A privacy-enhancing technologies company was launched in the Philippines last Wednesday October 19.
Singapore-based ParityBit, founded in 2021, focuses on big data using artificial intelligence and privacy-enhancing technologies to build an open data ecosystem and data-sharing collaborative environment based on data security and personal privacy protection.
The tech firm is also an enabler and operator of “The Internet of Data and Computing.” These IoDCs are being developed based on technologies that protect data privacy and security, allowing data to be utilized with proper authorization and protection and is committed to facilitating data-driven commercial opportunities to realize data value.
Philippines and data privacy, protection solutions
As it enters the Philippine market, Paritybit’s founder and CEO Dr. Zhen Luo said they are seeking to collaborate with financial and healthcare companies in the country. The firm is an industry leader with reputable clients in finance, healthcare, smart city and the public sector among others.
Among the clients using ParityBit’s solutions include Coca Cola, Siemens and Unilever, among others.
In the Philippines, Luo said partnerships with companies such as those in the financial sector may fast track the digitalization of the banking industry.
Prior to the launch, on the same day last Wednesday, the members of the company’s leadership team led by Luo, Dr. Lintao Zhang, chief scientist; Li Li, head of Business Development and Alex Joo, Business Development director spoke at the Bank Marketing Association of the Philippines about the tech solutions they are offering before key industry leaders and technology executives of top-tier Philippine corporations.
The tech company said it believes this is the right time to enter the Philippine market as opportunities in the fields of cybersecurity, data privacy and data protection abound worldwide and in Southeast Asia.
He cited that most of the countries are now operating in a data-driven environment and the Philippines would get more value from data and protect these data for customers and business enterprises.
The Philippines currently faces various privacy issues including concerns on text scams, hacking of email addresses and other data from variety of private and government systems.
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“In the region, the Philippines is one of the key areas where we want to grow our business,” Luo said.
“Singapore and the Philippines have a strong economic relationship which is one of the reasons why we’re introducing ParityBit here. The other reason is that we have discovered, in the last two years, [there is] a strong demand in the area of cybersecurity technologies,” he added.
Luo said to address data privacy and protection concern, the tech firm is developing the Privacy Enhancing Platform (XDP) to ensure data can be harnessed with the right degree of protection and authorization.
He added that ParityBit can provide the necessary needs of government and enterprise to promote data and at the same time maximize the potential of data.
Through their technologies and analytics, ParityBit can unify enterprise organizations that are operating in silos since it can handle several technology concerns ranging from cybersecurity and protection issues.
“Anyone who ask us to host data, running an application and or managing an e-business, can tap ParityBit because it is a one-stop solutions provider,” Luo said.
Meanwhile, the ParityBit exec said enterprises and government must work together to discuss the challenges in privacy and data security issues. He said some government agencies may not be aware of solutions that could impact data security and personal privacy protection.
“Regulators must always keep abreast with the latest trends and technologies. ParityBit can play a major role in this undertaking by sharing the benefits of its series of encrypted computing technologies with both the government and the private sector,” Luo said.
In view of this, he called on legislators to get a deeper understanding of these technologies so they can craft the necessary laws to enhance the cybersecurity situation of a country.
Currently, ParityBit has subsidiaries in China, US and HK with over 360 employees worldwide. It is still targeting to expand globally. —Rosette Adel
