Singapore-based ParityBit, a privacy-enhancing technologies (P.E.T.) company, was launched today in the Philippines.
Some members of the company’s leadership team led by Dr. Zhen LUO, Founder and CEO; Dr. Lintao ZHANG, Chief Scientist; Mr. Li Li, Head of Business Development and Mr. Alex Joo, Business Development Director, flew in from Singapore to meet with the press and potential clients.
Founded in 2021, ParityBit has subsidiaries in China, US and HK with over 360 employees worldwide. It 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. It is developing IoDC 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.
BaseBit, the China branch of ParityBit, is cited as a FedML Vendor in the Gartner Predicts 2022: Artificial Intelligence Core Technologies Report. Gartner further identifies 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.
The Philippines is an important market for growth
ParityBit believes 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. The company is seeking to expand worldwide.
“In the region, the Philippines is one of the key areas where we want to grow our business,” Dr. Zhen 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, a strong demand in the area of cybersecurity technologies because of the compliance and the enforcement of the Personal Data Protection Commission.”
Dr. Zhen has extensive experience in the industry. Armed with a PhD from Princeton University, he performed a research in computer architecture and heterogenous parallel computing for which he was awarded the renowned Gordon Wu Fellowship. Earlier in his career, he proposed a new set of theories in data channel optimization and led R & D teams in the US, India and China to major breakthroughs in relevant technical fields.
Since most of the countries are now operating in a data-driven environment, Dr. Zhen 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. Moreover, ParityBit 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 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.”
Dr. Zhen said enterprise 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.”
The regulator must be aware that there are solutions out there that work such as the ones being offered by ParityBit. Some of the regulators are not aware that these solutions are capable and of the impact it may have on data security and personal privacy protection.
Meanwhile, Dr. Zhen urged legislators to get a deeper understanding of these technologies so they can craft the necessary laws to enhance the cybersecurity situation of a country.
Industry Leader
ParityBit is an industry leader with reputable clients in finance, healthcare, smart city and the public sector among others. Coca Cola, Siemens and Unilever are among some of their customers that are using their solutions.
Presently, it is looking into partnerships with different companies in the Philippines such as those in the financial sector, in efforts to fast track the digitalization of the banking industry. They spoke at the Bank Marketing Association of the Philippines on October 19 and will present ParityBit before key industry leaders and technology executives of top-tier Philippine corporations.