ParityBit, a Singapore-based privacy, and data security solutions company, announced that it has expanded operations in the Philippines.
Investment details of its Philippine expansion were not disclosed. Company representatives, led by Dr. Zhen Luo, founder and CEO, said the company will focus on the country’s health and finance sectors, as well as the government.
Founded in 2021, ParityBit has subsidiaries in China, US, and Hong Kong with over 360 employees worldwide.
According to Luo, the company focuses on big data using AI and privacy-enhancing technologies to build an open data ecosystem and data-sharing collaborative environment based on data security and personal privacy protection.
Luo, who has a doctorate degree from the prestigious Princeton University, said the data protection and privacy needs of companies as well as individuals continue to increase.
The executive cited a Gartner report which said that by 2024, 75% of the global population will have its personal data covered under Privacy Regulations.
By 2025, 60% of large organizations will use at least one privacy-enhancing computation technique in analytics, business intelligence and/or cloud computing.
Luo said the Philippines is an important market for growth and this is “the right time to enter the Philippine market as opportunities in the fields of cybersecurity, data privacy, and data protection abound globally and in Southeast Asia in particular.
“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 2 years, a strong demand in the area of cybersecurity technologies because of the compliance and the enforcement of personal data protection,” he added.
Since most countries are now operating in a data-driven environment, Luo said it is important for countries like the Philippines to get more value from data and at the same time protect it for the benefit of the customers and business enterprises.
He added that ParityBit can provide the necessary needs of government and enterprise to promote data and at the time maximize the potential of data.
The executive said ParityBit can unify enterprise organizations that are operating in silos since it can handle several technology concerns ranging from cybersecurity and protection issues.
Luo added that enterprises and government must work together to tackle the challenges in privacy and data security issues.
“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,” he said.
