Business & Economy Startups Today’s top tech news, November 5: Vietnam’s new cybersecurity law may hurt...

Today’s top tech news, November 5: Vietnam’s new cybersecurity law may hurt its digital growth




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Also, South Korean Skelter Labs got backed by Golden Gate Ventures, and Wealth Dynamix launches in Asia

Singapore-based Golden Gate Ventures backed AI startup from South Korea Skelter Labs [Press Release]

South Korean AI startup Skelter Labs Inc. just announced that it has closed another undisclosed amount of funding by Golden Gate Ventures, closing the final amount to the one raised by KakaoBrain, Kakao Ventures, Stonebridge Ventures, and Lotte Homeshopping.

The funding will enable Skelter Labs to expand its business activities to Southeast Asia including Vietnam, Thailand, Malaysia as well as Japan.
Skelter Labs is deemed as one of the fastest growing AI startups in South Korea with a focus on four key dimensions of machine intelligence including vision/speech, context, and conversation. It mainly supports enterprises to apply artificial intelligence technologies along the value chain including manufacturing, customer operations, device interaction, and consumer hyper-targeting.

“The latest strategic investment from Golden Gate Ventures is intended to help us to expand regionally and enter new markets,” said Ted Cho, CEO of Skelter Labs.

Fintech Wealth Dynamix has launched in Asia [Press Release]

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Wealth Dynamix, a fintech specialized in client lifecycle management, has set up an office in Singapore office to mark its existence in Asia, adding into offices it just set up in New York, Toronto, and Zurich.

The company has also been joined by Dominic Gamble as Head of Asia Pacific. Gamble has over 18 years’ experience in Asian wealth management market and most recently founded, a digital client acquisition platform across the UK and Asia.

Also Read: Vietnam has the highest e-commerce adoption rate in Southeast Asia: EIU Repo

Recently, The Financial Times put Wealth Dynamix as the 5th fastest growing Fintech firm across Europe. Wealth Dynamix is also Microsoft’s global partner for the Wealth Management industry.

Singapore’s Temasek purchased share interest in Irish drug delivery startup Aerogen [Deal Street Asia]

Singapore-grown VC Temasek has purchased a secondary share interest, owning a minority stake in Irish drug delivery startup Aerogen.

Aerogen specialises in the design, manufacture, and commercialisation of aerosol drug delivery systems. With a patented technology that turns liquid medication into a fine particle mist, Aerogen allows a gentle and effective delivery of drugs into the lungs of patients.

Currently, Aerogen’s technology is already in use in over 75 countries. Temasek’s Managing Director of Investment, Abhijeet Lele will join Aerogen’s board of directors as part of the transaction.

Digital wealth startup WeInvest expands to UAE [Business Times]

Singapore-based digital wealth services and robo-advisory firm WeInvest confirmed expansion into the United Arab Emirates (UAE) to serve the Middle East market.

WeInvest centers its business in digital wealth in which most banks and financial institutions have recently identified the need to provide a digital wealth experience to their customers.

Considering that wealth penetration within banks in the Middle East has been low for private and retail banking customers due to limited access to global investment products or strategies through the local banks, and the lack of investment advice which retail customers desire, it’s a high time to enter the market.

WeInvest’s UAE’s office will be located in the Dubai International Financial Centre (DIFC) since WeInvest is the only Singapore-based startup chosen to be part of the Dubai International Financial Centre accelerator programme in 2017.

WeInvest’s entry into UAE follows after its expansion into Hong Kong, Indonesia, Malaysia, and Thailand.

Vietnam has officially released a much-objected cybersecurity draft decree [e27]

On Friday, November 2, Vietnam’s government released the cybersecurity draft decree filled with guidelines. It required firms that provide a range of services, including email or social media, to set up offices and to store data locally in Vietnam if they collect or analyze data, let their users conduct anti-state actions or cyber attack, and if they fail to remove content deemed anti-state, fake, slandering or inciting violence.

Concerns are raised regarding the type of data required by the government, citing that the new law put customer data in a compromised state and could expose local employees to arrest.

The security ministry has released a statement that said the data would not be disclosed and firms would only be asked to provide user information for investigations or law enforcement under strict procedures.

Also Read: How the on-demand economy is finding its niche in Malaysia

Many technology companies have expressed objections considering Vietnam’s recent economic boom and openness to social change, making the policy a step back from the long-awaited improvements.

Image Credit: Flickr

The post Today’s top tech news, November 5: Vietnam’s new cybersecurity law may hurt its digital growth appeared first on e27.

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