID-19 test kit code-named Gumnuts, the result of its collaboration with biotech company Regenacellx.sl. This solution is particularly suitable for developing economies, according to Achiko AG.
“Up until recently, testing has typically been delivered through two methodologies –the reverse transcription-polymerase chain reaction (RT-PCR) and the Antigen/Antibody– and two sampling methodologies –through nasal swab or blood sample … All rely on technologies that are 30 to 50 years old and suffer from either process limitations … or design issues,” the company says in a press statement.
But using the DNA Aptamers as developed by Regenacellx.sl, Gumnuts is able to provide patients with a testing process that is “less intrusive than brushing teeth” and costs under US$0.25 per test.
“We are fast-tracking clinical trials and looking forward to having a commercially available product later this year,” says Goh.
The projects are currently being tested in the Indonesian city of Pekanbaru. The city was chosen due to its “nice statistical representation” of the Indonesian population profile.
“I am being reminded about the story of MPesa and Safaricom in Kenya. We hope that Pekanbaru in Indonesia becomes the MPesa of COVID-19,” he explains.
Finding a way back into Old Normal
As the world rushes to develop and introduce COVID-19 vaccine to the public, Achiko AG decides to focus on developing and providing test kits as a solution to tackle the pandemic.
“We are excited about vaccines coming, but a vaccine is not a cure and not everyone will get one immediately. As Bill Gates said, it would be the end of 2021 where first world countries will be beyond the pandemic, and 2022 before many developing countries are,” Goh points out.
There is also the concern that vaccines will only be 40 to 60 per cent effective.
“If the theoretical herd immunity level is around 70 per cent and 30 per cent will not take a vaccine, and the effectiveness rate is, say, 50 per cent, then a vaccine may not get us there on its own,” Goh continues.
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“We believe that it is going to be a rough few years. It is going to take many solutions working at the same time. But together, we can get back to our Old Normal,” he stresses.
There is also another challenge: Finding that delicate balance between rigorous tracking and privacy protection, both for individuals and businesses. Places that have been labelled as a COVID-19 cluster may experience damage to their reputation as the public would be scared to visit them; a situation that can further worsen the economy.
Teman Sehat aims to do it differently by putting the focus on the individuals in performing contact tracing. It enables users to check-in to the places that they visit in exchange for coupons or even a small fee. Some places might require users to have a certificate that declares themselves as having been tested for COVID-19; this part ensures that only people who have been tested can enter the facility. The platform will also privately message users if they have been exposed to a COVID-19 case.
Apart from that, users that have been flagged for COVID-19 exposure or expired certificate will be required to undergo self-quarantine, being unable to check-in to places that require certification.
Empowering healthcare
With the upcoming launch of these healthtech products and services, what will happen to Achiko’s fintech services? Goh says that the company will continue to run its fintech projects. In fact, they are looking forward to launching new products such as savings and payday advance platforms.
“The company has used its fintech infrastructure to power the Teman Sehat platform, and we think that is the best driver of value to our shareholders at this time,” Goh explains.
Also Read: How to train a diverse and dispersed workforce during COVID-19 and beyond
Goh himself is already a familiar name in the Southeast Asian tech startup ecosystem. He was previously known as the co-founder of social entertainment platform Migme. In 2017, e27 published a report about Migme struggling to find new investors.
“Migme was an important part of my life. At its peak, I fell down a flight of steps and broke my back. It is my fault that I did not build a resilient organisation that would deliver results in my limitations. I tried to save it but could not,” Goh explains.
“It is still being settled and done professionally with PwC in Australia. I have moved on. Professionally, I am sure that book will close later this year,” he continues.
For Gumnuts, Achiko is looking forward to implementing the technology for a different kind of testing.
“DNA Aptamers, because of their design, might be stable in different environments and have a universe of new forms of testing. We are really excited about this,” Goh closes.
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Image Credit: Achiko AG
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