Fintech News

Google Announces Launch of Google DeepMind to Accelerate Progress in AI

April 21, 2023 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 Unveils New AI Company

April 15, 2023 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

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

April 10, 2023 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’s AI-Powered Picture Analysis Tool Can Identify and Separate Objects

April 7, 2023 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

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

April 5, 2023 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 to Propose Bill Eliminating Taxes on AI and Tech Innovations

March 25, 2023 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

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

March 12, 2023 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 Moves to Facilitate Digital Payments with CBDC

February 13, 2023 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 to launch AI chatbot challenging ChatGPT

January 30, 2023 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

Groundbreaking Cardano-powered electric vehicle project to launch in Sri Lanka

January 20, 2023 1 min read

A manufacturer of electric vehicles (EVs) has announced the debut of its EV project built on the Cardano (ADA) network, set to launch in Sri Lanka. The Sri Lanka deployment of eTukTuk, the first-ever automotive project created on Cardano, was announced at the World Economic Forum (WEF) taking place in Davos, Switzerland. The eTukTuk project aims to address the infrastructure and cost issues that have previously prevented the launch of

Chinese scientists claim to have broken encryption with quantum computers

January 6, 2023 1 min read

Chinese researchers have claimed that they have used quantum computers to break the standard RSA algorithm, which is used for encryption by many industries, including banking, mobile phones, and data storage. The researchers published a “scientific paper” last month stating that they had used their algorithm to factor a number with 48 bits on a quantum computer with ten qubits, but had not yet tried to scale it up to

The central bank of Spain is conducting trials of digital central bank currencies (CBDCs) for wholesale purposes

December 8, 2022 1 min read

The Bank of Spain (BDE) has announced a new experimental program to assess the viability of implementing wholesale Central Bank Digital Currencies (CDBCs) in an effort to better meet the “needs and demands of an increasingly digital society.” The BDE is looking to collaborate with financial and technological institutions to launch the pilot program. The program will concentrate on three main areas: simulating the transfer of funds, testing the liquidation