Unmasking the AI startup founder that faked his credentials

This week’s On the Rise explores the false claims of Vizzio’s founder, investor demand for bitcoin ETFs in the region, and Cyberport’s focus on AI. [Read from your browser]( On the Rise 🚀 Welcome to On the Rise! Delivered every Tuesday via email and through the Tech in Asia website, this free newsletter breaks down the biggest stories and trends in emerging tech. If you’re not a subscriber, get access by [registering here](. --------------------------------------------------------------- IN FOCUS In today's newsletter, we look at: - A rising AI entrepreneur’s [fake credentials]( - Investor demand for bitcoin in Southeast Asia [after regulatory approval in the US]( - Hong Kong-based incubator Cyberport’s AI focus Hello {NAME} , When I first watched [Catch me if you can]( in a theater in 2002, I remember being fascinated by the story of this young con artist who tried to outwit the FBI. While - at the time - the movie claimed to be based on the true story of Frank Abagnale Jr., I found it hard to believe that it would be so easy to convince people that you were a doctor or a pilot without the experience and credentials. Last year, when a new book revealed that Abagnale’s [story itself was a hoax]( I was happy to know that my hunch was right. But recently, my conviction that it’s difficult to fake who you are was put to the test when I worked with Lokesh and Terence on the story of Vizzio’s founder and CEO, Jon Lee, who faked his Cambridge Ph.D. In our first Big Story, we uncovered that a forged University of Cambridge degree was handed over to one of Vizzio’s investors. What was more alarming was that it wasn’t the first time that Lee had pulled the wool over people’s eyes. Over 20 years before, when working as the CTO of another startup, he had falsified his credentials while going by a different name. Speaking of cons, the reputation of cryptocurrencies took a hit last year due to several scamming incidents. However, it seems that the demand for bitcoin among investors may be about to make a comeback. In our second Big Story, my colleague Scott probes to see whether the recent regulatory approval by the US Securities and Exchange Commission will see investors from Southeast Asia pouring more money into bitcoin. In AI Odyssey, Scott speaks to the chair of Hong Kong government-backed incubator Cyberport on their growth drivers in 2024. But first, the Big Stories. -- Collin  --------------------------------------------------------------- THE BIG STORIES 1️⃣ [Rising AI entrepreneur admits to faking his Cambridge Ph.D.]( Dennis Lee, the CTO of dot-com startup Elipva who is infamous for falsifying his credentials, has resurfaced as Jon Lee, CEO of AI firm Vizzio. 2️⃣ [US regulator’s approval could trigger bitcoin rush among SEA investors]( Bitcoin ETFs will increase investment from institutional investors in Southeast Asia, but skeptics still point to the risks associated with crypto.  --------------------------------------------------------------- AI ODYSSEY  Promising AI projects we’re noticing AI and semiconductors will drive Hong Kong in 2024 Generative AI and other AI-related sectors, such as semiconductors, will be the main growth area for Cyberport in 2024, said [Simon Chan Sai-ming]( the chair of the Hong Kong government-backed incubator. “AI generative technology will experience the fastest growth,” he told a small group of journalists in Hong Kong in October. Cyberport’s main focus is developing companies that focus on fintech, digital entertainment, and smart living, which includes smart cities, healthcare, and sports tech. GenAI, along with segments like Web3, semiconductors, and environmental, social, and corporate governance (ESG) were the company’s biggest growth drivers in 2023, Chan said. He added that the group currently has about 2,000 startups, with about 700 to 900 firms coming from its [incubation program](. Cyberport also has 170 companies in the [Cyberport Investors Network]( which includes venture capitalists, angel investors, and private equity funds. The push to develop genAI is part of Hong Kong’s plans to become a regional smart city. In 2023, Hong Kong’s chief executive [John Lee]( announced that Cyberport would be setting up an [AI supercomputing center](. The project will be opened in phases starting in late 2024, with a second phase opening in “about 2025 to early 2026.” The center will also focus on developing healthtech, advanced manufacturing, and new energy technology. Chan said the city is also focusing on bringing in more firms involved in semiconductor development. The manufacturing of semiconductors has become a priority for China following the US’ imposition of export restrictions on its high-end chips. The US says the restrictions are part of a strategic plan to slow China’s ability to develop military-based AI. Chan said Hong Kong has also given Cyberport HK$500 million (about US$64 million) for a digital transformation pilot program aimed at helping small and medium-sized enterprises digitalize their operations. The government has given the agency HK$50 million (US$6.4 million) to develop Web3 technology as well. “The first step is to make people understand what Web3 is,” Chan said. “The second one is to provide technological support to the Web3 enterprises or companies in Hong Kong.” He said Cyberport’s third goal is to develop enough momentum to attract more private equity and venture capital for the Web3 space. -- Scott  --------------------------------------------------------------- NEWS YOU SHOULD KNOW Also check out Tech in Asia’s coverage of the emerging tech scene [here](. 1️⃣ [Kai-Fu Lee quits Vizzio’s board]( ACRA data shows that the renowned AI expert stepped down from Vizzio’s board on January 9. A January 16 report from Tech in Asia uncovered false claims made by Vizzio’s founder and CEO Jon Lee. 2️⃣ [Another board exit, but for a better reason]( PropertyGuru’s founding CEO Steve Melhuish has resigned from the board to focus on climate tech. Melhuish, who stepped down as CEO in 2016, has since founded impact investment firm Planet Rise and is a founding partner at Wavemaker Impact. 3️⃣ [Yet another step down]( East Ventures managing partner Koh Wai Kit steps down. A spokesperson from the VC firm said Koh will transition to an advisory role this month and that the firm has no immediate plans for a replacement. 4️⃣ [Singapore drafts genAI governance framework]( Singapore’s Infocomm Media Development Authority and AI Verify Foundation have launched a draft governance framework for generative AI. The move comes after the two entities announced the launch of an evaluation sandbox late last year. 5️⃣ [ABC Impact hits first close of new fund]( Dubbed the ABC Impact Fund II, it has hit over US$550 million in assets under management. Launched in August 2023, the fund aims to invest in companies focused on creating social and environmental impact in Asia.  --------------------------------------------------------------- FYI [Once a Malaysian success story, Hitachi’s Fusionex comes crashing down]( The Japanese conglomerate bought the company as part of its big data/AI push, only to find out that things were not as rosy as it seemed.  --------------------------------------------------------------- That’s it for this edition - we hope you liked it! Do also check out previous issues of the newsletter [here](. Not your cup of tea? You can unsubscribe from this newsletter by going to your “edit profile” page and choosing that option in our preference center. See you soon! [ADVERTISE]( | [SUBSCRIBE]( | [HIRE]( | [FIND JOBS]( P.S. Don't miss out on the biggest tech news and analysis. Add newsletter@techinasia.com to your address book, contacts, or safe sender list. Or simply move us into your inbox. Too many emails? 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