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indexindexauthorShakeel HashimNoneNeed to dive deep into the financial movements that matter to tech? Get Shakeel Hashim's newsletter every Friday.f11fbe35a3
June 29, 2020
The Indian government made waves on Monday when it announced that it would ban 59 Chinese apps, including WeChat and TikTok, and claimed they pose a threat to the "sovereignty and integrity of India." It's a marked escalation in India-China hostilities, and signals tech as a major battleground in the countries' dispute.
- Tensions between the two countries have been on the rise in recent months, with anti-Chinese sentiment spiking in India after violent border clashes. A "boycott China" campaign picked up steam, and an app called Remove China Apps surged in popularity (but was later removed by Google from its app store).
- The country's government now seems to be responding to that consumer pressure. On Monday, its Ministry of Electronics and Information Technology said it had received complaints about Chinese apps "stealing and surreptitiously transmitting users' data," raising concerns about "national security and defense."
- Besides TikTok and WeChat, the list of banned apps includes Clash of Kings, Weibo, Mi Video Call and Cam Scanner. Usage on "both mobile and nonmobile internet-enabled devices" is now forbidden, though it's unclear exactly how the government plans to enforce that.
This could pose a major problem to TikTok, which has over 80 million monthly active users in India. In April of last year, the app was removed from Indian app stores for eight days after the government said it posed a risk to children.
- At the time, executives reportedly said they were losing $500,000 a day as a result. And that ban only stopped new users from signing up, whereas this latest move bans "usage" — seemingly preventing existing users from using the app altogether.
This isn't the only way tech's been caught in the India-China crossfire: Last week, Reuters reported that tech shipments from China had been held up at Indian ports, including Apple and Dell products.
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Shakeel Hashim
Shakeel Hashim ( @shakeelhashim) is a growth manager at Protocol, based in London. He was previously an analyst at Finimize covering business and economics, and a digital journalist at News UK. His writing has appeared in The Economist and its book, Uncommon Knowledge.
People
Making the economy work for Black entrepreneurs
Funding for Black-owned startups needs to grow. That's just the start.
"There is no quick fix to close the racial wealth and opportunity gaps, but there are many ways companies can help," said Mastercard's Michael Froman.
Photo: DigitalVision/Getty Images
February 26, 2021
Michael Froman serves as vice chairman and president, Strategic Growth for Mastercard. He and his team drive inclusive growth efforts and partner across public and private sectors to address major societal and economic issues. From 2013 to 2017, Mike served as the U.S. trade representative, President Barack Obama’s principal adviser and negotiator on international trade and investment issues. He is a distinguished fellow of the Council on Foreign Relations and a member of the board of directors of The Walt Disney Company.
February 26, 2021
Michael Froman is the vice chairman and president of Strategic Growth for Mastercard.
When Tanya Van Court's daughter shared her 9th birthday wish list — a bike and an investment account — Tanya had a moment of inspiration. She wondered whether helping more kids get excited about saving for goals and learning simple financial principles could help them build a pathway to financial security. With a goal of reaching every kid in America, she founded Goalsetter, a savings and financial literacy app for kids. Last month, Tanya brought in backers including NBA stars Kevin Durant and Chris Paul, raising $3.9 million in seed funding.
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Reaching this milestone is a testament to Tanya's perseverance and resilience as she, like many other Black women founders, struggle to find institutional investors. Our financial system is simply not set up to help Black entrepreneurs launch a business. Most new businesses are initially funded from savings and home equity, but the persistent racial wealth gap in our country places Black would-be entrepreneurs at a dramatic disadvantage since many don't have those assets available. On top of that, of the approximately $625 billion in venture capital invested since 2015, only around $15 billion went to Black and Latinx founders; that's just 2.4% of funding. For Black women founders specifically, the numbers plunge to 0.27% of funding over the past <a href="https://www.projectdiane.com/" rel="noopener noreferrer" target="_blank">two years</a>.
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This is not an issue that will resolve itself; we need to be deliberate about opening doors and bringing down barriers, not just to solve for one Black or minority-owned business at a time, but to rebuild a system that gives everyone a chance. Capitalism has lifted millions of people out of poverty and improved their quality of life, but it has also left many behind. As we now rebuild our national economy, we need to ensure future growth is inclusive, and that small businesses — the backbone of our economy — recover in a way that lifts up promising Black-owned startups at every point in their journey.
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There is no quick fix to close the racial wealth and opportunity gaps, but there are many ways companies can help. Here are four insights we've learned from years of working with startups and community organizations.
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<strong>Invest in the network.</strong> Startups like Oakland-based <a href="https://www.mycnote.com/" rel="noopener noreferrer" target="_blank">CNote</a> are working to channel capital to underserved micro and small businesses through a vast network of Black-owned banks, minority credit unions and community development financial institutions that have direct access to many local communities. However, these market innovators are hampered by complex governance requirements that Fortune 200 companies have to put in place before they will do business. We need to make it easier for new players like CNote to pass procurement hurdles and get into the pipeline so they can grow. By helping them on the back end, it opens them up to partnering with large corporates from all across the country.
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<strong>Open up access to markets.</strong> For those Black-owned businesses that do secure a first round of funding, their growth trajectory often slows when it comes to entering new markets. A startup's ability to scale increases exponentially when larger companies with trusted relationships not only make introductions to its partners but also offer the startup's services as part of a proposed solution to customers. This is an approach that has helped <a href="https://mocafi.com/about/" rel="noopener noreferrer" target="_blank">MoCaFi</a>, a New York-based, Black-owned startup that offers banking services to lower- and moderate-income communities, to start working with local city leaders in new markets. This work can be mutually beneficial for corporations: The ability to deliver effective support to underserved communities increases when the right partners with the right solutions are brought to the table.
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<strong>Digitizing access to capital.</strong> Black entrepreneurs are being denied or given smaller bank loans nearly <a href="https://www.federalreserve.gov/publications/2017-september-availability-of-credit-to-small-businesses.htm" rel="noopener noreferrer" target="_blank">twice the rate of</a> their white peers — 54% compared to 30%, respectively. Microfinance institutions and CDFIs have stepped in to fill this void, supporting applications for those previously denied loans. However, the demand exceeds the resources and tools available, and getting funds to those who need it urgently can be challenging. New digital tools can be transformative in this situation if we could accelerate access for these organizations. Many rely on slow paper-based processes, but through the digitization of both applications and distribution of loans, CDFIs like the <a href="https://crfusa.com/" rel="noopener noreferrer" target="_blank">Community Reinvestment Fund</a> and micro-finance institutions like <a href="https://www.grameenamerica.org/" rel="noopener noreferrer" target="_blank">Grameen America</a> have been able to process requests faster, more securely and for more businesses, throughout the pandemic.
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<strong>Going all in. </strong>Finally, one of the most important lessons we've learned is that the programs and partnerships used to tackle these issues can't be just for a moment in time or a single intervention. For maximum impact, companies need to be all in with the full breadth of their assets — funding, product pilots, supplier practices, consulting services, data insights — as this is how to drive a catalytic impact and create a more sustainable, inclusive digital economy.
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As more businesses, CEOs, corporate treasurers and venture capitalists join in this effort, we can collectively help bridge that wealth and opportunity gap. Startups can't scale up if they aren't given that first chance.
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As we are reminded during this Black History Month, the problems of racial economic disparity have existed for too long, and although the challenge seems daunting, we are confident that with perseverance we can successfully build a more just and equitable economy. Our early progress matters, and we should make every effort to build on the first steps by coming together across sectors and organizations so that amazing ideas like Tanya's are embraced from the outset.
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Michael Froman serves as vice chairman and president, Strategic Growth for Mastercard. He and his team drive inclusive growth efforts and partner across public and private sectors to address major societal and economic issues. From 2013 to 2017, Mike served as the U.S. trade representative, President Barack Obama’s principal adviser and negotiator on international trade and investment issues. He is a distinguished fellow of the Council on Foreign Relations and a member of the board of directors of The Walt Disney Company.
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Building better relationships in the age of all-remote work
How Stripe, Xero and ModSquad work with external partners and customers in Slack channels to build stronger, lasting relationships.
Image: Original by Damian Zaleski
February 21, 2021
February 8, 2021
Every business leader knows you can learn the most about your customers and partners by meeting them face-to-face. But in the wake of Covid-19, the kinds of conversations that were taking place over coffee, meals and in company halls are now relegated to video conferences—which can be less effective for nurturing relationships—and email.
Email inboxes, with hard-to-search threads and siloed messages, not only slow down communication but are also an easy target for scammers. Earlier this year, Google reported more than 18 million daily malware and phishing emails related to Covid-19 scams in just one week and more than 240 million daily spam messages.
<p>To keep the lines of communication wide open in this new reality, organizations are adopting new cloud solutions at a rate CIOs expected to see years from now. In fact, 79% of CIOs agree that the pandemic will force their organizations to digitally transform faster than planned, according to <a href="https://slack.com/blog/transformation/people-partners-systems-slack" rel="noopener noreferrer" target="_blank">J.P. Morgan</a>. </p><p><div class="ad-tag"><div class="ad-place-holder" data-pos="1">
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</div></p><p>But executive leaders know it takes more than just adopting a communication platform or software bundle to build relationships remotely. You have to find the <em>right</em> solution that meets both your internal and external collaboration needs. That's why competitive businesses today are turning to Slack, the <a href="https://slack.com/features/channels" rel="noopener noreferrer" target="_blank">channel-based messaging platform, </a>to close communication gaps with partners and customers in the age of remote work. Companies can securely collaborate with external parties using <a href="https://slack.com/help/articles/360017938993-What-is-a-channel" rel="noopener noreferrer" target="_blank">Slack channels</a>, a single place to share files and messages, in the same <a href="https://slack.com/resources/using-slack/setting-up-a-shared-channel" rel="noopener noreferrer" target="_blank">Slack workspace</a> through <a href="http://slack.com/connect" rel="noopener noreferrer" target="_blank">Slack Connect</a>.</p><p>With Slack Connect, organizations can build stronger customer and partner relationships through real-time communication. And unlike email—which leaves users open to the risk of spam and phishing—companies and external parties receive communications only from <a href="https://slackhq.com/introducing-new-layers-of-enterprise-grade-security" rel="noopener noreferrer" target="_blank">verified members in Slack channels</a>. Plus, Slack workspace administrators can maintain control over data and monitor external access. </p><p>Here's a closer look at how teams at Stripe, Xero and ModSquad are using Slack Connect to engage customers, prospects and partners in real-time and close deals faster. </p><h4>Stripe: Expediting sales deals while building lasting relationships with customers</h4><p><a href="https://stripe.com/" rel="noopener noreferrer" target="_blank">Stripe</a> is an online payment provider with a mission to support e-commerce. The Stripe sales team works with early-stage startups all the way through global Fortune 500 companies, and uses Slack Connect to engage with customers, keep communication organized and teams in sync, and jump on sales opportunities.</p><p>Jeanne DeWitt Grosser, head of Americas revenue and growth at Stripe, says communicating with prospective customers in Slack has been instrumental in maintaining engagement and closing deals.</p><p class="pull-quote">"Historically, the gold standard of a deep relationship in sales was getting the person on text," says DeWitt Grosser. "Now the gold standard is getting them into a Slack channel."</p><p><div class="ad-tag"><div class="ad-place-holder" data-pos="2">
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</div></p><p>Usually at the beginning of a sale, DeWitt Grosser explains, reps used to double down on communication using the "law of 2x." Essentially, you start with a meeting and then follow up a week later. But this strategy no longer makes the cut: A lot could change in a week, and Slack is more in line with the tempo of the digital workplace. </p><p>"In Slack channels, the dialogue with the prospect happens in real time, as opposed to the next time you align your schedules," DeWitt Grosser says. "This kind of personal, persistent connection grows customer loyalty and retention."</p><p>Often sales reps have to communicate with a variety of departments to seal the deal. Instead of emailing them separately and creating silos, Stripe's account executives and solution architects set up a Slack channel with key customer stakeholders, like developers, the head of payments and a finance representative. </p><p>"When you need to move quickly, email is not the right format: It's more formal and responses take longer," says James Dyett, Stripe's head of global product sales and payments optimizations. "Slack has super powers. It's a much better experience." </p><h4>Xero: Working with external partners like they're on the same team</h4><p>If the pandemic has taught us one thing, it's that relationships matter. Whether it's launching a marketing campaign with a partner or hiring contractors to complete a specific project, we can't—and shouldn't—try to do everything ourselves. <br><br>When it comes to nurturing partnerships in the midst of the pandemic, <a href="https://www.xero.com/" rel="noopener noreferrer" target="_blank">Xero</a>, a cloud-based accounting software company, affirms that working in Slack Connect has been a game changer. Justine Wallendorf, New Zealand partner marketing manager at Xero, says Slack Connect helped her team launch a joint online marketing campaign with partners, <a href="https://www.figured.com/en-us/figured-xero" rel="noopener noreferrer" target="_blank">Figured</a> and <a href="http://paysauce" rel="noopener noreferrer" target="_blank">Paysauce</a>. </p><p><div class="ad-tag"><div class="ad-place-holder" data-pos="3">
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</div></p><p>The three companies were offering a complete software solution for farmers looking to manage their business digitally. By coming together in one Slack channel, #xero-partners, the sales and marketing teams across all three businesses could connect and ensure alignment on: </p><ul class="ee-ul"><li>Immediate universal access to all campaign details</li><li>Consistent messaging across sales enablement deliverables, such as one pagers and slide decks</li><li>Quick feedback and turnaround times for deliverables</li><li>Clear leadership signoffs</li></ul><p class="pull-quote">"Working in Slack Connect guaranteed that everyone was beating the same drum and speaking the same language, positioning our partnership as best as possible in the market," Wallendorf says.</p><h4>ModSquad: Winning customer loyalty with exceptional customer support</h4><p>With so much uncertainty in the world, efficient and reliable customer support is akin to a safe harbor in a storm. That's why Slack customer, <a href="https://modsquad.com/" rel="noopener noreferrer" target="_blank">ModSquad</a> has its support teams troubleshoot customer issues in real time with Slack Connect.</p><p>As a customer experience outsourcer, ModSquad knows good customer service. Each day, ModSquad's global crew of experts—the Mods—help their customers engage with their audiences online through customer support, content moderation, community management and social media. </p><p>ModSquad works with its clients in Slack Connect to set up service level agreements and incorporate support dashboards. With the <a href="https://slack.com/apps/A0108APQFQC-geckoboard" rel="noopener noreferrer" target="_blank">Geckoboard Slack integration</a>, ModSquad monitors clients' incoming calls and chats—without ever leaving Slack. Whenever the team sees an uptick in activity or service impacting issues, they can quickly alert clients and internal teams for quick resolution. The team also relies on a <a href="https://slack.com/apps/A9WFQ3M0B-zendesk" rel="noopener noreferrer" target="_blank">Zendesk Slack integration</a> to track service desk tickets, troubleshoot and resolve issues.</p><p><div class="ad-tag"><div class="ad-place-holder" data-pos="4">
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</div></p><p>According to Steve Henry, senior vice president, client services at ModSquad, Slack channels also help build a culture of transparent communication and trust with clients.</p><p>"Establishing trust with our clients is very important, and Slack provides a crucial component for all of our efforts" Henry says. "With Slack, we can provide world-class support solutions and improvements for our clients, driving efficiencies while growing their business in the process."</p><h4>In an all-remote world, Slack Connect builds strong partnerships</h4><p>Slack Connect is available for <a href="https://slack.com/pricing/paid-vs-free" rel="noopener noreferrer" target="_blank">all paid plans</a>. If you're already a customer but new to Slack Connect, feel free to <a href="http://slack.com/contact" rel="noopener noreferrer" target="_blank">reach out</a> or learn more on <a href="https://slack.com/resources/using-slack/setting-up-a-shared-channel" rel="noopener noreferrer" target="_blank">how to get started</a>. And if you want to see how others are using Slack Connect to work with external partners, check out a few of our recent <a href="https://slack.com/blog/collections/slack-connect-shared-channels-shared-success" rel="noopener noreferrer" target="_blank">customer stories</a>. </p>
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People
Citizen’s plan to keep people safe (and beat COVID-19) with an app
Citizen CEO Andrew Frame talks privacy, safety, coronavirus and the future of the neighborhood watch.
Citizen added COVID-19 tracking to its app over the summer — but its bigger plans got derailed.
Photo: Citizen
February 24, 2021
David Pierce ( @pierce) is Protocol's editor at large. Prior to joining Protocol, he was a columnist at The Wall Street Journal, a senior writer with Wired, and deputy editor at The Verge. He owns all the phones.
February 24, 2021
Citizen is an app built on the idea that transparency is a good thing. It's the place users — more than 7 million of them, in 28 cities with many more to come soon — can find out when there's a crime, a protest or an incident of any kind nearby. (Just yesterday, it alerted me, along with 17,900 residents of Washington, D.C., that it was about to get very windy. It did indeed get windy.) Users can stream or upload video of what's going on, locals can chat about the latest incidents and everyone's a little safer at the end of the day knowing what's happening in their city.
At least, that's how CEO Andrew Frame sees it. Critics of Citizen say the app is creating hordes of voyeurs, incentivizing people to run into dangerous situations just to grab a video, and encouraging racial profiling and other problematic behaviors all under the guise of whatever "safety" means. They say the app promotes paranoia, alerting users to things that they don't actually need to know about. (That the app was originally called "Vigilante" doesn't help its case.)
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</div></p><p>Above all, Citizen raises questions: When does safety trump privacy? What are people willing to give up or risk in order to keep themselves and their loved ones safe? What does "safety" even mean in an increasingly digital world?</p><p>Frame joined the <a href="https://www.podpage.com/sourcecode/" target="_blank">Source Code podcast</a> to discuss all that and more. He talked about the app's history, what it means to promote safety above all else, how his company tried — and failed — to fight COVID-19 long before other tech companies got involved and what it means to be a good Citizen citizen.</p><div class="rm-embed embed-media"><iframe frameborder="no" height="200px" scrolling="no" seamless="" src="https://player.simplecast.com/1cb18adc-4514-4097-b9a5-3c9a5c2e5408?dark=true" width="100%"></iframe></div><p><em>The following excerpts from our conversation have been lightly edited for length and clarity.</em><br></p><p><strong>Citizen has had sort of a windy history, so maybe go all the way back to the beginning of the product and the company. What was the thing you were trying to build when you started out building it?</strong></p><p>I wanted to build something that was consumer [facing], because that's where my passion lies. And I feel like that's the only thing I'm sort of good at. It had to be mobile first, network-effect driven, with a very noble mission so that once the network effect activates, hopefully, it becomes the gift that keeps on giving. </p><p>As soon as I identified wanting to build a safety product, the question was, how do you get to market with a product that keeps people safe? There was a moment where I was sitting outside, and I was just thinking about, what is the Trojan horse to build a safety system? And it just dawned on me: I think all of us remember playing with police scanners, and listening to police. It's this incredible data stream that is filled with people in need of help. And it was just this closed system that had open access for listening. When a fire hits a building, nobody knows except the fire department. Why don't the 1,000 people inside of the building know that their building is on fire? The information is right there, transmitted right through the walls of that building. </p><p><div class="ad-tag"><div class="ad-place-holder" data-pos="2">
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</div></p><p>And so it just instantly hit me: Let's open this system, create a trusted shared safety system where police and civilians and everybody has access to the same information. There are so many great byproducts of creating this open, shared system, one of which is you get the people out of the burning building. You get the kidnapped kid back because you got the whole neighborhood engaged. You eliminate police brutality, because now you've built what I call "conditional transparency." It's not a radical transparency. It's a conditional transparency, meaning the transparency hits once a kid is missing. It doesn't mean there's overhead planes surveilling, there's no surveillance state in this. It's simply transparency when it is urgently needed. And that was kind of the genesis of this thing.</p><p><div class="ad-tag"><div class="ad-place-holder" data-pos="3">
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</div></p><p><strong>I'm getting ahead of myself here, but you kind of already got into what over the years has been complicated in how people think about Citizen. The reason to not tell the people in the building that there's a fire is that you don't want to cause a panic, right? And the reason to not tell people in the neighborhood is that you don't want them running toward the fire, because some people will run toward a fire.</strong> </p><p><strong>All the pushback I've ever seen about Citizen has basically been about that fundamental question. Is it productive to have all of this information given to everyone all the time? At some point, do you just have to decide that, on balance, you believe it is?</strong></p><p>You know, there would be no innovation if people were just fixated on worst-case scenarios. On any product, we can think about worst-case scenarios. And of course, there are valid reasons. But it's not going to stop you from building something great. </p><p>Just take Uber, right? I was taught not to hitchhike, that'd be a very dangerous thing. And if we were all in a room thinking about what happens when you just allow people to hitchhike with their neighbors, and build it as a global platform? People would say, "Oh, my gosh, that's the worst idea of all time."</p><p><strong>A lot of people did say that about Uber!</strong> </p><p>Yeah. So you know, it's just so easy to just fixate on the worst-case scenario. This is no longer an idea. This is something that is prevalent across 28 cities, we have ZIP codes, where 60[%], 70[%], 80% of the entire ZIP code are active Citizen users. We don't have those stories. Believe me, I was also terrified of this. At the beginning, it gave me and the team a huge amount of anxiety, because we also thought about the worst-case scenario. But we also thought about the best-case scenario, which is why we built this and why we're scaling. And it far exceeds the unfounded fear of some of these worst-case scenarios.</p><p><div class="ad-tag"><div class="ad-place-holder" data-pos="4">
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</div></p><p><strong>I feel like COVID has become kind of a bigger part of Citizen than I would have expected. Rewinding to the early days of the pandemic, was it obvious to you that Citizen needed to be part of this, needed to help be the solution here?</strong></p><p>At first, everybody in the company wanted to pitch COVID ideas. It wasn't until we realized just the architectural model of contact tracing — a very simple idea of just enabling Bluetooth and allowing everybody's Bluetooth radio to say hello to each other as you come in close physical contact — that it was like, OK, wait a sec, we already have distribution. We had 30% of New York City on the app back in March. </p><p>We just went, "Oh, my goodness, we have the safety platform, all we have to do is ask these 30% of New Yorkers to turn on Bluetooth." Suddenly, we have the largest and most dense contact-tracing system in any big city in the world, in ground zero, which was New York at the time. </p><p><div class="ad-tag"><div class="ad-place-holder" data-pos="5">
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</div></p><p>Unfortunately, we never got the approval to launch it. </p><p><strong>What happened?</strong> </p><p>It's a complicated story. Apple and Google had their own plans. We came forward with this architecture, and we needed help. We needed allies. We needed Apple, we needed Google, we needed the government. </p><p>We created a product that integrated at-home testing and contact tracing. Because we knew those were the two tactics on how to manage this here in the U.S. Our ask was basically, a) obviously we need to get it in the App Store; b) we wanted the government to pay for all that at-home testing for the U.S. Labcorp was working on their at-home test kit. And basically, you could just ship a test kit to anybody that asks for it within 24 hours, saliva sample, they send it back, and the result is delivered in the app. So it'll say, "You're negative for COVID." </p><p>Keep in mind, this is back in March that we had this. We built prototypes and everything inside the company, we were taking tests and getting the results in the app. Now, if you are positive, it would automatically inform all of the people that your Bluetooth recently saw that "you have had a potential exposure to COVID." Those people would then be offered a free test that would show up the next day. You can imagine if we partnered with Amazon on the logistics side, where Amazon is trucking these. It's like OK, tech, come together and let's go, like, what can we do about COVID? There was zero government support. None whatsoever. We needed them to pay for the tests. It'd be great if Amazon did the logistics. But we called it the "testing-tracing flywheel." And this is, again, back in March, people had never even heard of contact tracing.</p><p><div class="ad-tag"><div class="ad-place-holder" data-pos="6">
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</div></p><p>We didn't get the support. We didn't get the alliances, we were on our own on this one. And the government, there was a Contact Tracing Task Force, we were selected as the app to provide contact tracing to America, before [the task force] was suddenly just disbanded and dissolved and just went away one day.</p><p><strong>My question was going to be, wouldn't this be a useful time to do things like partner with local governments, but you're saying you did, and then it fell apart?</strong></p><p>Well, there was no official partnership. But we were told that this was by far the best system for America. And there were just a bunch of meetings that didn't really go anywhere. And then suddenly, you know, they put a bunch of great technology entrepreneurs on the task force, who we knew! We knew all these people, and it was great. Sometimes government needs entrepreneurs to step up and solve problems. And in this case, it seemed like something was going to happen, but then it was just instantly disbanded with no plan. </p><p><div class="ad-tag"><div class="ad-place-holder" data-pos="7">
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</div></p><p><strong>Looking back now with almost a year of hindsight, was there anything else you could have done? Should you have just pushed through and said, "We'll figure something else out, screw all the rest of you?"</strong></p><p>No, we couldn't, we didn't have approval from the app stores. Right now, innovation is no longer open. You have to go through the app stores, and they will decide if your innovation can reach the world. This is not how it was, pre-mobile. With the internet, you can build anything you want. And you have an open, uncensored, unfiltered internet. And with app stores, you don't. You must get through the process.</p><p><strong>This is actually sort of a perfect example of the kind of tension we were talking about earlier. You have an obvious societal good. No one is going to argue that curbing the spread of COVID-19 is not a good thing. We're all on the same page about that. But then, and this is what I think we spent maybe six months too long debating, you have all of the privacy implications of that. What does it mean that there's now a system that knows that not only do I have COVID, but who gave it to me and where they got it from? Were those the kinds of debates that you were having, even back in March? Was that the holdup?</strong></p><p>That actually annoyed me, because I just don't think that COVID was this mass privacy thing. All of the data was protected, nobody would know. But most likely, just through the social interaction, like people, every person that has COVID has told me. It's not like, "Oh, my gosh, this person has COVID. Nobody can know." </p><p><div class="ad-tag"><div class="ad-place-holder" data-pos="8">
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</div></p><p>And we didn't expose the name. We did expose the location. There was a big fight even with the app stores, because we thought that the location was super relevant. Why? Because it protects more people. If you went to a superspreader dinner, it should say, here's the time and place you got COVID. We can say Friday night, 8 p.m., here's the location. We're not going to tell you who, but you're like, "Oh, that was the birthday party." What's the next step? Tell everybody at the birthday party that there was an exposure there, because not everybody has the contact tracer. </p><p>This was about beating COVID. I just think that there was this red herring around privacy that stopped everything. Privacy became the fundamental discussion, when it's like, OK, we won on the privacy side, but how are we doing as a nation now? Printing trillions of dollars, small businesses all going out of business. What mattered more: this privacy thing that seems to be extremely unfounded and a red herring, or beating COVID?</p><p><strong>That's the big existential question around all of this, right? And it goes back to what you were saying before about best- and worst-case scenarios. There's just always going to be a tension between privacy and safety, right? Even as we talk about things like encryption, there's always going to be that tension. And at some point, all you can do is pick a side and be clear about which side you've picked.</strong></p><p><div class="ad-tag"><div class="ad-place-holder" data-pos="9">
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</div></p><p>Yeah. I mean, you've got to use judgment. And this is really where mission comes in. What is this privacy preservation that we're even talking about? I mean, the amount of tracking going on by Big Tech is thousands of times more privacy-invading than the COVID thing we were talking about. </p><p>The fact that we just got so sucked up talking about privacy preservation being the only issue, when in the meantime, COVID is spreading rapidly and just destroying families and small businesses and American restaurants that'll never come back. I think that the focus was on the wrong area.</p>
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David Pierce ( @pierce) is Protocol's editor at large. Prior to joining Protocol, he was a columnist at The Wall Street Journal, a senior writer with Wired, and deputy editor at The Verge. He owns all the phones.
Transforming 2021
Blockchain, QR codes and your phone: the race to build vaccine passports
Digital verification systems could give people the freedom to work and travel. Here's how they could actually happen.
One day, you might not need to carry that physical passport around, either.
Photo: CommonPass
February 23, 2021
Mike Murphy ( @mcwm) is the director of special projects at Protocol, focusing on the industries being rapidly upended by technology and the companies disrupting incumbents. Previously, Mike was the technology editor at Quartz, where he frequently wrote on robotics, artificial intelligence, and consumer electronics.
February 23, 2021
There will come a time, hopefully in the near future, when you'll feel comfortable getting on a plane again. You might even stop at the lounge at the airport, head to the regional office when you land and maybe even see a concert that evening. This seemingly distant reality will depend upon vaccine rollouts continuing on schedule, an open-sourced digital verification system and, amazingly, the blockchain.
Several countries around the world have begun to prepare for what comes after vaccinations. Swaths of the population will be vaccinated before others, but that hasn't stopped industries decimated by the pandemic from pioneering ways to get some people back to work and play. One of the most promising efforts is the idea of a "vaccine passport," which would allow individuals to show proof that they've been vaccinated against COVID-19 in a way that could be verified by businesses to allow them to travel, work or relax in public without a great fear of spreading the virus.
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</div></p><p>But building a system that everyone agrees with — and can access — is no small task. There are several companies working on competing projects to verify vaccinations. But beyond that, there are more than a few hurdles that could prevent vaccine passports from succeeding, from antiquated medical records systems to interoperability issues and privacy concerns. Here's how they could actually succeed. </p><h3>Competing projects, similar standards</h3><p>Pretty much since the first blockchain white paper, people have been looking for perfect examples of where a distributed, immutable ledger could be valuable. There's obviously the push to use it for currencies, and companies have tried to use it for things like tracking <a href="https://www.protocol.com/ibm-blockchain-supply-produce-coffee" target="_self">food production</a> and <a href="https://www.govtech.com/products/Blockchain-Voting-Debate-Heats-Up-After-Historic-Election.html" rel="noopener noreferrer" target="_blank">voting</a>, but there are few use cases that have truly taken off, at least so far. "We've been working on this since 2014; we never thought that health care would be the kind of the use case that we take this mainstream," Jamie Smith, the senior director of business development at Evernym, a company focused on using the blockchain as a basis for verifying identities, told Protocol. </p><p>Smith said Evernym had been discussing its concepts with automakers, retailers, telcos, governments, loyalty companies and banks prior to the pandemic. One of those companies was IAG, the airline group that owns British Airways, which had been interested in the idea of contactless travel based on a single identity credential that follows you from the airport check-in to your gate. With the pandemic, that morphed into thinking about ways to verify that passengers have had negative COVID tests, and eventually, that they've received a vaccine. "From our perspective, it was a really easy lift to see," Smith said. "We're doing contactless travel, and we just added verifiable credentials for test results."</p><p><div class="ad-tag"><div class="ad-place-holder" data-pos="2">
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</div></p><p>It's a similar genesis for IBM's Digital Health Pass initiative, which leader Eric Piscini said started about two years ago as a way to store people's entire health records in a safe, accessible platform. It also relies on the blockchain for its immutable record of proof, and both Evernym and IBM are part of an open-standards group called the Good Health Pass Collaborative, which aims to bring private credentialed vaccine records to business and people around the world. Companies are working on their own implementations of the standards, but Evernym's Smith said the data is meant to be portable from one passport to another. </p><p>Most of the companies working on passports say their systems are private by design, especially given that they're mainly working off the same open standards. In most cases, the health information only ever remains on a user's phone, but where it asks to verify that the user's information meets a system's standards — such as whether this person has had two COVID vaccines and should be allowed into an office — that information is recorded on a blockchain. "You can, using blockchain technologies, verify that someone has been tested recently, without having access to the underlying data," Piscini said. "I don't know any other technology where you can do that."</p><p><div class="ad-tag"><div class="ad-place-holder" data-pos="3">
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</div></p><p>Similarly, the nonprofit Commons Project's CommonPass, backed by the likes of Oracle, Microsoft and Salesforce, started out as a project to bring an analog to Apple Health for Android. JP Pollak, a senior researcher at Cornell and founder of the Commons Project, first launched CommonHealth to bring the sort of data and insights that Apple Health offers to iPhone owners to Android users. Last summer, the group started building an app that could take health data and privately share it with others — in that case, it was to help truckers stuck at the borders in <a href="https://www.newtimes.co.rw/opinions/digital-technology-re-opening-africa" rel="noopener noreferrer" target="_blank">East African countries</a> who couldn't easily prove they'd taken COVID tests. This morphed into vaccine credentialing, with the group now working to pull together the various data streams needed to get a project like this off the ground. </p><p>"Health care institutions, EMR vendors, retail pharmacies, state vaccine registries, all issuing people a digital verifiable credential of their vaccination record that they could then use in the app of their choice, to be able to get access to various kinds of services," Pollak said. CommonPass is also working with the Mayo Clinic, as well as Epic Systems and Cerner, two of the largest EMR vendors. </p><h3>Something for everyone </h3><p>With so many competing efforts to become the world's digital vaccine passport, it might seem that the country is heading for some sort of VHS versus Betamax format war for proving everyone has had COVID vaccines. But given that so many of the efforts are using the same standards, and in many cases, looking to embed their tech in someone else's app rather than their own, the race might be less about the best tech winning, and more about various approaches working in different situations. </p><p><div class="ad-tag"><div class="ad-place-holder" data-pos="4">
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</div></p><p>"The intent is not to be the only company; we don't want to be the proprietary platform that everybody has to use because they have no choice," IBM's Piscini said. "That's not who we are right now: That's the IBM from 30 years ago, not the IBM of today."</p><p>For IBM, though, the selling point is that the company already works with so many other massive companies. Why look elsewhere for a vaccine passport solution if your airline booking system is already powered by IBM? "We believe our network is going to be more valuable than any other because of our scale and our ability to integrate the platform with CRM systems, building systems or stadium systems — we can do that every day," Piscini said.</p><p class="shortcode-media shortcode-media-rebelmouse-image">
<img type="lazy-image" data-runner-src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yNTY2NTc3NS9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTYyMTM1MjYyM30._ykxxCyx3_wDbZrYgCcmK0QT2Ue1tZFdP5pf60kOmPU/img.jpg?width=980" id="c81c9" class="rm-shortcode" data-rm-shortcode-id="3967636652192acfdaad341861263bc8" data-rm-shortcode-name="rebelmouse-image">
<small class="image-media media-caption" placeholder="Add Photo Caption...">IATA's digital passport app.</small><small class="image-media media-photo-credit" placeholder="Add Photo Credit...">Photo: IATA</small></p><p>For other companies, it's about securing new partnerships with major players in the hopes of finding that scale. Evernym, for example, is working with International Air Transport Association, the airline industry's trade association, on an air travel-specific app called Travel Pass. IATA is working with airlines and local governments to ensure it has the latest requirements to feed the app's rules engine. "It will say, 'Hey, you're flying JFK to Heathrow, you need a PCR test 48 hours in advance before you can land,'" Evernym's Smith said. "And of course, those policy changes are changing every day." Qatar, Emirates and Etihad Airways are all <a href="https://simpleflying.com/qatar-iata-travel-pass-launch/" rel="noopener noreferrer" target="_blank">expected</a> to start trialing the app in the next few weeks.<br></p><p><div class="ad-tag"><div class="ad-place-holder" data-pos="5">
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</div></p><p>In other instances, the technology will live inside other companies' existing apps; why make someone download yet another app and add another hurdle to compliance? Instead, the experience will be rather like adding a loyalty account or TSA PreCheck number when booking a flight. Airlines and other venues restricting access will require uploading negative test results or vaccine records using one of these services. "You're going to be using the United or the Delta app, and they'll be using our solution or somebody else's, but you will do it via their app," IATA's Travel Pass lead, Alan Murray Hayden, told Protocol.</p><p>The World Health Organization is also working on its own offering, and recently convened the <a href="https://www.who.int/groups/smart-vaccination-certificate-working-group" rel="noopener noreferrer" target="_blank">Smart Vaccination Certificate Working Group</a>. It's built upon the WHO's nearly century-old notion of the "yellow card" vaccination record, which first was used to document that travelers had been inoculated against diseases such as cholera and yellow fever. Evernym Chief Trust Officer Drummond Reed is part of the working group; he said there should be more to share in the coming months. </p><h3>What could go wrong?</h3><p>It's entirely possible that as more people start to get vaccinated, vaccine passports start to become the norm. You walk to work — still masked, of course — scan a QR code reader in the lobby, and are let in. You go out for lunch, and your loyalty card app has a discount for in-store shoppers verifying they're vaccinated. Your concert ticket is also tied to health pass information that you shared earlier in the day with Ticketmaster. But there are more than a few hurdles ahead of the companies rushing to turn these concepts into realities. </p><p><div class="ad-tag"><div class="ad-place-holder" data-pos="6">
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</div></p><p>First off, there's the … reality … of the real world that any digital system has to contend with. For anyone without access to the internet, digital vaccine credentials will prove difficult to acquire, though all the companies Protocol spoke with said they would offer a paper-based QR code for people who don't have smartphones. But there's also the issue of having to corral so many different stakeholders into one system, especially when some health care providers are still reliant on antiquated database systems or <a href="https://www.protocol.com/manuals/health-care-revolution/electronic-health-records-after-coronavirus" target="_self">even paper records</a>. "The amount of inefficiency in the system is tremendous," IBM's Piscini said. </p><p>But in the U.S. at least, all vaccinators are required to report COVID-19 vaccines to their state. Piscini said that even for people who just received a paper copy of their vaccine records, systems like IBM's can likely link up to the state's immunization registry and allow people to import records to a vaccine passport.</p><p class="shortcode-media shortcode-media-rebelmouse-image">
<img type="lazy-image" data-runner-src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yNTY2NTc4My9vcmlnaW4ucG5nIiwiZXhwaXJlc19hdCI6MTYzNzg3MTM2M30.RZtqR7F_FuXK1S24V6jVaqUZ0xOSG-gCwj00xU3fxcM/img.png?width=980" id="b0bd3" class="rm-shortcode" data-rm-shortcode-id="11d8002d92c0cd6ef39b12fc7b8dccf8" data-rm-shortcode-name="rebelmouse-image">
<small class="image-media media-caption" placeholder="Add Photo Caption...">How CommonPass's app shows your records. </small><small class="image-media media-photo-credit" placeholder="Add Photo Credit...">Image: CommonPass</small></p><p>And states are willing to help out, Pollak said, adding that CommonPass has started working with Hawaii to roll out its offering for would-be tourists. "We're seeing a lot of state governments stepping up and doing a really good job with this," Pollak said. "It would be surprising if there wasn't a coordinated federal effort very soon." That being said, while <a href="https://www.cbc.ca/news/canada/north/iceland-covid-passports-canada-1.5904828" rel="noopener noreferrer" target="_blank">many countries around</a> the world are committing to working on vaccine passports, getting a straight answer out of the U.S. government on what it's doing has proven difficult. The State Department, which maintains America's traditional, analogue passports, referred me to Homeland Security, which referred me to the White House. The acting director and chief of staff of the White House's Office of Science and Technology Policy, Kei Koizumi, told Protocol that "OSTP can't discuss projects we are working on before they are publicly announced."</p><p><div class="ad-tag"><div class="ad-place-holder" data-pos="7">
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</div></p><p>But even with systems in place at a federal level, there's still a fair amount of education that needs to happen before people will trust systems like these. "There's a substantial gap in understanding and knowledge of how these systems work, and people's views, in terms of who should get access to which data," Pollak said. </p><p>"We assume there's a Facebook Borg in the sky, monitoring every interaction," Smith said. "The emergence of verifiable credentials breaks down that mental model, where actually it becomes more like decentralized bits of paper that I can carry around, and no one's to know that I've been sharing this information."</p><p>"Our belief is that if you do the right thing, from a platform point of view, protecting your privacy, and giving you control and access to the platform to everybody who wants to use it," Piscini said. "I think those are very basic things that allow the core of the platform that we build to generate adoption by the individuals."</p><p><div class="ad-tag"><div class="ad-place-holder" data-pos="8">
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</div></p><p>Even with a system that works, there may still be holdouts to this potential new normal. "Some people are saying, 'I will never get vaccinated,'" Piscini said, "and I don't know if the airlines are going to say, 'Well, maybe you will never fly again.'"</p>
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Mike Murphy ( @mcwm) is the director of special projects at Protocol, focusing on the industries being rapidly upended by technology and the companies disrupting incumbents. Previously, Mike was the technology editor at Quartz, where he frequently wrote on robotics, artificial intelligence, and consumer electronics.
Protocol | China
Everything you need to know about the Jingdong Logistics IPO
JDL wants to ride China's ecommerce wave and become the integrated logistics firm to rule them all.
BEIJING, CHINA - NOVEMBER 11, 2020: A view of the Jingdong logistics centre in southern Beijing, one of the largest in Asia, with its automated sorting equipment capable of processing up to 800,000 packages per day, and customers waiting no longer than a day for their orders to arrive. Jingdong is the leading Chinese e-commerce platform.
Photo: Artyom Ivanov\TASS via Getty Images
February 19, 2021
David Wertime is Protocol's executive director. David is a widely cited China expert with twenty years' experience who has served as a Peace Corps Volunteer in China, founded and sold a media company, and worked in senior positions within multiple newsrooms. He also hosts POLITICO's China Watcher newsletter. After four years working on international deals for top law firms in New York and Hong Kong, David co-founded Tea Leaf Nation, a website that tracked Chinese social media, later selling it to the Washington Post Company. David then served as Senior Editor for China at Foreign Policy magazine, where he launched the first Chinese-language articles in the publication's history. Thereafter, he was Entrepreneur in Residence at the Lenfest Institute for Journalism, which owns the Philadelphia Inquirer. In 2019, David joined Protocol's parent company and in 2020, launched POLITICO's widely-read China Watcher. David is a Senior Fellow at the Foreign Policy Research Institute, a Research Associate at the University of Pennsylvania's Center for the Study of Contemporary China, a Member of the National Committee on U.S.-China Relations, and a Truman National Security fellow. He lives in San Francisco with his wife Diane and his puppy, Luna.
February 19, 2021
If Chinese ecommerce is a gold rush, Jingdong Logistics wants to sell everyone a pick and shovel.
That's the basic pitch behind an anticipated $5 billion IPO in Hong Kong that could value ecommerce giant JD.com's logistics arm at $40 billion, according to Bloomberg, making it the second most valuable third-party shipping company in China behind SF Express.
<p>Here's everything you need to know about JDL and its market debut.</p>
WHAT DOES JDL DO?
<p>As the name suggests, JDL is the shipping and delivery arm of JD.com, China's second-largest ecommerce company after Alibaba. JD, listed on Nasdaq, is currently valued at over $160 billion.</p><p>JDL is a spin-off that began as JD's in-house logistics department in 2007, with its operations consolidated into a wholly owned subsidiary in 2011. Since 2017, it's made its services available to other companies besides parent JD and is betting that "as supply chain demands become increasingly sophisticated, more companies are expected to outsource their supply chain operations to third parties that can provide comprehensive supply chain solutions and logistics services," according to its <a href="https://www1.hkexnews.hk/app/sehk/2021/103201/documents/sehk21021600660.pdf" target="_blank">offering prospectus.</a></p><p>JDL will be JD's third spinoff. JD Health <a href="https://www.cnbc.com/2020/12/03/jd-health-hong-kong-ipo-raises-3point5-billion.html" target="_blank" rel="noopener noreferrer">raised $3.5 billion</a> in a Hong Kong IPO in December 2020 and JD Digits, its finance unit, is planning an IPO in Shanghai, although it has been <a href="https://www.yicaiglobal.com/news/jdcom-fintech-arm-seeks-usd29-billion-via-star-market-ipo-" target="_blank" rel="noopener noreferrer">reorganizing itself</a> to avoid running afoul of regulators as Ant Financial did in the run-up to its planned public offering.</p><p>JDL says it has over 800 warehouses and employs over 240,000 workers in delivery, warehouse and customer service roles. Its stated goal: "To become the world's" — not just China's — "most trusted supply chain solutions and logistics services provider." It's already known for its logistics prowess; many items delivered via JD allow buyers to specify the precise hour of doorstep delivery, so investors are unlikely to need a hard sell.</p>WHAT'S NEXT FOR JDL
<p>JDL plans to use the proceeds of the offering to broaden its warehouse network and trick them out with more "smart" tech, strengthen its line-haul network, upgrade its cold-chain network to keep up with online demand for fresh foods and pharmaceuticals and bolster its cross-border network, partly because "demands from Chinese consumers for foreign products continue to remain robust."</p><p>JDL expects Chinese logistics spending to reach nearly $3 trillion by 2025, the highest in the world, partly due to "redundant logistics processes" that the company hopes to streamline. The integrated supply chain logistics market involves everything from express and last-mile delivery, to trucking and warehousing, to add-on services such as home installation and after-sale services, according to JDL. But it thinks that market is "highly fragmented" and sees a chance to become the logistics firm to rule them all.</p><p>Its secret weapon: tech. Its IPO prospectus mentions automated guided vehicles, autonomous mobile robots, sorting robots and self-driving vehicles, among other things, which will deliver "critical improvements in speed, accuracy and productivity in all key logistical operations." This includes a fully unmanned warehouse in Shanghai, already in operation. And the company will be guided by data to "gain a more comprehensive understanding of the sources of inefficiencies."</p>JDL's FINANCIALS
<p>JDL doesn't make a profit, but the trend lines are good. Revenue's rising quickly: It grew 31.6% between 2018 and 2019, from about $5.8 billion to about $7.7 billion. From 2019 to 2020, revenue for the first nine months of the year jumped 43.2%, from about $5.3 billion to about $7.6 billion. Net losses were about $340 million in 2019, and only $1.8 million over the first nine months of 2020.</p><p>The company has previously been criticized by both commentators and JD CEO Richard Liu for bleeding cash. Chinese financial outlet Caixin <a href="https://www.caixinglobal.com/2021-02-17/jd-logistics-files-prospectus-for-hong-kong-ipo-101663953.html" target="_blank">reported Wednesday</a> that Liu had "[written] in an internal email to [JD's] delivery leg in mid 2019 that the financing could only support JD Logistics' operation for two years if the company kept losing money." JDL's previous CEO, Wang Zhenhui, was ousted in December and replaced by Yu Rui, who had been the head of JD's Human Resources department.</p><p>JDL isn't promising a quick path to profitability, instead focusing on improving its competitive position. "Our costs and expenses will likely increase in the future as we expect to expand our logistics infrastructure, enhance our supply chain capabilities, develop and launch new solutions and service offerings, expand customer base in existing market and penetrate into new markets, and continue to invest and innovate in our technological platform," the prospectus says. "Any of these efforts may incur significant capital investment and operating expenses, and take time to achieve profitability." </p><p>But JDL spent only 2.9% of its revenue on research and development in the first nine months of 2020, down from 4% in 2018, suggesting JDL is far from a pure tech play.</p>WHAT COULD GO WRONG?
<p>A bet on JDL is a bet on China's continued economic growth, growing consumer demand, digitization of commerce and deepening penetration of broadband and mobile internet. If these trends reverse, JDL — and many other Chinese companies, not to mention the global economy — is in trouble.</p><p>JDL also flags its relationship with its parent as a possible concern. JD's the source of most of JDL's revenue – 56.6% in the first nine months of 2020, down from 61.6% in 2019 – and its ties with JD may prevent JDL from doing business with JD's direct competitors. What happens to JD and even CEO Richard Liu (刘强东) reputationally will also affect JDL. (One example: In August 2018, Liu was<a href="https://www.nytimes.com/2018/09/04/technology/jdcom-richard-liu-arrest-rape.html?module=inline" target="_blank"> arrested</a> on a rape allegation while on a business trip in Minnesota. Prosecutors declined to charge him, and he later<a href="https://www.nytimes.com/2019/12/13/business/liu-jingyao-interview-richard-liu.html" target="_blank" rel="noopener noreferrer"> faced a civil lawsuit</a> in a Minnesota court.)</p><p>Then there's the perpetual risk of intense competition. In the integrated logistics arena, this could come from the industry trend toward consolidation, which could mint new or bigger competitors than currently exist on the landscape. </p>WHO GETS RICH?
<p>Here's what we know from the prospectus:</p><ul><li>Post-IPO, JD will still own a controlling interest in JDL via two subsidiaries, so JD founder and CEO Liu, who ultimately owns more than 76% of JD, has the most to gain. </li><li>Cayman Islands-based Eastar Capital Fund, L.P. invested $360 million in a Series A round and owns 2.9% of outstanding shares.</li><li>Hillhouse Capital invested $360 million in a Series A round via a subsidiary and owns 2.9% of outstanding shares.</li></ul><p>As the Series A<a href="https://techcrunch.com/2018/02/13/jd-coms-logistics-business-raises-2-5b/" target="_blank" rel="noopener noreferrer"> reportedly valued</a> JDL at $13.5 billion, Eastar and Hillhouse stand to roughly triple their money upon the IPO.</p><p>Other investors include entities controlled by Tencent, Sequoia China and China Merchants Bank.</p>WHAT PEOPLE ARE SAYING
<ul><li><strong></strong><strong>"JD [Logistics] is the only company building an integrated, on-demand, digitized and increasingly autonomous logistics infrastructure at this scale,"</strong> Jeffrey Towson, professor of investment at Peking University's Guanghua School of Management in Beijing,<a href="https://www.scmp.com/tech/big-tech/article/3122045/jd-logistics-ipo-expands-e-commerce-empire-chinas-largest-retail" target="_blank"> told</a> the South China Morning Post on Thursday.</li><li><strong>"The problem is that JD Logistics is the only one still losing money among the publicly listed express delivery companies," </strong>Wu Lingwei wrote on WeChat account E-Commerce Online on Thursday.</li></ul>
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David Wertime is Protocol's executive director. David is a widely cited China expert with twenty years' experience who has served as a Peace Corps Volunteer in China, founded and sold a media company, and worked in senior positions within multiple newsrooms. He also hosts POLITICO's China Watcher newsletter. After four years working on international deals for top law firms in New York and Hong Kong, David co-founded Tea Leaf Nation, a website that tracked Chinese social media, later selling it to the Washington Post Company. David then served as Senior Editor for China at Foreign Policy magazine, where he launched the first Chinese-language articles in the publication's history. Thereafter, he was Entrepreneur in Residence at the Lenfest Institute for Journalism, which owns the Philadelphia Inquirer. In 2019, David joined Protocol's parent company and in 2020, launched POLITICO's widely-read China Watcher. David is a Senior Fellow at the Foreign Policy Research Institute, a Research Associate at the University of Pennsylvania's Center for the Study of Contemporary China, a Member of the National Committee on U.S.-China Relations, and a Truman National Security fellow. He lives in San Francisco with his wife Diane and his puppy, Luna.
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