New Data Privacy and Clean Room Solution Creates Growth Opportunities through Monetizing Highly Regulated Data, Available Now through AFIN’s API Exchange Marketplace; Names Alvin Tan Director of Business Development, APAC
TripleBlind, creator of a rapid, efficient and cost effective data privacy and clean room solution based on breakthroughs in advanced mathematics, announced today its solution is now available for enterprises operating throughout much of South Asia and Australia. TripleBlind enables enterprises to enforce the most current data privacy standards, such as Singapore’s Personal Data Protection Act (PDPA) and is initially available through the ASEAN Financial Innovation Network (AFIN) API Exchange (APIX) Marketplace.
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“ASEAN economies are projected to double GDP between now and 2030, reaching $4 trillion, with 140 million new consumers and representing 16% of the world’s consumers,” said Riddhiman Das, co-founder and CEO of TripleBlind. “We see an outstanding opportunity to work with enterprises to leverage and monetize the regulated data they possess to take advantage of the opportunities this growth creates.”
TripleBlind Commits to APAC
Asia Pacific-based enterprises have recognized the possibilities of growing their businesses by leveraging all available data while working to comply with the increasingly complex and rigorous data protection and cybersecurity compliance required by different countries. The unique nature of TripleBlind’s technology platform allows organizations to stay compliant with PDPA, General Data Protection Regulation (GDPR) and other regional data residency regulations.
Additionally, to drive TripleBlind’s expansion into the Asia-Pacific region, the company has brought in Alvin Tan as director of business development, APAC. Alvin has nearly a decade of experience developing, executing and managing sales and business strategy in Asia, Australia and the U.S.
“Total worldwide data is expected to swell to 175ZB by 2025; the sheer volume of untapped data in the Asia-Pacific market has the power to create unprecedented growth opportunities for businesses around the world,” said Tan. “TripleBlind’s next-generation cryptographic, efficient and scalable data privacy and virtual clean room solution allows Asia-Pacific financial institutions to stay compliant with different regulatory standards by preserving privacy and security of raw data.”
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Collaboration with AFIN’s APIX Marketplace
TripleBlind will initially be available through the APIX Marketplace, a global cloud-based platform that enables financial institutions and fintech companies to discover one another on a curated global marketplace, design experiments collaboratively and deploy innovative solutions quickly at a lower cost. It also includes the APIX Global Fintech Marketplace where a member can ideate on business problems and search for pre-built solutions.
How TripleBlind Works
IBM estimates that enterprises are unwilling to share 93% of their data with other companies for collaboration purposes due to government regulation and privacy concerns. TripleBlind turns this “dark data” into a valuable revenue source without introducing risk or liability, enabling novel AI/ML/analytics applications. TripleBlind allows enterprises to collaborate and gain new insights from regulated and private data, without decrypting it.
TripleBlind’s next-generation cryptographic, efficient and scalable data privacy and data clean room solution replaces the three most common workarounds to this problem today: complex legal contracts that stifle collaboration, data anonymization and identification solutions, and other technologies such as homomorphic encryption, differential privacy and secure enclaves.
Potential Market Benefits
TripleBlind’s rapid, efficient and cost effective data privacy and data clean room solution unlocks new opportunities in a wide range of applications, such as:
- Competitive financial institutions can collaborate for mutual benefits such as developing better anti-money laundering and privately using each other’s data to achieve an overall reduction in fraud and attain higher levels of compliance,
- Remote hospitals can now get sophisticated diagnostic algorithms safely as well as more easily enforce compliance with local and regional privacy standards,
- Operators of complex equipment, such as airlines, can predict the useful life of complex systems, such as engines and tap into data previously unavailable, such as that of supply chain parts suppliers, to improve predictive analysis.