Stanley Cheah, Singapore

There is a small cord that is sticking out still. How should we treat this?

Hello! Newborn of 5 days just started developing this. Looks a bit like diaper rash but noticed there was a bit of these yellow as well in the picture. Wanted to check just to be sure and would appreciate any input. Thank you!!#firsttimemom #parentsplace #advicepls Only click the image if you are okay with seeing his balls.