Aid:Tech, an Irish blockchain start-up is looking to expand to Singapore to easier focus on the south-east Asian market. Through a Series A round, Aid:Tech was successful in raising $3.5 million (about €2.95 million). The funding will go towards the development of digital ID wallets.
The main product that Aid:Tech will offer is a digital wallet, titled Global Wallet Solution, that will provide a variety of functions to customers. These wallets will oversee decentralised digital IDs to regulate cross-border charges, insurance documentations, and government support.
The Series A funding cycle mentioned above was driven by Affinidi. Affinidi is a digital identification company that was created by Temasek, a state investment company of Singapore. Others were also involved in the funding round including Nakhla Venture, Josue Estrada (COO of Chan Zuckerberg Initiative), and Richard Wang (partner in Draper Dragon).
Aid:Tech originally gained notoriety when they developed a fix for problems of overseeing and allocating support payments in refugee camps. The company was able to raise €1 million in 2018. Aid:Tech is currently advancing its digital wallets to better exchange and make use of information they collect, an achievement that will aid the success in other functions of the wallet.
Joseph Thompson, chief executive of Aid:Tech, has stated that payments will be easier to disburse and more secure through their technology that combines pay credentials and cards. He adds that this product would be beneficial to a great deal of industries. The industries include but are not limited to insurance, corporate, and government disbursements. The foundation Aid:Tech has created will work to transition more people who presently have little to no access to fintech services into the formal economy.
The company has stated that their main focus is interoperability because it will be crucial for favorable adoption of digital IDs. It is essential that their IDs are adaptable to a variety of other services and readily available for all people.
Aid:Tech now possesses a headquarters in Singapore in addition to its original office in Dublin. The new funding will also go towards the expansion of the company’s team in Singapore so more attention can be given to the south-east Asian market.
Niall Dennehy, Aid:Tech co-founder, has reported that the company has mobilized strategically chosen investors that will provide expertise and aid in its plans of global expansion. A main goal of Aid:Tech is to unite a gap between decentralised and centralised finance through the technologies it offers.
Glenn Gore, chief executive at Affinidi, has stated that Aid:Tech is in an excellent position to capitalize on an increasing global interest in digital IDs. He continues by saying that Affinidi’s investment is a demonstration of its dedication to an international system where digital IDs can be used to make a beneficial impact on many industries.
Keane, Jonathan. “Aid:Tech Raises $3.5m for its Decentralised Digital IDs.” Silicon Republic, 1 July 2021, https://www.siliconrepublic.com/start-ups/aidtech-decentralised-digital-id.