Singapore's CashShield gets $20m Series B

Additional participation came from Singapore's Wavemaker Partners, Tao Zhang, co-founder of Meituan-Dianping, and Tony Fadell, a partner at an investment firm called Futures Shape. The capital will be used to develop technology and a more comprehensive fraud screening process for clients including businesses, financial institutions, and government organizations.

"CashShield secures more than $5 billion worth of transactions per year and over 10 million user accounts. It has an army of AI [artificial intelligence] sentries guarding businesses and protecting their customer information," Fadell said in a statement. "There's nothing else like it on the market."

Cashfield claims to combine AI with high-frequency trading techniques used on Wall Street to secure transactions and consumer accounts from cyber-criminals without the need for human intervention. The company says that as a result of a rise in hacking and data breaches, the value of online accounts has skyrocketed and they can be sold for 60 times more than a credit card number.

Singapore has taken a leadership position in fostering Asia's broader cybersecurity space, which is considered underdeveloped by global standards. Other recent activity in this space includes Singtel Innov8, the venture arm of Singapore telecom giant SingTel has teamed up with NUS Enterprise, a start-up program under National University of Singapore, to launch a cybersecurity incubator.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Southeast Asia
• Technology
• Early-stage
• Support services
• Singapore
• Temasek Holdings
• GGV Capital