Employee at telehealth firm WhiteCoat suspected of falsifying genetic test reports for Vietnam client
[HANOI] Singapore digital healthcare provider WhiteCoat Global has acknowledged an 'isolated case' of employee misconduct, through which allegedly falsified genetic screening reports were sent to a corporate client in Vietnam.
Two sources said that 300 fraudulent test reports were issued to the client's employees, who used the services of WhiteCoat and its third-party vendor to detect hereditary genetic mutations that put them at higher risk of cancer.
The staff member who was handling the service package with the client engaged an unauthorised external service provider, without WhiteCoat's knowledge, to deliver these test results to the client.
WhiteCoat has, for the past year, been in a partnership with Gene Solutions, a Vietnam-headquartered biotech firm which uses gene sequencing and data analytics technologies.
The falsified test results bore the name of Gene Solutions, but were in fact generated by another party.
Felda Chay, head of investor relations and corporate communications at WhiteCoat, said in a statement: 'Errant personnel had orchestrated the engagement of an unauthorised party to provide certain services to a corporate client of WhiteCoat Vietnam.
A NEWSLETTER FOR YOU
Friday, 8.30 am Asean Business
Business insights centering on South-east Asia's fast-growing economies.
Sign Up
Sign Up
'We understand that there is no impact on the medical treatment and health of the individuals involved.'
The Business Times understands that the employee who was allegedly involved is no longer with the company.
The matter came to light after WhiteCoat received queries and feedback on the test results from the affected client. The digital healthcare provider then launched an internal investigation, gathered witness statements, and reported the matter to the Hanoi police.
A post on the portal of Ho Chi Minh City's department of health dated Apr 17 said the authorities had conducted a separate surprise inspection of the WhiteCoat clinic in the city after they were alerted to the allegedly falsified test results by Thanh Nien, a local newspaper.
The health agency has since submitted an official request to the city police to conduct further investigations.
Gene Solutions, in a letter to clients and partners before the health department's inspection, said that, based on information from 'a leading commercial bank', certain parties had deliberately falsified reports – using forged logos, signatures and seals – to falsely suggest that the test results came from Gene Solutions' authorised units.
The Vietnam-based biotech firm said in the letter seen by The Business Times: 'Gene Solutions confirms that WhiteCoat has not sent any medical samples for genetic tests related to screening for hereditary cancer risks.'
Bryan Koh, WhiteCoat's chief executive, founded the company in 2018. It was among the pioneer firms in the regulatory sandbox set up by Singapore's Ministry of Health for startups in telemedicine and mobile medicine. The firm is backed by investors that include SoftBank Vision Fund, Raffles Family Office and MDI Ventures.
With offices across Vietnam, Singapore, Indonesia and Malaysia, WhiteCoat offers healthcare solutions to corporate clients. Its digital platform connects its clients' employees with professionals for on-demand tele- and in-person health consultations, filling of prescriptions and wellness screenings across primary, specialist and allied care.
WhiteCoat began operations in Vietnam in 2022 and has since opened two branches, one each in Hanoi and Ho Chi Minh City.
A report on the website of Ho Chi Minh City's health department said WhiteCoat has signed contracts with 11 hospitals and clinics in Vietnam since 2024 to provide health consultation services for its clients.
The company said that since the incident came to light, it has taken steps to remedy the situation and to strengthen its internal controls to prevent a repeat of the incident.
Chay said: 'Immediately after the incident was uncovered, we proactively engaged and continue to actively work with the affected corporate client to resolve the issue.'
Last October, WhiteCoat announced its acquisition of telemedicine platform Good Doctor Indonesia for an undisclosed amount.
In what it called 'the biggest merger and acquisition involving two dominant telehealth companies in South-east Asia to date', WhiteCoat said the combined group would work with over 130 insurers and 7,500 corporate partners to service more than 6.8 million people.
By the time of the acquisition, over 1.5 million consultations and medication fulfilment services had been provided by WhiteCoat to its global customers.
Gene Solutions, one of Vietnam's biggest gene-testing firms, was founded by three Vietnamese scientists in 2017, and is backed by Vietnam-focused private equity firm Mekong Capital and Singapore private capital firm, August Global Partners.
The Vietnamese biotech company has a portfolio of more than 30 genetic-testing products in the fields of obstetrics, paediatrics and oncology.
Aiming to make early disease detection and precision medicine more accessible to people in the region, Gene Solutions has expanded its operations to Indonesia, Thailand, Singapore, Malaysia and the Philippines.
In an interview with BT last year, the Vietnamese firm said it planned to raise some US$70 million in a Series C funding, and undertake a share sale in the following two years.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
37 minutes ago
- Straits Times
MoneyHero's CEO Rohith Murthy lays out path towards sustainable profitability
BRANDED CONTENT MoneyHero's new playbook: CEO Rohith Murthy lays out path towards sustainable profitability The fintech group is pivoting to higher margin financial services to drive progress toward positive adjusted Ebitda in the latter part of the year, reflecting disciplined focus on operational efficiency and sustainable profitability In a market where conventional wisdom keeps failing, MoneyHero chief executive officer Rohith Murthy is banking on the oldest playbook in business – diversify revenue, slash costs. MoneyHero Group, which boasts a diverse portfolio that includes the personal finance site SingSaver, Singapore's largest personal finance community Seedly, and the B2B platform Creatory, has implemented a clear strategy to diversify its revenue streams and to significantly reduce financial losses, he said in a recent interview. Listed on the Nasdaq in October 2023, MoneyHero joined a growing number of Singapore-based start-ups marking their presence on the US stock exchange. While the stock price has faced headwinds since being listed, MoneyHero maintains zero debt and strong cash reserves, positioning it well for future growth. In this interview, Mr Murthy discusses how MoneyHero is actively reshaping its business model to drive long-term growth and enhance shareholder value amid a volatile market environment. To achieve profitability, MoneyHero is strategically focusing on higher-margin areas such as insurance and wealth management. Q: Let's start by sharing your journey. What's the original vision behind MoneyHero, and what was the motivation for taking the company public in the US? A: The MoneyHero journey spans nearly a decade long, driven by a straightforward vision: to simplify personal finance and make it a lot more accessible to everyone. Today, we operate across Singapore, Hong Kong, Taiwan and the Philippines, holding the largest market share by revenue in these markets. In Hong Kong, our brand is MoneyHero; in Singapore, SingSaver and Seedly; in Taiwan, Money101; in the Philippines, Moneymax; and the B2B platform Creatory operating across our markets. Our platform serves approximately 7.5 million registered members, and we have facilitated more than 1.7 million financial applications. Achieving this scale has helped us build strong trust – not only with consumers, but also with financial institutions. We believe that we need to build a comprehensive ecosystem so we are constantly looking at enhancing it. For instance, we have a strategic partnership with credit bureau TransUnion in Hong Kong that allows us access to credit scoring data so we can make personalised recommendations to our Hong Kong users. Similarly, our collaboration with Boltech significantly accelerates our insurance growth, empowering us to offer seamless, end-to-end insurance purchasing journeys. Boltech's integration strengthens our ecosystem by seamlessly connecting banking and insurance services, further improving customer experience and overall value. Additionally, as a licensed insurance broker in three of our markets, we enable users to buy travel and other forms of general insurance or get real-time pricing for car insurance on our platform. Listing on Nasdaq was a deliberate decision that aligns us with global fintech best practices and gives us access to deeper, more sophisticated capital markets. It also allows us to cultivate strong relationships with investors who have a deep understanding of the fintech sector. Q: Since the Initial Public Offering (IPO), MoneyHero has faced scrutiny over its financial performance and share price. There are concerns over the expenses, growth sustainability and the risk of delisting. What would you say to the shareholders and the broader market so that they understand the journey you're on? A: We have been listed for over 18 months now and we're navigating a challenging environment. More importantly, we're undergoing a very meaningful internal transformation. Investor concerns are completely understandable, especially given how volatile market conditions are. What matters most is that we've been addressing these things directly and proactively – this has been my top priority since taking over as CEO. Despite recent market challenges, we've sharpened our focus on revenue quality, margin improvement, and tightened cost management. Looking at our full-year 2024 results, we significantly improved our adjusted Ebitda (earnings before interest, taxes, depreciation, and amortisation) loss in Q4 2024. When I took over in Q2 2024, it was US$9.3 million (S$12 million), and then we significantly improved it to US$2.9 million in Q4 2024 – representing substantial progress and clearly demonstrating our trajectory towards sustainable profitability. A key part of this transformation lies in our evolving revenue mix. Previously, credit cards were a primary revenue source, but we have pivoted towards higher-margin, recurring revenue streams such as insurance and wealth, which contributed over 20 per cent of our FY2024 revenue. Notably, revenue from our insurance products alone grew nearly 40 per cent year-on-year in FY2024, underscoring the success of our diversification efforts. Operationally, we made some tough decisions last year to restructure and significantly optimise our operating expenses. We are committed to maintaining a lean cost structure while sustaining our growth, all aimed at improving adjusted Ebitda and building long-term shareholder value. As at end 2024, we remained strongly capitalised with ample cash reserves and cash equivalents of approximately US$42.5 million and no debt. This solid financial position enables us to strategically invest in the next phase of growth. I want shareholders and potential investors to recognise that we are strongly backed by prominent investors such as Pacific Century Group (PCG), which fully support our strategic direction and long-term vision. Our leadership team, including myself, holds significant personal stakes in MoneyHero, ensuring full alignment with the goal of creating sustainable shareholder value. Q: What is your timeline for a clear path to profitability, and how do you hope to pivot the business into long term growth? A: Profitability is our absolute priority and lies at the core of the efficiency-focused strategy I introduced shortly after becoming CEO approximately 15 months ago. We target to progress toward positive adjusted Ebitda in the latter part of 2025 – a milestone we're increasingly confident of achieving, given our consistent quarterly improvements. To support this, we have adopted an artificial intelligence (AI) first strategy. Our teams are actively leveraging AI tools to boost productivity across areas such as content production, customer service, design and engineering. Another key focus is shifting our revenue mix towards higher-margin segments like insurance, lending and wealth management. We've already started that trajectory. As a digital platform, enhancing user experience remains a priority. Last year, we placed significant emphasis on data. We now operate a central data platform that enables us to better understand and serve our 7.5 million members through personalised recommendations and tailored services. This approach has helped reduce our reliance on paid marketing, which declined by 23 per cent year-over-year in Q4 2024. With AI-driven content production ramping up, we expect organic traffic growth to be a major driver of profitability. Globally, we've seen fintech aggregation platforms in the Western markets successfully emerge as consolidators, streamlining fragmented markets into sustainable, profitable ecosystems. MoneyHero is well positioned to lead similar transformation across Greater South-east Asia. Q: MoneyHero recently announced a strategic collaboration with OSL in the digital assets space. What's the rationale behind this, are you considering further investments in digital assets? A: This announcement marks an exciting and important first step for us as we strategically explore the digital assets space. The region is witnessing growing interest in digital asset accounts licensed by regulators such as the Securities and Futures Commission (SFC) of Hong Kong. Digital assets are increasingly viewed alongside traditional insurance, stocks and banking products, offering enhanced user experiences, greater product diversification and new monetisation opportunities for our platform. On a personal note, I've been closely studying companies like Strategy and Metaplanet that have successfully implemented digital asset strategies and subsequently delivered impressive stock performance. Their examples highlight the potential shareholder value that can be unlocked through well-considered moves that MoneyHero can make in this space. While we have not yet made definitive decisions regarding additional investments, we remain proactive and open-minded. Given our strong cash position and disciplined capital allocation approach, we are actively evaluating strategic opportunities in digital assets, carefully assessing risks, potential benefits and alignment with our long-term objectives. Q: In the next 12 months, what are the key markers of progress you hope to achieve, and how should stakeholders and customers evaluate them? A: The first is our focus on moving towards positive adjusted Ebitda during the latter part of the second half of the year. We are targeting US$100 million in full-year revenue for this year. Improving margins is going to be critical as we focus on both profitability and top-line growth. Second, we aim to scale our insurance business, particularly car insurance, which offers a recurring revenue stream. This is why we have prioritised rapid growth in this market and plan to apply this model more broadly across insurance and wealth management verticals. Additionally, we want to invest in membership strategies to reduce our reliance on paid marketing. While quarterly results provide updates on our strategic progress, it's important not to focus solely on these short-term figures. Examining our trailing 12-month trajectory offers a clearer view of how we are consistently improving across these key markers. By focusing on these broader trends and long-term indicators, stakeholders can gain a more accurate and meaningful understanding of our growth momentum and operational efficiency. Fintech is a massive term, and often, attention is given to businesses without clear business models or paths to profitability. This is why fintech aggregators are less frequently highlighted. But when you look around, fintech aggregators have proven globally to be profitable models, with numerous successful examples in Western markets. Q: What's the biggest learning moment in the transition from a private to public company, and what keeps you motivated as a leader in times of challenge and change? A: The journey so far has been truly transformative. Transitioning to a public company has instilled a new level of discipline in how we operate. While we've always been a metrics-driven company, the process has made us a lot more precise in our forecasting and planning. It's not easy, especially as a relatively small market cap company, but it has strengthened our approach. Our decision to go public in the US was a tough but deliberate one. We're not just building our own company – we're helping build confidence in the entire regional fintech ecosystem. We want fintech startups from Singapore, the Philippines, and beyond to know that they too can build successful companies and list on global exchanges. That's why I actively engage with many of these startups, offering partnership opportunities when they have unique technology or valuable data assets. Observing successful global fintech peers – where disciplined execution, clear paths to profitability, and strategic acquisitions have been key – reinforces our strategic clarity. Understanding these market dynamics globally helps us confidently navigate challenges and strategically position MoneyHero as a leading player in the region. The past 15 to 18 months have been challenging. However, how we successfully turn these obstacles into opportunities is what builds market-leading brands. Our belief in our mission is fundamental to overcoming these challenges. I'm privileged to lead a mission-driven, energetic and passionate team that embodies this belief every day. No matter how the landscape evolves, I am confident that we will remain a resilient organisation. Join ST's Telegram channel and get the latest breaking news delivered to you.
Straits Times
an hour ago
- Straits Times
Jetstar's abrupt closure leaves passengers stranded, anxious over refunds
Jetstar Asia cancelled seven flights from Changi Airport on June 11 and re-timed another seven more. Samantha Lee and Shermaine Ang The Straits Times June 11, 2025 Mr Fin Guo was scheduled to fly home to Singapore from Okinawa at 9.20am on June 11, but the night before he was due to head to the airport, he was notified that his Jetstar Asia flight would be delayed by over 12 hours. Because of the delay, the 38-year-old will land in Singapore at 2.30am on June 12 - just hours before he's due at work at 9am. The budget carrier is the only airline that offers a direct flight between Okinawa and Singapore, so Mr Guo, who works in advertising, could only sit and wait. "Now I'm typing this in Naha Airport," he told The Straits Times in a text message. "I just want to fly back to Singapore tonight." Mr Guo was among thousands of passengers who were affected by flight delays or cancellations following the surprise announcement on June 11 that Jetstar Asia would cease operations from July 31. The airline cancelled seven flights from Changi Airport on June 11 and re-timed another seven. Aside from disrupted travel plans, other affected passengers also told ST that they found it difficult to get refunds for flight bookings. In a June 11 statement, the Singapore-based airline announced that it would close, citing rising costs and growing regional competition. ST understands that Jetstar Asia had decided to suspend flights at Changi Airport on the morning of June 11, so its crew would not receive the news of the airline's closure while in the air. Madam Heather Cher had her family's flight to Penang on June 11 delayed by eight hours, from 7.25am to 3.25pm. "We lost a day, because we'll reach only at the end of the day. It's a waste of time," she said. The 50-year-old said she was disappointed by Jetstar's closure. She frequently takes the airline to Penang to visit relatives. Mr Gary Cheong said he and his family woke up at 5am on June 11 to leave for the airport, not knowing that their flight had been re-timed. He had missed the e-mail Jetstar sent on June 10 that their flight to Penang had been re-timed. "They should have let us know through SMS since it's urgent," said the 58-year-old, who works as an assistant manager. Jetstar Asia's closure will mean one less option for Mr Cheong and his family, who travel to Penang at least four times a year. The airline's closure came as a surprise to many passengers, including Ms Hayley P and her husband. They had booked a direct flight to Labuan Bajo on July 27. The route was recently released by the carrier. On June 11, they were informed that the flight has since been cancelled, and they would receive a refund within seven days. "I'm hoping they follow through with an easy process and people don't need to chase," she said. The 42-year-old floral stylist will now have to make a longer trip, since she has to fly through Bali, which will mean additional flights and two nights of accommodation. The changes come at a significant expense, she said. Some other passengers such as Ms Charlotte Tan, 38, are worried that they will have difficulty getting refunds. Ms Tan has over $500 in travel vouchers with the airline from a flight cancellation in 2023 and said she was concerned about getting her money back. "I just hope that there is some clarity soon," she said. Consumers Association of Singapore (Case) president Melvin Yong urged passengers to approach the consumer watchdog if they require assistance. "Case is working with Jetstar Asia to clarify how it intends to handle and process these refunds and rescheduled flights, and the recourse available to consumers should there be a dispute," Mr Yong wrote on Facebook. Click here to contribute a story or submit it to our WhatsApp Get more of Stomp's latest updates by following us on:
Straits Times
2 hours ago
- Straits Times
Singapore to host US$50m fund by Norway-based firm for start-ups in Asia ocean health
UN data also shows that Asia accounted for 75 per cent of the world's total fisheries and aquaculture production. PHOTO: AFP NICE, France – Norway-based impact investment firm Katapult Ocean will launch a US$50 million (S$64.1 million) fund in Singapore in early 2026 to invest in start-ups that support ocean health in Asia, The Straits Times has learnt. The firm, which has made 75 investments in companies globally since 2018 , is considered one of the world's most active ocean impact venture fund managers. It has investments in sustainable seaweed production and offshore wind power infrastructure, among other areas. Katapult Ocean Asia associate director Maureen Bresil told The Straits Times on June 11 that there are many opportunities in the region. These include decarbonisation, tackling ocean pollution, sustainable aquaculture, and eco-tourism. Speaking on the sidelines of the UN Ocean Conference in Nice, Ms Bresil said: 'We wanted to be in Asia – closer to funders, closer to issues we need to tackle.' Existing estimates suggest that five Asian countries – China, Indonesia, the Philippines, Vietnam and Thailand – accounted for up to 60 per cent of the plastic waste leaking into the ocean. UN data also shows that Asia accounted for 75 per cent of the world's total fisheries and aquaculture production. Ms Bresil added: 'We also want to be in Singapore, because we know that there's a lot of capital there that can be diverted into ocean impact in Asia.' News of Katapult's Ocean Asia Fund comes amid growing interest from the private sector in the blue economy. The World Bank defines the blue economy as the sustainable use of ocean resources for economic growth, improved livelihoods, and jobs while preserving the health of the ocean ecosystem. Ahead of the UN Ocean Conference, which started on June 9, some of the world's top financial institutions gathered in Monaco on June 7 and 8 to spotlight the economic opportunity from investing in the health of the ocean and the perils of inaction. The Blue Economy and Finance Forum hosted about 2,000 delegates from major banks, asset management funds and other financial institutions. Singapore's Foreign Affairs Minister Vivian Balakrishnan, speaking on behalf of Asean during a panel on advancing sustainable ocean-based economies on June 11, said the waters in the region are one of the most vital, congested, busy and strategic maritime spaces in the world. 'Our countries depend on these very waters for trade, livelihood, transportation and the other elements of life. Sustainable ocean-based economies, sustainable maritime transport and coastal community resilience are therefore key priorities for all Asean member states,' said Dr Balakrishnan. He added that Asean is now formulating a blue economy implementation plan from 2026 to 2030, which aims to harness the potential of this blue economy across a range of key sectors. 'It will take into account the varying levels of development among the Asean member states to promote a regional blue economy development based on principles of value creation, inclusivity and sustainability,' said the minister. Other developments show that the blue economy is picking up in South-east Asia. In May, the 1,000 Ocean Startups coalition Asia Pacific was launched in Singapore as the regional chapter of a World Economic Forum initiative that started in 2021. The coalition aims to help start-ups in the region scale up ideas or business models that are profitable or have the potential to generate profit, while also contributing to ocean health. Mr Thomas Knudsen, a principal of Singapore-based family office Rumah Group, which is a member of the coalition, said it was significant that Katapult Ocean decided to establish a fund for Asia based in Singapore. 'At this moment, there are no ocean-focused funds that are based in Singapore, so having one of the global leaders in this space is important,' he told ST. Their investments in South-east Asia-based start-ups could enable these firms to grow in the region, potentially helping them scale up globally too. Mr Knudsen said Katapult's global portfolio could also introduce potential new solutions for the region – concepts or technologies tested elsewhere that have relevance for South-east Asia. 'I also think Katapult's involvement in the blue economy in South-east Asia gives companies based here more confidence to invest in the region,' he said. 'These firms may not have been comfortable in the past because the blue economy may be a new area for them, but having a partner on the ground will allow them to deploy capital through this fund.' Another key player in the ocean space in the region is Circulate Capital, a private equity firm founded in 2018 in Singapore. Its key mandate is to prevent plastic pollution from ending up in the oceans in South and South-east Asia. Speaking to ST on June 11, founder and chief executive of Circulate Capital Rob Kaplan said: 'We are thrilled that Katapult is investing more in the region. I think the blue economy is an under-invested sector, particularly in South-east Asia, and it's where most of the impact is.' Circulate Capital has a focus on the circular economy – promoting the reuse and recycling of plastic so that it does not end up in the oceans. 'We see a lot of great start-ups that are way outside our scope. But there are a lot of other areas, and there's not enough capital flowing to it,' he said. On the business case for investing in plastic recycling, Mr Kaplan said: 'The idea is that if we can build a market for plastic and profitably collect it, sort it, recycle it, manufacture using it, we can divert it from the environment and into the supply chains of global multi-national packaging and consumer goods companies.' He noted that many of such firms want access to recycled plastic, but cannot get the quality and quantity they need to meet that demand. 'We saw that there were a lot of quality recycling companies, small and medium enterprises and family businesses, but they have never had any outside capital to help them professionalise and scale up. So that's where our strategy fits in,' he said. Mr Kaplan added that Circulate Capital has shown that investing in the ocean economy – particularly in efforts that prevent plastics from ending up in the blue – is feasible. 'The path forward for the next five years unlock billions of dollars more,' he added. Audrey Tan is an assistant news editor overseeing sustainability coverage. She has reported on the environment for more than a decade and hosts the Green Pulse podcast series. Find out more about climate change and how it could affect you on the ST microsite here.
