Silvergate Bank prepares for staff reduction as it commences NYSE delisting process

Silvergate Bank initiates NYSE delisting proceedings amid plans to lay off 230 employees

1 min read

Silvergate Capital, the parent company of the defunct Silvergate Bank, has revealed that 230 employees will be let go as it prepares to be delisted from the New York Stock Exchange (NYSE). In a filing to the US Securities and Exchange Commission (SEC) on May 11, Silvergate Capital announced the suspension of trading in its stock, with the delisting to commence “shortly” after. The staff cut is estimated to cost

the 3rd and 4th of May, the 3rd Annual Middle East WealthTech Forum & Awards

Wealth Technologies: The Future of Wealth Management 

3 mins read

Over the past two days, the 3rd and 4th of May, the 3rd Annual Middle East WealthTech Forum & Awards was concluded, leaving behind the resonance of the copious knowledge and insight shared during the course of its duration. “Technology will create new paths in investment decisions and asset management which probably don’t  exist today.” A statement made by Robert Hahm – Chief Executive Officer at Mashreq Capital (DIFC) Ltd.

China continues to forge ahead with its digital yuan adoption plans, with the latest move seeing the CBDC being integrated into the education and public transport sectors. The province of Jiangsu has revealed that it is set to launch a platform that will enable its citizens to pay education and exam fees using the digital yuan before the end of the year. Additionally, the province's Department of Education will allow scholarship grants to be paid out in the CBDC. Jiangsu has plans to "comprehensively promote" digital yuan pilot work in the education field and aims to have each provincial-level school promoting at least one digital yuan application project by the end of 2025. Meanwhile, in Guangdong Province, the city of Jiangmen has announced that digital yuan payments will be accepted on its entire bus network. State-owned operator Jiangmen Bus said that all of its public buses, school buses, and park transport systems would allow CBDC payments. The city has updated its buses with new software that allows card readers to scan QR codes from digital yuan wallets. These latest developments come after a digital yuan partnership was announced earlier this month between BNP Paribas China and the state-owned Bank of China. The deal will enable BNP Paribas China's corporate clients to pay in digital yuan via a CBDC management platform.

Chinese Province Introduces Plan to Adopt Digital Yuan

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Chinese provinces are taking further steps towards digital yuan adoption as the central bank digital currency (CBDC) continues to be used in education and public transport. Jiangsu, a coastal province, has announced plans to launch a platform for citizens to pay education and exam fees using the digital yuan. It will also enable scholarship grants to be paid out in CBDC, and all provincial-level schools will be required to promote

DeepMind to Lead Google's Consolidated AI Teams

Google Announces Launch of Google DeepMind to Accelerate Progress in AI

1 min read

Alphabet, the parent company of Google, has unveiled Google DeepMind, a new group focused on advancing artificial intelligence (AI). The group brings together the existing DeepMind and Brain teams under one banner to work on building more capable and responsible general AI systems. According to Google and Alphabet CEO Sundar Pichai, the move will significantly accelerate progress in AI and ensure its bold and responsible development. The new group will

Elon Musk Launches AI Company

Elon Musk Unveils New AI Company

1 min read

Reports have emerged that Tesla and SpaceX CEO Elon Musk is setting up X.AI Corp, a new artificial intelligence (AI) company that will supposedly rival OpenAI’s ChatGPT. The Wall Street Journal and the Financial Times have both reported on the development, stating that Musk has been hiring AI researchers and engineers and is in talks with investors from Tesla and SpaceX to raise capital for the firm. The recent state

Two Google employees tried to stop the company from launching its own AI chatbot

Google’s AI Competitor to ChatGPT faces internal opposition: Report

1 min read

Artificial Intelligence (AI) technology is being met with resistance as more people express concerns about its impact on society. With AI chatbot ChatGPT from OpenAI and generative AI image makers like Midjourney and DALL-E 2, AI has become a major talking point. However, not everyone is on board with this emerging technology. According to a report from The New York Times (NYT), two Google employees tried to stop the company

Meta (Facebook) announced its latest project called the Segment Anything Model

Meta’s AI-Powered Picture Analysis Tool Can Identify and Separate Objects

1 min read

After the collapse of its Metaverse ambitions, Meta (formerly known as Facebook) announced its latest project called the Segment Anything Model. This new AI tool allows users to identify specific items in an image with just a few clicks. While still in demo mode, Meta says that Segment Anything can already identify the pixels that makeup everything in a photo, allowing one or more items to be separated from the

Biden Warns Tech Firms to Address Risks of AI

US President Biden Asks Tech Companies to Address the Potential Risks of Artificial Intelligence

1 min read

On Tuesday, United States President Joe Biden expressed concerns over the safety of artificial intelligence (AI) and urged technology firms to ensure their products are secure before releasing them to the public. During a meeting with science and technology advisers, Biden acknowledged the potential benefits of AI in tackling issues such as disease and climate change but also emphasized the importance of addressing possible risks to society, national security, and

El Salvador's President has announced plans to propose a bill to Congress that would abolish taxes on technology

El Salvador’s President to Propose Bill Eliminating Taxes on AI and Tech Innovations

1 min read

El Salvador’s President Nayib Bukele has announced plans to propose a bill to Congress that would abolish taxes on technology innovation, computing, artificial intelligence (AI) development, and communication hardware manufacturing. The bill is aimed at encouraging growth in the technology sector and attracting more foreign investment to El Salvador. The tax exemption will include property, capital gains, income, and import tariffs on technology innovations such as coding, software programming, AI

The 11th edition of GISEC Global, taking place from 14-16 March 2023 at the Dubai World Trade Centre (DWTC), is set to host a record 500-plus cybersecurity brands, 300 leading InfoSec and cybersecurity speakers

GISEC Global 2023 draws prominent international cybersecurity leaders to address US$2 trillion market

7 mins read

Middle East’s largest and most impactful cybersecurity event to feature a record 500-plus exhibiting brands from 53 countries New Hack-O-Sphere to gather 1,000-plus ethical hackers in thrilling cyber competition series including US$1 million CyTaka World Cyber Championship Dubai, UAE, 10 March 2023: The 11th edition of GISEC Global, taking place from 14-16 March 2023 at the Dubai World Trade Centre (DWTC), is set to host a record 500-plus cybersecurity brands, 300 leading

UAE aims to introduce CBDC

UAE Moves to Facilitate Digital Payments with CBDC

1 min read

UAE aims to introduce central bank digital currency (CBDC) and create a secure and transparent platform for domestic and cross-border payments, and it promises to drive financial inclusion, payment innovation, security, and efficiency. The project will also help the UAE to become a cashless society, offering a more efficient alternative to traditional payment methods. In addition, the UAE’s new licensing framework for crypto companies is a step toward more efficient

Baidu unveils AI chatbot rivaling OpenAI's ChatGPT

Baidu to launch AI chatbot challenging ChatGPT

1 min read

China’s largest search engine company, Baidu, plans to launch an AI chatbot service similar to OpenAI’s ChatGPT in March. The tool, which has yet to be named, will be initially embedded in Baidu’s main search services and allow users to get conversation-style search results. Baidu has invested billions of dollars in AI research in recent years and its Ernie system, a large-scale machine-learning model, will serve as the foundation for

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