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Currency Notes Can Be Super Spreader of Novel Coronavirus 2019

SAN FRANCISCO, Calif. -- At a time when various governments and health bodies are still figuring out the different modes of transmission of novel coronavirus 2019, there are some spelled out precautions for which there is a universal consensus, says HexGn research. One of them is to avoid contact with the objects, people, surfaces, et all.

The option of isolation at home is not possible as people still need to buy food or step out for essential purchases, and in places where it is business as usual, nearly unavoidable. Financial transactions cannot be avoided whatever be the case, coins, paper money, ATM, card swipe machines, and even plastic cards, therefore pose a risk in such circumstances. It is no longer a debate about cashless economy, contactless is the way ahead.

Currency notes, coins, and plastic cards, due to its frequent circulation in daily life as a medium of exchange, could get easily contaminated by this Coronavirus. Previous studies across the United States, China, India, and other countries (Sharma and Sumbali, 2014) have revealed that 70-94 percent of banknotes and coins harbor various bacteria and viruses on the surface, even currency counting machines were harboring deadly pathogens. If this was not enough, another study by Kramer et al. in 2006, using laboratory simulations, concluded that bacteria and viruses could survive on the surface of banknotes or coins from one to thirteen days.

Avoiding currency notes and coins may not be enough; plastic cards and card swipe machines, too, may not be immune from contamination. Cards are never cleaned and the user needs to punch in the PIN on the payment terminal, which may not be disinfected after every usage. Professor Eike Steinmann at the Faculty of Medicine at Ruhr-Universität Bochum in Germany has published a new analysis in The Journal of Hospital Infection. Professor Steinmann, by analyzing data from different types of Coronavirus, has concluded that many strains can live on surfaces such as glass, plastic, or metal, for up to nine days.

Governments and public health organizations can proactively educate people to use contactless payments systems that facilitate payment using digital wallets, QR code scan, or point and pay.

According to HexGn Research, contactless payments are a part of the FinTech sector, which attracted $46 billion in investments, 10 percent of it made into ventures specializing in payment systems and wallets. This could increase dramatically, as governments look for the immediate adoption of contactless payments being offered by existing players. This will lead to further fundraising to strengthen backend systems and onboarding new consumers. New players will also enter the payments and wallet segment, looking at the possible boom.

"To stem infection early on, it has become imperative for Governments to not only adopt but actively encourage the usage of contactless payments & transactions. This will provide a safer transaction option as we continue to fight with this novel Coronavirus," says Alex Kong, Founder and chairman of Hong Kong-based FinTech Unicorn, TNG Wallet.

Payments and Digital wallet companies could help in reducing the spread of Novel Coronavirus 2019 and embolden global health bodies in stemming this tide with minimal damage.

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HexGn Study: Startup Investors Shun Asia in 2019 and Flock to Americas and Europe

NEW YORK, N.Y. -- HexGn released a study of the funding trends in the global startup ecosystem in 2019; the team analyzed over 60,000 deals and one million data points for the report. Globally, the total funding for technology Startups this year dipped by 22 percent to $293 billion from $375 billion in 2018, with a 27 percent drop in deals. Health & Medtech clocked the highest number of transactions, while Fintech scored in terms of numbers in 2019.

In North America, funding came down to $154 billion from $165 billion in 2018, with a 31 percent drop in deals. However, If there ever was a time in recent years that the US moved far ahead of others, it is 2019. The US attracted more startup funding than the next 30 countries combined, combing $100 billion more Startup funding than second-placed China. San Francisco Bay Area, on its own, drew 18 percent of the global Startup funding.

Asia bore the brunt with investments shrinking 47 percent to $83 billion from $157 billion last year, and the deals went down by 27 percent, primarily due to China Startup funding crashing from $117 billion to just $51 billion in 2019, a drop of 56 percent. However, India bucked the Asian mayhem, with investments surging to $14 billion, up 18 percent in 2019.

Despite being in the news for 'Brexit,' declining auto sales and banking sector woes, Europe Startup funding held steady. Investments went up by eight percent from $43 billion to $47 billion in 2019, with the number of deals dropping by 20 percent, due to the continued focus of European governments on startups.

In Africa, investments grew from $1.7 billion to $1.85 in 2019; deals fell by 16 percent. South America got $3.95 in 2019 over $3.45 billion last year, and the deals dipped by 15 percent. The investments in the Oceania region went down by six percent from $2.8 billion to $2.7 billion in 2019.

In the 2019 annual Startup report, HexGn announced the Top Ten Startup Cities for 2020. In the order of global ranking, they are, San Francisco Bay Area, New York, Beijing, London, Shanghai, Delhi NCR, Singapore, Los Angeles County, Hangzhou and Bengaluru. These top ten cities from five countries, the United States, the United Kingdom, China, India and Singapore, account for 58 percent of global funding, signifying its standing.

Big things start small, Bahrain, Croatia, and Romania find a mention in the HexGn 2019 Global startup report for growing their Startup funding by over twenty times in 2019, despite the slowdown.

About HexGn

HexGn through its global research, industry events, and programs, equips students, entrepreneurs and businesses to tap into new opportunities and Future Proof themselves.


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