Achiko's Pivot: From Fintech to Health Tech During COVID-19 | SOSV

Adapting to the Pandemic: Achiko's Shift to Affordable COVID-19 Screening

Numerous organizations were compelled to adjust their strategies throughout the COVID-19 pandemic. For SOSV-backed Achiko, this necessitated a redirection of resources away from mobile payment solutions and toward accessible COVID-19 screening options.

Achiko’s system integrates the Teman Sehat application – meaning “Health Buddy” in Indonesian – designed for payment processing and maintaining records of test results. It also utilizes unique, low-cost testing kits leveraging DNA aptamers.

Aptamex: Low-Cost Testing Utilizing DNA Aptamers

These testing kits, initially referred to as Gumnuts and now known as Aptamex, were created in collaboration with Barcelona-based biotech firm RegenaCellx.sl. The first phase of clinical validation trials concluded in January, with production anticipated to commence in the second quarter of the current year.

The Teman Sehat app was built upon technology originally developed by Achiko for a payments aggregator called Mimopay.

Company Background and Strategic Pivot

Established in 2018, Achiko became publicly listed on the Swiss Stock Exchange the following year. According to CEO Steven Goh, the company was progressing toward expansion into buy now, pay later services in 2020 when international travel was severely disrupted by COVID-19.

This disruption would have significantly prolonged and increased the expense of the necessary compliance procedures. Consequently, Achiko opted to explore how its existing technological infrastructure could be utilized to address the challenges presented by the pandemic, ultimately leading to the launch of Teman Sehat.

Addressing the Cost Barrier to Frequent Testing

The application incentivizes individuals to undergo testing, facilitates payments, and maintains a record of test outcomes. These records can be utilized for check-in procedures by businesses and workplaces. However, while developing Teman Sehat, Achiko’s team identified that the cost of conventional COVID-19 PCR and rapid tests was prohibitive for many individuals in developing nations.

While frequent, large-scale testing may become feasible in regions like the United States and Europe, Goh explained to TechCrunch that the wholesale cost of rapid tests typically ranges from $5 to $8. The final cost to the end-user, including delivery, could escalate to between $20 and $70, a price point deemed too high for countries such as the Philippines or Indonesia.

Developing an Affordable Solution: Aptamex

Achiko determined that the full potential of Teman Sehat would be unrealized without a corresponding low-cost testing solution. This led to a partnership with Regenacellx.sl. In January, Dr. Morris Berrie, co-founder and chairman of TTS Global Initiative, was appointed as president to oversee the development and production of Aptamex.

The company stresses that Aptamex is not intended to supplant PCR and rapid tests. Instead, it is designed as an economical screening tool, priced at under 25 cents USD per kit, enabling frequent testing – daily or every other day – with positive results prompting referral for confirmation via PCR or rapid testing.

The Advantages of Aptamer Technology

Berrie highlighted to TechCrunch the cost-effectiveness of aptamer production, as they can be readily ordered from suppliers of synthetic DNA. “It is incredibly cheap and synthetic, and the test itself is noninvasive. These are significant advantages. Most importantly, the price point is a fraction of that of other available testing kits,” he stated.

The Aptamex process involves gargling a mouthwash, collecting a sample in a tube, and submitting it to a testing center. The saliva sample is then diluted with Aptamex’s aptamer test conjugate and analyzed using a spectrophotometer to detect binding between the aptamers and the COVID-19 spike protein.

Results are available within one hour and can be transmitted through the Teman Sehat application. Initial Phase 1 testing in Indonesia demonstrated 91% sensitivity – the ability to correctly identify positive cases – and 85% specificity – the accuracy in identifying true negatives.

Future Plans and Expansion

Currently, procurement and manufacturing of Aptamex tests are underway in Taiwan. Achiko is preparing submissions to Indonesia’s Ministry of Health, aiming to begin shipping kits by the start of the third quarter. The company is also pursuing CE certification for use in Europe and intends to apply for FDA approval in the United States.

Goh noted that aptamers have the potential to be utilized in the development of tests for other pathogens and in various formats, including microfluidics and electronic sensors. This adaptability means Aptamex can be modified to detect COVID-19 mutations and, ultimately, be employed for screening for other diseases.

A potential obstacle to the widespread adoption of aptamers in diagnostics is the current lack of standardized protocols and kits. However, Achiko believes these can be developed as the cost of chemical synthesis decreases and comprehensive aptamer databases are established.

A Long-Term Focus on Health Technology

Looking ahead, Achiko will prioritize health technology over financial products. “There’s no intention to be a financial services platform going forward,” Goh affirmed. “The vision of leveraging a new technology stack to initially detect COVID-19, but ultimately any range of other pathogens or indicators of potential health issues, and integrating these capabilities in a modern way, is something we believe is truly valuable.”