This week, in our tech overview of the most interesting and important headlines covering the tech world, we will share all the stories you do not want to miss the fintech, biotech, and telecom sector. We look at the possible revolution in migraine treatments, a new study providing insights on muscle-related disease therapies, telecoms in India come together to fight for a governmental reform of the telecom sector, China Unicom looks for alternative ways to raise funding after its NYSE ban, Qualcomm attempts to dominate the drone market, Minted launches an app for gold investment, UOB is approved for Equator Principles Association, and Microsoft invests in Zero-Trust solutions as ransomware skyrockets. We will also describe some of the most awaited launches that took place the past week, including Revolut’s earned wage access platform and Boku launching the biggest mobile payment network in the world. 

Oral Preventive Treatment May Revolutionize Current Migraine Therapies 

The biotech company, AbbVie, has recently acquired Allegan in a deal valued at $63 billion. One of the biggest competitive advantages that the new acquisition can bring to AbbVie is the well-developed migraine therapy sector. 

The New England Journal of Medicine recently published a phase 3 clinical trial results that explored the effect of the migraine prevention atogepant. The study showed the drug was effective in decreasing the number of headaches after a treatment round that lasted 12 weeks. After the positive results showed in the trials, AbbVie has applied for the FDA review and we can soon expect a decision or further steps required for approval.

If the review is successful, atogepant will be one of the very first oral medicines that can prevent migraines. The analysts predict up to $1.2 billion of the market in peak sales with AbbieVie’s estimation being slightly more conservative at roughly $1 billion. 

“Migraine prevention hasn’t been dominated by any of the injectable medicines, and we expect the orals to take share from the injectables, and to expand the market,” SVB Leerink said. Moreover, SVB Leering added the approval by the FDA is expected by September in terms of using atogepant to prevent episodic migraines. The company is currently studying the use of the treatment in chronic migraines, with the results to be ready next year. 

“Given the results in episodic migraine, and the efficacy results of other CGRP’s in chronic migraine, we expect the chronic trial to be successful,” SVB Leerink said.

New Research Provides Insights On How Muscle-Related Diseases Could Be Treated

New research led by scientists at Massachusetts General Hospital (MGH) and published in Genes & Development provides us with insights on what mechanism could be a game-changer in treated muscle-related conditions. The information published in the study shows how clinicians could generate patient-matched muscle cells that would be a tremendous help in muscle injuries, muscle degeneration or diseases such as muscular dystrophy.

As the research shows, the expression of MyoD, a muscle regulatory gene, could convert skin cells into fully mature muscle cells. The biggest problem up until now was that such mature muscle cells are not able to divide and self-renew which does not close the gap in current muscle-related disease therapy. “To address this shortcoming, we developed a system several years ago to convert skin cells into self-renewing muscle stem-like cells we coined induced myogenic progenitor cells or iMPCs. Our system uses MyoD in combination with three chemicals we previously identified as facilitators of cell plasticity in other contexts,” explains senior author Konrad Hochedlinger, PhD, a principal investigator at the Center for Regenerative Medicine at MGH and a professor of medicine at Harvard Medical School.

Hochedlinger and his colleagues were able to dig deep into the details of how this combination can convert skin cells into iMPCs. “Mechanistically, we showed that MyoD and the chemicals aid in the removal of certain marks on DNA called DNA methylation,” says lead author Masaki Yagi, PhD, a research fellow at MGH. “DNA methylation typically maintains the identity of specialized cells, and we showed that its removal is key for acquiring a muscle stem cell identity.”

The study was funded by the National Institutes of Health, Massachusetts General Hospital and the Gerald R. and Darlene Jordan Chair in Regenerative Medicine.

Telecoms In India Are Lobbying The Government For Market Reform 

A rare sighting could be observed in the Indian telecom world, as India’s telcos decided to unite and pressure the government to take steps needed for sector reform. Some of the key points that the telecom operators want to achieve are lower taxes, decreased spectrum payments, and a series of other levies. The Indian press is covering this case in detail, claiming that Vodafone India is barely managing to prosper due to the large burden of costs. 

“VIL has paid its license fee dues for first quarter 2021-22,” the operator said in a statement that was released after it was reported Vodafone India t had fallen short to the tune of almost $20 million. Furthermore, it is reported that it is not just Vodafone but other telecoms as well that find it hard to operate in the current telecom framework in India. 

“[The] Indian telecom sector remains one of the most heavily taxed sectors. The Government needs to recognize that the current revenue sharing regime of around 32% of revenue outgo as taxes and levies is unsustainable and will always be detrimental to the growth of the industry due to perennial lack of surplus cash to reinvest,” the letter signed by S. P. Kochhar, Director-General of the COAI says. 

The telecom operators have also asked for a 2% price reduction for an annual license and a significant reduction in spectrum usage charges. 

China Unicom Plans To List Its SMART Connection Tech Business In Mainland China

One of three state-owned telecom giants in China announced its plans to list its SMART Connection tech business in mainland China. The announcement is the latest in a series of moves coming from the state-owned telecoms in China that have struggled with raising funds after they were banned from NYSE at the beginning of 2021.

“Upon the spin-off and listing, SMART Connection Technology as an independent listed company can strengthen its financing ability and operational flexibility, better attract talents and strategic partners, enhance its competitiveness, accelerate its business development and improve returns, and release its value in a better way,” Unicom said, in a statement.

Qualcomm Tries To Dominate Drones With The Launch Of A 5G Drone Platform 

The US-based telecom giant Qualcomm that specialized in mobile chips wants to seize the opportunity and dominate the drone sector with the launch of its brand new 5G drone platform, Flight Platform. “We are proud to continue our momentum of enabling the digital transformation of global industries by unveiling the Qualcomm Flight RB5 5G Platform, a solution that is purpose-built for drone development with enhanced autonomy and intelligence features, bringing premium connected flight capabilities to industrial, enterprise and commercial segments,” said Dev Singh, General Manager of autonomous robotics, drones and intelligent machines at Qualcomm.

“As one of our important collaborators, Qualcomm Technologies has been working with China Unicom to drive integration of 5G and IoT into vertical use cases and provide products such as 5G modules and 5G industrial gateways for automation and robotics use cases, with focused areas including industrial equipment, iron and steel manufacturing, transportation and port, mining and energy, and healthcare,” said Li Kai, Chief Product Officer, IoT division, China Unicom.

As Ransomware Increases, Microsoft Invests In A Zero-Trust Provider Rubrik 

As we are currently experiencing a boom of ransomware, all major tech companies are trying to intensify their efforts to meet the demand for efficient solutions that will reduce the threats of cybercrime. Now, Microsoft announced its new strategic partnership with Rubrik that provides Zero Trust data protection. Based on the initial reports, Microsoft is ready for a hefty investment into Rubrik, however, no exact numbers have been announced. In a report put together by Bloomberg, the figure can be estimated in “tens of millions of dollars.” 

It is worth mentioning that the partnership between Microsoft and Rubrik is not unexpected as the two tech companies have a long-standing relationship and currently serve over 2000 mutual customers with their shared solutions. Now, they will focus on Zero Trust data protection solutions through Microsoft 365, cloud data protection, and solutions built on Microsoft Azure. 

“Customers, across industries, are migrating to the cloud to drive business transformation and realize growth,” said Nick Parker, Corporate Vice President, Global Partner Solutions, Microsoft. “End-to-end application and data management is critical to business success, and we believe that integrating Rubrik’s Zero Trust Data Management solutions with Microsoft Azure and Microsoft 365 will make it easy for customers to advance their Zero Trust journey and increase their digital resilience.”    

Minted Launches App For Gold Investment 

The UK-based fintech Minted has launched a new savings app that focuses on physical gold investments and lets customers buy, sell, and save physical gold. With saving plans starting with as little as £30 per month, users will be able to purchase pure gold from an LBMA (London Bullion Market Association) approved partner. There are also additional features such as free insurance or the free option to store the gold in a London vault. 

Becky Hutchinson, MD at Minted, says: “Right from the start, we wanted to make investing in gold a possibility for absolutely everyone. There is no reason why it should still be thought of as the preserve of the extremely wealthy or experienced investors. These are uncertain times and investing in precious metals can provide stability and the prospect of strong growth.”

“We’ve worked hard to ensure that our app is easy to use, intuitive and gives customers just the right amount of information to guide their investment decisions. The fintech sector is evolving rapidly and the boundaries are constantly being pushed in terms of the investment products and services coming to market. It is extremely important to us that our platform stands out from the crowd,” she adds. 

Minted offers a wide range of gold bars, with the size starting at 10g and going up to 1kg. Moreover, the fintech does not want to stop at gold and its long-term goal is expanding the platform to include other precious metals. 

“People may have various reasons for choosing gold: diversifying their investments, building an emergency fund, putting away money for their families in a safe place, or simply saving enough to splash out on a big purchase. We believe Minted offers options for everyone, and we are extremely proud to be bringing this new product to market,” Hutchinson adds. 

Boku Launches World’s Largest Mobile Payments Network 

Another interesting launch that occurred in the fintech sector this past week comes from Boku. The company launched what they describe as the world’s largest mobile payments network, with 5.7 billion payments accounts that are to be found in 90 countries around the globe. The competitive advantage of the network, M1ST, is making the mobile payment acceptance market easier and more accessible. With over 330 methods such as mobile wallets, direct carrier billing, and real-time payments schemes, the network is a huge operation that is supposed to support 0-tap subscriptions and 1-tap checkout transactions. 

Moreover, the merchants will be able to benefit from a single global settlement that saves them from the burden of foreign exchange, local taxes, and cash repatriation. 

Jon Prideaux, CEO, Boku, says: “For merchants to capitalize on the massive potential of mobile-first consumers, they need to accept the payment methods they have and prefer, which are increasingly behind glass screens, not rectangular pieces of plastic.

“We’ve spent the past decade delivering new customers to our merchants through mobile payments. Now that mobile payments have overtaken credit cards globally, merchant acceptance has moved from a competitive advantage to a strategic imperative,” he adds.

UOB Approved For The Equator Principles Association 

United Overseas Bank (UOB) which is currently the leading bank in Asia has just announced that it has been approved for the Equator Principles Association, and has subsequently adopted the Equator Principles (EPs). The EPs are risk management rules that financial institutions are using to improve risk decision-making across all environmental and social policies, procedures, and standards for financing projects.

Mr Eric Lim, Chief Sustainability Officer, UOB, said, “UOB’s adoption of the EPs underscores our ongoing integration of sustainability into our business strategy and lending practices, as we fulfill our role as a catalyst and enabler in helping our clients across the region to grow responsibly.”

Revolut Launches A New Earned Wage Access Platform 

When talking about exciting launches in the fintech sector, one can not miss the latest move from Revolut. The fintech giant has just unveiled Payday, its new earned wage access platform that will allow employees to track the money they have earned and provide them with access to the money they have earned but not yet been paid for through a traditional salary system. 

Currently, Revolut is in the first phase of the launch that will serve UK-based employers. However, the company plans to expand to EEA and the US next. Although the fee for using the platform has not been disclosed yet, Revolut stated it will be a “small, flat fee”. 

According to the information provided by Revolut, Payday will be cost-free for employers and simple to integrate into the existing payroll systems. What is important, the credit scores of the employees participating in the program will not be affected as PayDay is not a credit or loan system. The biggest selling point is that employees will have a higher degree of control and flexibility when it comes to their salaries and will hopefully avoid accumulating debt between paychecks. 

Nik Storonsky, founder and CEO at Revolut, states: “We believe in the importance of making financial wellbeing accessible to all, and this includes focusing on the impact of financial stability on employees’ mental health. After the difficulties of the past year, the last thing employees need now is financial uncertainty and stress. It is important to move away from a situation where many are dependent on payday loans and expensive short-term credit, a reliance that is exacerbated by the monthly pay cycle.

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We are looking at the latest and most important headlines in the tech world, focusing on the developments in fintech, biotech, telecom, and AI sectors. This week, we look at one of the biggest crypto heists in history, Google breaching five Sonos patents, Binance in charge of tracing and seizing the assets stolen in a June malware attack, Scotiabank announcing an innovative BNPL plan, Dopay receiving a banking agent license, malware attacks in Kenya targeting corporate users, Caption Health and Butterfly partnering on AI-powered portable ultrasounds, Lumen and Google partnering on leveraging ML to speed up the growth of algae in a search for affordable therapeutic compounds, and a new survey that shows how telecom officials feel about the current 5G developments. 

Nearly $600 Million Crypto Tokens Have Been Returned After The Biggest Crypto Heist In History 

The cryptocurrency platform Poly Network that became known in the news this week, (after the biggest digital coin heist in history) now announced that almost all of the crypto tokens have been returned. The heist occurred on Tuesday and hackers froze over $610 million tether coins. Now, all but $33 million have been returned. Poly Network referred to the hackers as “white hat”, the so-called ethical hackers that attempt to expose cyber vulnerabilities upon the return of the stolen funds. 

The platform added that the previously frozen tokens were transferred to a wallet controlled by the hacker and Poly Network both. “The repayment process has not yet been completed. To ensure the safe recovery of user assets, we hope to maintain communication with Mr. White Hat and convey accurate information to the public,” said Poly Network on Twitter.

US Trade Judge Found Google Guilty Of Infringing Sonos Patents 

On Friday, a U.S. trade judge decided that Google infringed five Sonos patents relating to smart speakers. In his brief ruling, Charles Bullock who serves as the chief administrative law judge of the U.S. International Trade Commission did not go into details as to why Google’s sale of products breached the federal tariff law, referred to as Smoot-Hawley. 

For a long time, Sonos has been trying to ban Google from importing Home smart speakers, Pixel phones, and similar technology for products. After the ruling, the spokesperson for the company said Sonos was pleased with the result which “ “confirmed Google’s blatant infringement”. Following the ruling, Sonos’ shares went up by %11.4. 

The ruling will still go through the full ITC review at the end of this year. 

Binance To Track Hackers Behind The Fetch AI Attack 

On Friday, it was reported that Binance will be in charge of identifying the hackers behind the $2.6 million hacks on the AI research lab Fetch.ai. The hackers stole the crypto funds from Fetch’s Binance account at the beginning of June, reselling the tokens for a much-reduced price. The Royal Courts of Justice in London has ordered the major crypto exchange to both trace the cybercriminals and seize the assets that were stolen. 

“We need to dispel the myth that crypto assets are anonymous,” said Syedur Rahman, a partner from Fetch.ai’s legal team at Rahman Ravelli. “The reality is that with the right rules and applications, they can be tracked, traced, and recovered.”

According to the available information, Binance is currently in the process of tracking down the hackers but it may require further evidence from Fetch.ai. 

“We can confirm that we are helping Fetch.ai in the recovery of assets,” a Binance spokesperson said to Cointelegraph. “Binance routinely freezes accounts that are identified as having suspicious activity occurring in line with our security policies and commitment to ensuring that users are protected while using our platform.”

Scotiabank Converts Credit Card Repayments Into BNPL Plans 

The Canada-based Scotiabank just announced an innovative feature that will convert credit card repayments into BNPL installment plans. The customers will have the choice of repaying the debt in three, six or 12-month payments. No additional credit checks or applications are required for the plan and it can be discontinued at any time without additional fees. 

Brett Mooney, SVP, credit cards and lending at Scotiabank, comments: “Our customers told us that they’re looking for more options to help them manage their finances. This new credit card feature offers our customers more flexibility in how they pay for purchases, in addition to the convenience, rewards, and lifestyle benefits that our credit cards already provide.”

Dopay Secures Banking Agent License Ahead Of Big Virtual Banking Plans  

The Cairo-based fintech Dopay, aiming at creating the next generation virtual banking platform was granted a banking agent license in Egypt. The startup got its license through Arab Banking Corporation Egypt (Bank ABC Egypt). In the partnership between the two, Dopay and Bank ABC Egypt aim at implementing a platform that they describe as “a gamechanger for Egypt in terms of accessibility, speed, and convenience of payments”. 

It is worth mentioning that almost ⅓ of citizens in Egypt do not have a bank account and over 90% do not have access to credit. Thus, there is a strong need for services that Dopay offers, which is shown by the strong support of international investors including Force over Mass Capital and Dutch entrepreneurial development bank FMO, as well as Techstars Ventures, Ace and Company, and the NN Group. With Dopay accounts, businesses will get the opportunity to open accounts for all employees and beneficiaries. Each account will come with a prepaid debit card. 

“I am delighted that, after rigorous scrutiny, the Central Bank of Egypt has recognized the security and efficiency of our platform and product,” said Frans van Eersel, founder and CEO of Dopay. “Obtaining this license is a significant landmark on our journey to becoming a leading virtual banking platform in Egypt.

“I am very proud of Dopay’s team of innovators who have taken us successfully to this milestone and I am also appreciative of the support of Bank ABC Egypt. Being granted this license is also a vital next step to making our platform the foundation for the delivery of many more new services to come.”

Almost 30% Of Malware Attacks In Kenya Target Corporate Users 

According to the newest research, the overall number of cyber attacks in Kenya has steadily declined this year, the number of attacks that target corporate users calls for attention. The research shows that out of 7 962 malware attacks that were reported in the country so far in 2021, 29.3% targeted corporate users. 

“As local businesses have continued to adjust to remote work scenarios and the rest of the circumstances surrounding the covid-19 pandemic, we have continued to witness cybercriminals using this to their advantage, exploiting the situation however they can. When looking at such statistics, we believe it is evident that cybercriminals are more commonly targeting unsuspecting corporate users in Kenya as a way to compromise corporate systems,” says Bethwel Opil, Enterprise Sales Manager at Kaspersky in Africa. “It is especially financial phishing that has become one of the most popular tools used by cybercriminals to make money. It does not require much investment or technical expertise from a hacker and can be propagated quickly. In most cases, successful scammers win access either to the victim’s money or data that can be sold or otherwise monetized. For any business, this points to how important it is to address one of the weakest links in the cybersecurity chain – that of the individual user. It also signifies the importance of remaining vigilant from a cybersecurity perspective, especially during difficult operating conditions.”

Among the recommendations and best practices that must be implemented are the fundamental cybersecurity solutions and providing compulsory training for all employees. Additionally, the research recommends using anti-advanced persistent threat (APT) and endpoint detection and response (EDR) technologies.

“With the landscape unlikely to change for the foreseeable future, it is best to combine sophisticated cybersecurity solutions with continuously evolving training to keep employees apprised of the latest threats especially when it comes to financial malware,” Opil says. 

Caption Health And Butterfly Partner On AI-Powered Portable Ultrasound 

An exciting exclusive strategic partnership has been announced in the biotech world. Caption Health and Butterfly Network decided to collaborate on an integrated portable ultrasound device that will leverage the different strengths of AI. 

“This is a pivotal time when imaging can reinvent diagnostic speed and accuracy,” said Caption Health’s president and CEO, Steve Cashman in a statement. “Butterfly’s comprehensive and versatile whole-body ultrasound solution will now have FDA-cleared AI guidance and interpretation, allowing every healthcare provider the ability to capture and understand cardiac function, and this is only the beginning.” 

Although a partnership between the two companies was expected at one point last year, the companies seemed to go in separate directions later on. Having said that, Butterfly went through a large change and hired Todd Fruchterman as the new CEO. Fruchterman who previously served as a president and general manager of 3M’s $4.8 billion medical solutions division quickly started implementing big changes and announcing ambitious plans for Butterfly. 

“By combining Butterfly’s differentiated solution with Caption’s AI capabilities, we are accelerating on our promise to provide practitioners with an easy-to-use advanced assessment tool that allows them to make more informed clinical decisions earlier in the patient care journey,” Fruchterman said.

The collaboration between Caption Health and Butterfly is the start of many similar partnerships we are bound to see as the use of AI progresses in the healthcare industry. 

Leveraging AI To Help Grow Drug Producing Algae 

Another interesting partnership that was announced in the past week is the one between Lumen Bioscience and Google. Luman is a startup that genetically engineered the bluish-green algae, Spirulina, to produce therapeutic compounds. Now, the biotech will work together with Google researchers to leverage machine learning to optimize the environment in which spirulina can grow. The project is funded by the Bill & Melinda Gates Foundation, and the U.S. Department of Energy.

In the long term, Lumen aims at providing a range of affordable biologic drugs in an easy-to-take dose. So far, the work done by Google researchers has provided 17 variables that can help algae grow. Although the amount of combinations makes it impossible to experiment with one change at a time due to financial reasons, the teams have conducted 16 rounds of experiments and published the findings on the preprint server bioRxiv. 

“We believe this paper is the first to describe the application of AI techniques to biologics manufacturing,” said Lumen’s co-founder and chief scientific officer Jim Roberts. “We look forward to the future implementation of these practices, as supported with funding from the Department of Energy, to provide mucosally and topically delivered biologics for highly prevalent diseases that, until now, have been infeasible due to the cost and scaling challenges of traditional biomanufacturing platforms.” 

Telecoms.Com Survey Shows The Industry Is Satisfied With 5G Development 

A recent Telecoms.com survey showed that 80% of telecoms professionals that participated in the research claimed 5G has met or exceeded their expectations. Titled “5G: Realities and Expectations”, the survey aimed at exploring how the telecom professionals view the current progress of 5G. The results were overwhelmingly positive of the current state of 5G but the respondents have also identified the major challenges and obstacles that 5G will be facing during the next 12 to 24 months. 

60% of respondents answered that high cost will be the biggest obstacle to the fast rollout of 5G NR networks. Furthermore, while the majority of survey respondents claimed that OpenRAN is critical, almost half of them believe interoperability will be a major challenge for the adoption of OpenRAN. Nevertheless, the telecom experts have expressed deep confidence in the further development of 5G. 

“5G is set to form a key part of global economy recovery post-pandemic. Yet, despite our collective need for the next generation of connectivity, there are still a variety of barriers to overcome, including the deployment constraints and regulatory impediments highlighted in this survey,” said Phil Sorsky, SVP of Global Sales of Outdoor Wireless Networks at CommScope, which co-sponsored the survey. “CommScope is driving forward, creating the solutions necessary for us all to realize the opportunities discussed in this report, leveraging our global scale and wireless expertise.” 

“The survey adds a further dimension to the realities of the challenges operators face as they deploy and strive to monetize 5G service offerings,” said Dr. Sameh Yamany, CTO of VIAVI Solutions, which also sponsored the survey. “Meeting a range of potentially competing use cases on the same network with extraordinarily diverse characteristics in terms of data rates, latency, reliability, and number of connected devices ultimately call for management solutions including predictive analytics and intelligent adaptability, with automated test processes, artificial intelligence and machine learning as their cornerstones,” Dr. Yamany added.

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For a good start of the new week, we have prepared your fresh portion of tech news. That way, you can catch up with everything you may have missed during the last seven days and take a look at the most important tech developments. We will look at the new fintech initiative by HSBC, FED’s Waller publicly criticizing CBDCs, insurtechs expansion in UAE, Australia being one of the biggest blockchain hubs globally, Verily’s new AI center in Israel, the necessity for a booster shot in case of the Moderna Covid-19 jab, Rakuten was chosen for building an innovative mobile network for 1&1, and Ether’s major upgrade. 

HSBC’S Asset Management Arm Launches New Fintech Investment Unit 

HSBC’s asset management unit has just launched a brand new VC investment strategy that aims at reimagining fintech. Through the strategy, HSCBC wants to provide clients with broader exposure to companies that can transform financial services. The VC will participate in series A and series B funding rounds of B2B companies specializing in software and fintech. The offer targets European and Asian businesses. 

Joanna Munro, CEO, HSBC Alternatives, says: “As part of our commitment to provide clients with exciting investment opportunities, this strategy will give them access to high growth sectors and parts of the world where economies are expanding fast such as the Greater Bay Area in China.”

The new initiative will be led by Remi Bourette, head of venture & growth investments, and director Kara Byun. “We are interested in the tectonic changes of the industry, even more so when they relate to the role of finance in the economy and society in general. We believe the transition to ESG-driven finance will lead to the reinvention of many product lines creating a powerful tailwind for sustainability-native companies. We also see wealth creation in Asia as an enduring trend that will benefit technology companies across wealth management, capital markets, and insurance,” Bourette says. 

FED’s Governor Waller “Highly Sceptical” Of CBDCs  

Christopher Waller, the Federal Reserve governor has spoken out about CBDCs with what many considered a harsh critique. Waller described himself as “highly skeptical” of the digital currency, digital dollar specifically. He disagreed with the often-repeated statements that current payment services are too slow and digital dollar would be cheaper, faster, and better for financial inclusion. 

During a speech at the American Enterprise Institute, Waller said: “After careful consideration, I am not convinced as of yet that a CBDC would solve any existing problem that is not being addressed more promptly and efficiently by other initiatives.”

Waller has also pointed out the concerns connected to CBDC used for gathering information about people’s financial transactions. 

“The introduction of a CBDC in China, for example, likely will allow the Chinese government to more closely monitor the economic activity of its citizens. Should the Federal Reserve create a CBDC for the same reason? I, for one, do not think so.”

“After exploring many possible problems that a CBDC could solve, I am left with the conclusion that a CBDC remains a solution in search of a problem,” Waller added. 

Democrance And MetLife Merge On Gulf Insurtech 

The UAE-based insurtech startup has announced a collaboration with MetLife, as the two companies want to expand the insurtech sector in the gulf region. Through the partnership, MetLife will be able to provide customers with easy access to a range of critical illness, accident, and retail solutions via a mobile device. The end goal is to provide the clients with a fully digital insurance experience. However, the process is expected to be done gradually, with the first version only offering products through SMS and mobile web. 

The Democrance platform will also enable MetLife to deploy automated processes that drive accessibility and efficiency and delivery the ready insurance solutions within just a couple of minutes.  

Speaking on the formation of the partnership, Michele Grosso, Chief Executive Officer at Democrance, said, “With financial service customers embracing digital channels and social distancing becoming the norm, banks and insurers today must refine their partnerships to ensure they can jointly respond to changing consumer demands. Through pooling their customer, product, and technology expertise, they can transform the way they serve their shared client base.

“We are confident that this partnership with MetLife will enable Democrance to deploy its digital platform across the customer value chain to expand customer access to a broad range of need-based products and services. In doing so, we hope to enhance efficiencies further and leverage the existing ecosystem to facilitate superior experiences for banking and insurance customers.”

Apostolos Ailamakis, Head of Bancassurance and Direct to Consumer at MetLife in the Gulf, added, “Continuously enhancing our processes and actively looking for opportunities to simplify and automate manual activities is embedded in the core of our strategy. We are committed to investing in tools that place our customers in the driver’s seat. The new partnership with Democrance will enhance our customers’ insurance buying experience by creating a seamless digital process that caters to their ever-evolving needs.”

Australia Emerges As One Of Blockchain Mega Players 

The FinTech Times posted an interview with the Founder & CEO of Labrys, Lachlan Feeney. Labrys is an Australian blockchain company that offers a wide range of blockchain solutions. The story focused on the Australian blockchain industry and how it developed into one of the biggest and most important global players when it comes to blockchain, NFTs, and crypt0. 

“Despite most of the attention first going to cryptocurrencies, customized expressions of blockchain infrastructure have a lot to offer the world’s economy,” Feeny explained. “Behind the scenes, technologists are actively conceiving solutions to all sorts of problems. Decentralized technology is now delivering on theoretical promises of value and is proving its capabilities in the real world.”

Feeny focuses on the Australian market that he described as a booming ecosystem. 

“The industry here is brimming with innovation and has enormous growth potential,” he said.  “Over the last 18 months, Labrys and our domestic contemporaries have grown considerably by providing global standards in service and expertise.”

“Our growth is reflective of blockchain’s surge in the Australian market in general. Our staff numbers are set to more than double by the end of the year, fuelled by significantly increased project scopes as enterprise blockchain adoption increases. This has seen client numbers jump by a quarter in 2020 vs 2019, and average project scope soared 105%. This reflects Australia’s case as a waking giant for the blockchain industry; 40% of our clients are now international – this is up from just 19% in 2019,” he added. 

Feeney has also addressed the NFT craze. Since the beginning of this year, the non-fungible tokens have taken the world by storm and while some started viewing them as a golden opportunity, others see them as a bubble that is about to burst. 

“While they might sound like a craze, NFTs are a superb example of the infinite application possibilities of the technology. NFTs represents a breakthrough in ownership and copyrights infringement, issues that have long plagued the creative industries. This is a landmark moment for artists of all kinds; artistic craft is again defining its actual market value, perhaps not ways not seen since before the popularisation of the internet,” Feeney said. 

“As an NFT only has one owner, they create a scarcity that many consumers demand today. It’s just an evolution of age-old retail practices like limited edition sales, only this time it’s a digital asset, and there’s only one. As long as consumer interest in the technology exists, we believe the market for NFT’s will continue to boom.”

Feeny concluded: “At Labrys, we believe 2021 will be marked in history not just as a year plagued by the effects of the pandemic but as a pivotal milestone in the history of technology. The potential for decentralized technology to change the way we work and live together is proving very real. 

Verily Launches A New AI Research Center In Israel 

In order to explore the infinite opportunities that AI can offer in the healthcare field, Verily decided to open a new R&D AI center in Israel, partnering with numerous hospitals, medtechs, and researchers based in Israel. Some of the key aspects that the research center may focus on are minimally invasive surgery, endoscopy, and other medical imaging methods. The Israel team of Verily will be based together with Google’s researchers in Haifa and Tel Aviv. 

“The country has excellent academic institutions all within a short distance of our offices, providing the opportunity for easy collaboration,” said Ehud Rivlin, a professor of computer science at the national technology institute who recently joined Verily to serve as the company’s Israel site lead. 

Moderna Vaccine May Require The Third Booster Dose 

While the long-term study of Moderna’s Covid-19 shot showed that patients that received their two-dose vaccine 6 months ago are still fully protected, researchers believe that a third booster dose may likely be needed in the fall due to the relaxation of the lockdown rules and the delta variant. 

The biotech company cited the Phase 2 study data that clearly indicated a third dose given more than six months after the first two doses could boost the antibodies to the levels seen shortly after receiving both doses. While countries currently debate the necessity of booster shots, many have already decided that it will be recommended for elderly and immunocompromised individuals. 

“We believe a booster is likely to be necessary this fall, particularly in the face of the delta variant,” said Moderna president Stephen Hoge on a Thursday conference call.

“In our mind, the right way to benchmark this is ‘let’s look at that really high consistent efficacy in Phase 3 … and let’s do better, let’s exceed those titers,” said Hoge. “If we can, it should stand to reason we can provide protection at or above the levels we saw before.”

Rakuten Chosen For The 1&1 Mobile Network 

Last week, Rakuten announced it was chosen by 1&1 to build “Europe’s first fully virtualized mobile network based on new OpenRAN technology”. The network that Rakuten will be building for the German operator will be created from the ground up and the construction will start in Q4 of this year. 

“We are honored to have been selected by 1&1 as their partner to build the first fully virtualized mobile network in Europe,” Mickey Mikitani, Chairman and CEO of Rakuten Group, said. “Like 1&1, we launched our mobile network in Japan with a vision to transform the industry. Through technological innovation, we have been able to offer high-quality services at an affordable price that challenge the market. We are very excited to now have the opportunity to share this experience and know-how with 1&1 through the Rakuten Communications Platform and to jointly create a next-generation network that will set new standards for future mobile communications in Germany and across Europe.”

Meanwhile, Ralph Dommermuth, CEO of 1&1, said. “With Rakuten, we have the world’s only OpenRAN expert on our side who really has extensive practical experience with this new technology. Together we are building a high-performance mobile network that has extensive automation and agility to fully exploit the potential of 5G,” Dommermuth continued. “Through complete virtualization and the use of standard hardware, we can flexibly combine the best products. This will make us a manufacturer-independent innovation driver in the German and European mobile market.”

According to the partnership deal, Rakuten will build all parts of the active network equipment and 1&1 will gain access to all of the Rakuten solutions such as the Rakuten Communications Platform (RCP) stack (running access, core, cloud, and operations).

Ether Gets A Major Software Upgrade 

On Thursday, the second-largest blockchain network Ethereum got a huge upgrade. The upgrade aims at lowering and stabilizing the transaction fees and decreasing the supply of the ether token. The upgrade is called Ethereum Improvement Proposal (EIP) 1559, and it alters the way Ethereum processes the transactions, providing transparent prices on transaction fees paid to miners to validate transactions and “burning” a small number of the tokens (that will then be taken out of circulation for good). By “burning” the tokens and reducing the supply, the remaining ether tokens that circulate will become more valuable. 

While Ether’s price went down right after the adjustments, it is expected for it to recover quickly. 

“Everyone should watch as the next few weeks unfold and financial models emerge quantifying the impact of the burning on the supply of ether, which may ultimately lead to price targets,” said Viktor Bunin, protocol specialist at infrastructure platform Bison Trails. “The new ether supply dynamics may spark a new virtuous cycle where increased price leads to greater adoption and vice versa. The more users and developers that enter the industry, the faster we can grow the crypto-economy.”

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Let’s start the first week of August with our tech weekly summary where we cover the most interesting and important headlines in biotech, fintech, regtech, telecom, and AI. This week, we will take a look at IMF’s stand on digital money, Neuralink’s fresh funding, Ericsson with an unexpected win over Nokia in China, BIS urging central banks and regulators to get a grip on big tech, new android malware, Australian banks negotiating with Apple, Swift expanding to the low value remittance market, Visa entering the BNPL sector, FDA surprisingly rejecting the innovative kidney drug, and the Canadian 5G auction and the questions it raised.  

IMF Wants To Monitor And Manage Transition To Digital Money 

In a paper published on Thursday, the International Monetary Fund stressed it aims to “monitor, advise on, and help manage this far-reaching and complex transition” to digital money. The paper highlighted all the benefits of digital money including faster, cheaper, and more accessible transactions. At the same time, the IMF stressed that the transition must protect financial stability and the domestic economy. 

“The Fund has a critical role to play to help its members harness the benefits and manage the risks of digital money,” the paper said. Digital money “must be regulated, designed, and provided so countries maintain control over monetary policy, financial conditions, capital account openness, and foreign exchange regimes,” it added.

While the IMF clearly states the differences between the central bank digital currencies (CBDCs), stablecoins, e-money, and crypto assets, it does not concentrate on the latter. 

“While different types of digital money are considered, this paper does not take a stand on which form may predominate.”

The paper’s first version was published internally in March and discussed in April. It was only made public last week, however, it does outline how the IMF should structure the future collaboration with banks and financial institutions on the transition. “The Fund must rapidly strengthen, widen, and deepen its well-established work on digital money while coordinating and collaborating closely with other institutions within the confines of its mandate. The Fund must also rapidly ramp up its resources devoted to these topics.”

The topic of crypto assets was touched in a separate blog post last week, with the head of the  IMF’s monetary and capital markets department and the director of its legal department stating that crypto assets used as a national currency is risky. While he pointed out the advantages, saying “the potential for cheaper and more inclusive financial services, should not be overlooked”, he also spoke about the various risks. 

“Governments, however, need to step up to provide these services and leverage new digital forms of money while preserving stability, efficiency, equality, and environmental sustainability. Attempting to make crypto assets a national currency is an inadvisable shortcut.”

Neuralink With Over $200 Million New Funding 

One of Elon Musk’s best-known ventures, the brain-chip startup Neuralink, has just raised $205 million in the latest funding round. The round was led by Dubai-based venture capital firm Vy Capital, with participation from Alphabet Inc’s (GOOGL.O) Google Ventures. Valor Equity Partners, Craft Ventures, and Founders Fund also participated in the Series C investment.  

Among Neuralink’s long-term goals is implanting wireless chips to the human brain in order to cure neurological conditions such as Alzheimer’s or dementia, as well as fuse humans with AI capabilities. 

Ericsson Gains The Long-Awaited 5G Radio Contract In China 

Despite the belief that Nokia would be taking over Ericsson’s market share in China after the Swedish vendor struggled with tensions with the Chinese government and telecoms, it looks like Ericsson managed to secure a deal. According to the newest reports, the Swedish telecom maker just won a 3% share in a 5G radio contract from China Telecom and China Unicom. 

After Sweden banned Chinese telecom equipment suppliers, China warned Ericsson it could be losing its market share that would subsequently be given to its biggest European competitor – Nokia. The Finnish telecom spoke out about the tender results in China, saying, “We respect the customers’ decision and remain committed to continuing to support China Telecom and China Unicom’s business in the future,” a spokesperson said.

BIS Says Central Banks And Regulators Need To Get Grip On Big Tech 

In a recently published paper, the top officials from the Bank For International Settlements (BIS) have urged banks and financial regulators to manage the growing influence of Big Tech. With the big tech giants holding an unprecedented amount of data, BIS is concerned that players such as Facebook, Alibaba, or Google have the power to reshape finance and destabilize the banking system as a whole. 

August Carstens who led the team creating the paper points out that in countries such as China, the two biggest big tech payment companies control nearly 95% of the mobile payments market.  “The entry of big techs into financial services gives rise to new challenges surrounding the concentration of market power and data governance,” the BIS paper said. 

“Any impact on the integrity of the monetary system arising from the emergence of dominant platforms ought to be a key concern for the central bank,” the paper added. 

BIS claims that financial institutions and watchdogs must expect any developments and quickly formulate new and adjust the existing scenarios. 

“Central banks and financial regulators should invest with urgency in monitoring and understanding these developments” it added. “In this way, they can be prepared to act quickly when needed.”

New Android Malware Steals Sensitive Information Using VNC

The newly documented Android-based remote access trojan (RAT) has been shown to use the feature of screen recording to obtain sensitive information such as banking credentials. RAT has been called “Vultur”, referring to its use of the  Virtual Network Computing (VNC)’s remote screen-sharing technology. 

The malware was actually distributed through Android’s official Google Play Store, using the “Protection Guard” name that led to more than 5000 installations. The target for cybercriminals was mainly Italian, Australian, and Spanish banking and crypto-wallet information. 

“For the first time, we are seeing an Android banking trojan that has screen recording and keylogging as the main strategy to harvest login credentials in an automated and scalable way,” researchers from ThreatFabric said. “The actors chose to steer away from the common HTML overlay development we usually see in other Android banking Trojans: this approach usually requires a larger time and effort investment from the actors to create multiple overlays capable of tricking the user. Instead, they chose to simply record what is shown on the screen, effectively obtaining the same end result.”

“The story of Vultur shows one more time how actors shift from using rented Trojans (MaaS) that are sold on underground markets towards proprietary/private malware tailored to the needs of this group,” the researchers concluded. “These attacks are scalable and automated since the actions to perform fraud can be scripted on the malware backend and sent in the form of commands sequence, making it easy for the actor(s) to hit-and-run.”

Australian Banks Try To Negotiate Access To NFC Chips With Apple 

Lately, Australian banks have been in the battle with Apple, trying to gain access to the NFC chip using Apple’s mobile wallet. In a written submission to a parliamentary inquiry on mobile payments reform, the banks claim that Apple is slowing down innovation and raising transaction costs by restricting access to the NFC chip.

In a request for evidence from Apple, the Committee wrote: “These submissions argue that this practice has triggered regulatory intervention and antitrust investigations in some international jurisdictions, including Germany, the Netherlands, the UK, and the EU.

“Whilst Apple’s own submission points out that banking apps and digital wallet providers in Australia are able to initiate NFC payments on iOS devices, these transactions must still be routed through the Apple Wallet and the Apple Pay platform, thereby potentially incurring additional costs for merchants and card issuers.”

Swift Enters Low-Value Remittance Market 

Swift launched its newest service – Swift Go, targeting the low-value remittance market. With the new services, individual consumers, as well as small companies, will be able to send real-time payments anywhere in the world, directly from their bank accounts. 

Seven global banks – BBVA; Bank of New York Mellon; DNB; MYBank; Sberbank; Société Générale, and UniCredit are already using the service.

Stephen Gilderdale, chief product officer, at Swift, says: “Swift Go is a direct response to the needs of small businesses and consumers for fast, easy, predictable, secure, and competitively priced cross-border payments. Our new service will allow banks to compete effectively in one of the fastest-growing segments of the payments market, delivering a seamless experience for their customers.”

Upon the launch, Swift is promoting competitive prices and full transparency.

Isabel Schmidt, head of direct clearing and asset account services products, Bank of New York Mellon, comments: “It’s no secret that for many years consumers and small businesses have been running into varying pain points when transacting international payments. These challenges have included opaque costs and a lack of certainty on how quickly funds are delivered to the final beneficiary. This is why BNY Mellon is pleased to be the first US bank to go live with Swift Go, a new service that overcomes all of these challenges and assists financial institutions in delivering a competitive, seamless, fast, and predictable payment experience to their customers.”

Visa Launches BNPL APIs For Clients 

Visa just became another major name to join the BNPL craze, rolling out APIs that allow customers to offer installment payment products. A new website has been launched, where Visa provides the credit card issuing partners with APIs that allow them to develop and manage installment payment programs. The partners can customize the duration of loans, participating merchants, interest, and fees. 

Visa stated that BNPL is not only beneficial for the consumer, but for merchants, financial institutions, and acquirers all. 

FDA Rejects Kidney Drug By Ardelyx 

FDA rejected the kidney disease treatment by Ardelyx, as it wishes to see more evidence and the clinical effects. So far, in clinical trials, the drug called tenapanor has shown a significant ability to lower phosphorous levels in patients with chronic kidney disease. However, FDA believes that there are still several “deficiencies” before the drug could be approved. Now, Ardelyx needs to focus on a new clinical trial that can solve FDA’s doubts in order to get the drug approved. The analysts believe the fact that FDA requested another trial gives the company a “silver of hope”, as quoted by Jefferies analyst Chris Howerton. 

“We think this is a decent outcome … given the circumstance,” Howerton wrote in a note to clients, “but it is unlikely that [Ardelyx] will have a short path to approval because tenapanor’s efficacy appears to be in question.”

“We do not agree with the FDA’s subjective assessment on the clinical relevance of the treatment effect of tenapanor in our studies which met all clinical endpoints agreed upon by the FDA,” said Mike Raab, Ardelyx’s CEO, in a statement. “In our view, the serum phosphorus lowering data generated with tenapanor in all of our clinical studies is meaningful and clinically significant.”

The Centers for Disease Control and Prevention estimates that 15% of adult US citizen (which amount to roughly 37 million people) are struggling from chronic kidney diseases, with the majority undiagnosed. 

“Despite our best efforts with currently available therapies, managing phosphorus remains a significant challenge. We need new tools,” said Arnold Silva, director of Clinical Research at Boise Kidney and Hypertension Institute, in the statement from Ardelyx.

“I’ve closely followed the extensive clinical development of tenapanor, not only as an interested nephrologist, but also as a clinical investigator,” Silva added. “I’ve seen the clinical benefits of tenapanor first-hand in my patients and I’m stunned that the FDA is not granting approval.”

Canadian 5G Auction Raises Questions About Competition 

Canada has just announced the results from its latest 5G auction that managed to raise $7.1 billion. Out of the amount raised, the three biggest Canadian operators (Bell Mobility, Rogers, and Telus) have accounted for the majority of this amount amounting to $5.9 billion that translates to more than 82% of the total auction spend. 

“The 3500 MHz auction is a key step in our government’s plan to promote competition in the telecom sector, improve rural connectivity, and ensure Canadians benefit from 5G technologies and services,” said Minister of Innovation, Science and Industry, François-Philippe Champagne. “As intended, small and regional providers have gained access to significantly more spectrum, meaning that Canadians can expect better wireless services at more competitive prices, which has never been more important for working, online learning, and staying connected with loved ones,” the minister added.

However, many have noted that the competitive landscape cannot really be challenged in the face of the three big players winning the spectrum. At the same time, out of 23 total participants in the auction, 15 managed to win some spectrum. The biggest spent came from Rogers ($2.7 billion), followed by Bell Mobility and Telus that spent $1.7 billion and $1.5 billion respectively. 

“This investment in 5G spectrum will build on our existing 5G assets and enable us to deliver the world-class connectivity Canada needs to increase productivity, fuel innovation, create jobs, and compete in a global economy for decades to come,” said Joe Natale, CEO of Rogers Communications. 

While Bell and Telus have issued very similar statements, Telus have also used the occasion to criticize the spectrum costs in Canada. According to Telus, the $2.63 per MHz/pop cost is 2.8 times higher than what operators have pain at the most recent FCC auction in the US. 

“Canada’s position as a global leader in broadband networks is vulnerable to burdensome regulations governing access to spectrum,” said chief executive Darren Entwistle. “Going forward, if we are to truly benefit all Canadians, accelerate the government’s innovation and affordability agendas, and transition successfully into a 5G digital world, we need a responsible, forward-looking and predictable regulatory policy that ensures affordable, fair, and expeditious access to this national asset so we can continue building our world-leading networks,” he said.

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We are looking at some of the most interesting news stories that made the headlines during the past seven days. This week, we are discussing the contactless biometric card by Thales, a scorecard solution for SMEs, Revolut’s expansion into the travel sector, Visa’s newest acquisition, two of the biggest emerging economies getting closer to launching their CBDCs, Alphabet’s newest robotics venture, Moderna’s vaccine approval for teens in the EU, Nokia’s two partnerships, and the costs that businesses will face in the European Union if the proposed AI legislation passes through. 

Thales’ Contactless Biometric Card Makes Life Easier For Customers

Thales EMV released a contactless biometric payment card that facilitates payments for consumers. Fingerprint of the card’s holder is loaded onto it with neither the retailer or the bank gaining access to the biometric data of consumers that are securely stored in the card’s chip. Biometric cards provide customers with an extra layer of security in case of the card being stolen or lost as the card simply becomes useless without the owner’s fingerprint. 

Currently, Thales provides the only fully EMV certified biometric card that has now been commercialised in several countries around the globe. 

 “After a trial of the Thales biometric payment card and its positive outcome, we have now opened the offer to all our customers with confidence. This premium solution addresses several challenges such as convenience, safety and contactless. A simple yet rigorous enrollment process has been set in the branch so the biometric data never leaves the card. This is a key pre-requisite as we take the privacy of our customers’ data very seriously.” Jean-Marie Dragon, Head Of Payments and Cards, BNP Paribas.

“The covid-19 pandemic has pushed the tech sector to develop touchless solutions and has indirectly resulted in higher transaction levels being processed without a second authentication factor. The biometric payment card allows contactless payment for any amount while safeguarding the privacy of this very personal data.” Bertrand Knopf, SVP Banking and Payment Solutions at Thales.

Creditinfo Will Launch A Scorecard Solution For Small And Medium-Sized Companies 

The decision analytics and credit information provider, Creditinfo Group, announced it would be launching a special scorecard solution targeting small and medium-sized enterprises. The new solution aims at helping financial institutions to accurately evaluate the credit assessment of the SME market.  The SME scorecard will initially be launched in Kenya and is expected to expand to the other African countries shortly after, before the second-stage goal of implementing it in other global economies. 

“SMEs drive innovation and push digitalization forward for many people by providing services to underserved segments of the population and creating job opportunities,” comments Burak Kilicoglu, Director of Global Markets at Creditinfo. “SME scorecards will accelerate access to finance for the benefit of the whole economic ecosystem. At Creditinfo we have access to a wealth of credit bureau data as a starting point, and so are uniquely positioned to offer this solution in global markets.”

Kamau Kunyiha, CEO of Creditinfo CRB Kenya, added, “Kenya is the most dynamic and receptive market for SME lending innovation, demonstrated by the successful adoption of mobile wallets and microloans. We look forward to seeing the economic impact of this new solution as it comes into full effect and we see more capital flowing through the SME economy.”

Revolut Is Pushing Into Travel Sector 

Revolut decided to expand its services into the travel sector. The fintech is enabling its customers to book hotels and holiday accommodation through the “Stays” app. The service is rolling out only in the UK now as it is the first expansion of the London-based fintech that is not connected to fintech. 

“As the world begins to cautiously open up, we know everyone is desperate to get away whenever they can — whether it’s to Margate or Mallorca,” says Marsel Nikaj, Revolut’s head of savings and lifestyle. “We’ve built Stays to make it easy for people to find and book their perfect break in their ideal destination. After 18 months of endless restrictions and lockdowns, we want to give people more and make their money travel further.”

Nikaj added that while the app is starting out as an accommodation booking help, Revolut’s ultimate goal is expanding it to cover flights, car hire, and other features that will facilitate traveling. 

Visa Closes The Deal To Acquire Currencycloud 

Visa has just sealed the deal with Currencycloud and will acquire the platform known for enabling banks and fintech to provide forex services for international payments. The acquisition comes after years of partnership between the two companies, with Visa first starting official cooperation with Currencycloud back in 2019. Later on, Visa participated in Currencycloud’s Series E founding together with BNP Paribas and Siam Commercial Bank. 

The Currencycloud cloud-based platform currently serves almost 500 banking and tech clients in more than 180 countries. According to the terms of the acquisition deal with Visa, Currencycloud will continue to operate from its current London headquarters.  “The acquisition of Currencycloud is another example of Visa executing on our network of networks strategy to facilitate global money movement,” says Colleen Ostrowski, Visa’s global treasurer. “Consumers and businesses increasingly expect transparency, speed and simplicity when making or receiving international payments. With our acquisition of Currencycloud, we can support our clients and partners to further reduce the pain points of cross-border payments and develop great user experiences for their customers.”

India And Nigeria Are Getting Closer To Launching CBDCs 

According to the latest news from two of the largest emerging economies, India and Nigeria, both countries are coming closer to launching their central bank digital currencies (CBDCs) 

In a  recent speech, Reserve Bank of India deputy governor Shri T Rabi Sanker said “perhaps the time for CBDCs is nigh”, adding that the bank is “working towards a phased implementation strategy”. While India has been majorly focused on electronic payments, Sanker pointed out there are many advantages that CBDCs hold over the electronic payments. “Imagine a UPI system where CBDC is transacted instead of bank balances, as if cash is handed over – the need for interbank settlement disappears. CBDCs would also potentially enable a more real-time and cost-effective globalization of payment systems,” he said. As the special committee already submitted their recommendation for launching a CBDC in India, the RBI is currently working on planning the implementation. Sanker claimed the Reserve Bank of India is currently in the process of exploring whether they should stick to retail payments only or opt for wholesale as well. The RBI also needs to figure out whether they will prefer a token based or account based CBDC option. 

Meanwhile, the Central Bank of Nigeria’s formation technology director, Rakiya Mohammed, announced an official date for the launch of the digital naira, Nigeria’s CBDC. According to his statement, Nigeria will start the pilot on the 1st of October, just a few months away from now. The press reports claim that the digital naira pilot will use the Hyperledger fabric blockchain.

Alphabet Launches Robotics Software Company To Make Industrial Robots Cheaper

On Friday, Alphabet announced it is launching a new robotics software company, as the tech giant wants to make industrial robots in a cheaper and easier way. The software called Intrinsic will provide automation robots more flexibility, allowing a bigger number of smaller businesses to purchase and use the robot without the need for complex and time-consuming training. To illustrate, a task that usually takes hundreds of hours to program can now take two hours, thanks to Alphabet’s software training. “None of this is realistic or affordable to automate today,” Wendy Tan-White, Intrinsic’s chief executive, wrote in a blog post. “And there are millions of other examples like this in businesses around the world.”

Moderna Vaccine Can Now Be Used In 12 To 17-Year-Olds In The European Union

On Friday, the European Medicines Agency authorized the use of Moderna’s Covid-19 vaccine for children the age 12 to 17. The Moderna vaccine is currently awaiting the same authorization from the US Food and Drug Administration. 

After a study that enrolled over 3700 children, the EU regulator concluded the antibody response is similar to that observed among adults. That makes Moderna the second vaccine approved for children in the European Union after Pfizer received that approval a couple of months ago. 

Nokia And CGI Partner On Creating A 5G Lab In London 

Nokia and the tech consulting company CGI will collaborate on launching a 5G lab in London. CGI already has an “innovation center” in central London and it will use the Nokia kit to showcase its 5G zone. 

“We’re thrilled to be partnering with Nokia to create our 5G lab in London,” said Ian Dunbar, VP for Communications and Media at CGI. “5G private networks will be transformative to UK businesses looking to build back better so we’re pleased to be bringing it to life through our relationship with Nokia.

“CGI is a leader in IT and business consulting services, so we’re delighted to be leveraging our combined expertise to shine a light on the power and potential of 5G private wireless,” said Phil Siveter, CEO for UK&I at Nokia. “This is a new and exciting partnership for both organizations and is built on years of industry knowledge and experience. It is a significant milestone as we look to turn the 5G private wireless potential into a reality for the UK market.”

Vodafone And Nokia Launch A Network AI That Runs On Google Cloud 

Another success for Nokia this past week has been the result of its partnership with the UK operator group Vodafone. The two companies are building an Anomaly Detection Service that can spot whether a mobile cell area is showing some strange behavior that does not follow the pattern. 

“We are building an automated and programmable network that can respond quickly to our customers’ needs,” said Vodafone CTO Johan Wibergh. “As we extend 5G across Europe, it is important to match the speed and responsiveness of this new technology with a great service. With machine learning, we can ensure a consistently high-quality performance that is as smart as the technology behind it.”

The whole service will run on Google Cloud. 

“This first commercial deployment of Anomaly Detection Service with Vodafone on Google Cloud provides a great boost to customer service,” said Raghav Sahgal, President of Cloud and Network Services at Nokia. “It not only addresses the critical need to quickly detect and remedy anomalies impacting network performance using machine learning-based algorithms, but it also highlights Nokia’s technology leadership and the deep technical expertise of Nokia Bell Labs.”

“We are thrilled to partner with Nokia and Vodafone to deliver a data and AI-driven solution that scales quickly and leverages automation to increase cost efficiency and ensures seamless customer experiences across Europe,” said Amol Phadke, MD, Telecom Industry Solutions, Google Cloud. “As behaviours change and the data needed for analysis increases in velocity, volume, and complexity, automation and a cloud-based data platform are now key in making fast and informed decisions.”

AI Law Proposed By The EU Can Cost Up To $36 Billion 

The Artificial Intelligence Act that was recently proposed in the European Union, aiming to regulate the use of AI across the member states can be a very costly endeavor. According to the report by the Washington-based think tank, the Center for Data Innovation, the EU can look at a $36 billion costs over the next 5 years. 

The Center for Data Innovation has also referred to the proposed act as the “world’s most restrictive regulation of AI,” arguing European businesses will spend billions of euros due to the “compliance burdens”. “It will not only limit AI development and use in Europe but impose significant costs on EU businesses and consumers,” the report says. 

The Center for Data Innovation furtherly estimates that for a small or mid-sized busines that has a turnover of approximately 10 million euros, the compliance costs could be as high as 400 000 euros when deploying a high-risk AI system that has already been specified by the European Commission. “That designation sweeps in a broad swath of potential applications — from critical infrastructure to educational and vocational training — subjecting them to a battery of requirements before companies can bring them to market,” the center said.

“The Commission has repeatedly asserted that the draft AI legislation will support growth and innovation in Europe’s digital economy, but a realistic economic analysis suggests that argument is disingenuous at best,” said Ben Mueller, a senior policy analyst at the Center for Data Innovation and author of the report.

“The rosy outlook is largely based on opinions and shibboleths rather than logic and market data,” Mueller added. 

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Let us start the week with the most important tech news we could see unfolding during the past seven days. As usual, we will talk about the most interesting partnerships, and this week, there has been a few including Apple and Goldman Sachs collaborating on BNPL, Bell Canada collaborating with Google Cloud on 5G and AI, KT collaborating with Samsung to become among the first in the world in 5G SA. There has also been an important acquisition by Microsoft. The tech giant decided to buy one of the most promising cybersecurity startups. We will also look at some of the latest funding rounds including Climate X and Blockpit. What else are we going to discuss today? Square launching its DeFi platform, Binance having to give up one of its services, UK consumers’ raising demand for smart home-related appliances, Mastercard upgrading its real-time payments, and an AI breakthrough in protein structure research. 

Apple And Goldman Sachs Partner On BNPL 

Apple and Goldman Sachs announced they are partnering on creating a new nuy now pay later (BNPL) service. The new offer will let Apple customers pay for the Apple Pay purchases in installments using Goldman Sachs as the lender. 

Apple entering the BNPL sector creates a potential competitor for the established players such as Klarna or PayPal. 

Climate X Raises $1.5 Million In The First Funding Round  

The new and innovative startup that leverages data and analytics to tackle climate risk, Climate X, has just closed their pre-seed funding. Pale Blue Dot led the round that ended with a $1.5 million funding,  joined by Blue Wire Capital, A100x, and Possibilian, among others.

Climate X uses both machine learning and physical risk models to project climate change up to 80 years in the future, calculating how exposure to extreme weather events can impact things such as the value of assets. 

Lukky Ahmed, CEO, Climate X, says: “Climate X will unlock data that lets the world predict, prepare and protect against future climate-related risks – transforming the lives of millions of people.”

Square Launches DeFi Platform 

Jack Dorsey, the CEO of Square has announced on Twitter the company will create a new standalone business that will serve as a platform where developers can create DeFi projects. The new business will be led by Mike Brock who has previously proven his skills successfully expanding Square to cryptocurrencies. 

“Technology has always been a story of decentralization. From the printing press, to the internet to bitcoin – technology has the power to distribute power to the masses and unleash human potential for good, and I’m convinced this is the next step.,” Brock said. 

AI Program Predicts The Protein Structure 

A new AI program may lead to a huge breakthrough in the field of biotech, as it can predict the structure of protein complexes. The complexes are traditionally known as impossible to decipher and for a long time, researchers have tried to come up with a method that would allow them to predict the protein’s shape easily. “This problem has been around for 50 years; lots of people have broken their head on it,” says John Moult, a structural biologist at the University of Maryland, Shady Grove. 

Now, there seems to be a solution. David Baker and Minkyung Baek at the University of Washington, Seattle, and their colleagues presented how their AI program can predict the structure of not only simple proteins but also the complexes of proteins. However, their efforts are not the first in this sphere. An AI company owned by Google, DeepMind released a similar program, AlphaFold2, that really extraordinary thing [predicting] protein structures with atomic accuracy,” according to one of the Critical Assessment of Protein Prediction competition’s organizers. 

But for many structural biologists, AlphaFold2 was a not fully developed product but rather a preview of something to come: “Incredibly exciting but also very frustrating,” says David Agard, a structural biophysicist at the University of California, San Francisco. Gira Bhabha, a cell and structural biologist at New York University School of Medicine believes that both breakthrough methods to predict the structure are effective. “Both the DeepMind and Baker lab advances are phenomenal and will change how we can use protein structure predictions to advance biology,” she says. A DeepMind spokesperson wrote in an email, “It’s great to see examples such as this where the protein folding community is building on AlphaFold to work towards our shared goal of increasing our understanding of structural biology.”

Bell Canada Collaborates With Google Cloud 

Another major telecom just announced its public cloud deal, cooperating with Google Cloud. The partnership will combine Bell’s 5G with Google’s AI, cloud, and data analytics capabilities. Thanks to the new deal, Bell will be able to move much of their critical workload to the cloud. The partnership is long-term and plans to focus on cloud solutions for enterprises and consumers next. 

“We’re excited to partner with Google Cloud as part of our ongoing digital transformation and take Bell’s 5G network leadership to the next level,” said Bell Canada chief executive Mirko Bibic. “Supporting Bell’s goal to advance how Canadians connect with each other and the world, Google’s proven expertise in cloud and leadership in sustainability will provide our customers with even faster, more reliable access to the best broadband network and communications services in Canada,” Bibic said, in a statement that doesn’t actually tell us a lot.

KT Moves Its 5G Network To Standalone 

One of the biggest South Korean telcos, KT, just became one of the first world operators that moved its commercial 5G network to standalone mode. That means the whole network is now using a specific technology instead of adding 5G features on top of legacy infrastructure. In order to move ahead with the development, KT has partnered with Samsung that just released a press release saying  “Samsung is proud to play a leading role in placing Korea at the forefront of network technology innovation,” according to Seungil Kim, Head of the Korea bit of the Networks Business at Samsung Electronics.

“Our reliable and flexible 5G SA architecture, powered by our 5G RAN and core, will enable KT to offer its users the next generation of enhanced use cases and mobile experiences. By introducing 5G SA services in Korea, we are taking a meaningful step in 5G journey, and look forward to delivering more transformative experiences to customers and businesses with KT.”

“Our 5G SA service will be an important step in unlocking the full potential of 5G and it will bring new value to our customers,” said Youngsoo Seo, Director of the Network Research Technology Unit at KT. “As a digital platform company, KT will continue to make efforts to help drive Korea’s Digital New Deal and ensure our customers enjoy the best experiences and opportunities that 5G has to offer.”

UK Consumers Raise Their Demand For Smart Homes

The UK has lately registered a decline in interest for smart home-related technology. However, according to the newest  Smart Home Study UK that was published this week, it seems the Covid-19 pandemic has managed to rejuvenate that sector of the market. The research was conducted by GfK and included 1000 UK adults. 

“Looking at the jump in claimed ownership of smart TVs this year, I suggest two factors are at play. First is the undoubted increase in sales of smart TVs that we’ve tracked during the lockdowns while people were stuck at home,” said Trevor Godman, key account director at GfK.“But I also believe that people’s increased use of streaming services during this period also made more people aware of the TV’s smart functionality,” he said.

Apart from the Smart TVs that are currently the most popular part of the smart home appliances, GfK also observed a big growth in areas such as smart kitchen appliances, doorbells, and personal care devices. 

“With nearly a quarter of UK consumers now having at least four smart home devices in their homes – not counting smartphones, laptops, and tablets – the interoperability of these products is becoming increasingly important,” said Godman. “This is something that manufacturers and service providers must address to maintain momentum in creating smarter homes.”

Binance Stops Selling Digital Tokens After Regulatory Scrutiny In Hong Kong 

We follow up on the Binance story as one of the largest crypto exchanges can not catch a break. Hong Kong financial watchdog became the last in a series of regulators that scrutinized the company. They were particularly concerned about the “stock tokens” offer of the crypto exchange. Hong Kong’s Securities and Futures Commission (SFC) pointed out that offering stock tokens without authorization is an offense in Hong Kong. “Any person who contravenes a relevant provision may be prosecuted and, if convicted, subject to criminal sanctions,” the SFC said.

Following the move, Binance announced on Friday it had stopped selling digital tokens that are linked to stocks. “Effective immediately, stock tokens are unavailable for purchase on Binance.com,” the exchange said on its website. The users that currently hold stock tokens can sell them or choose to hold them over the next three months. Having said that, after mid-October, these positions will no longer be available for closing or purchase. 

“We believe that shifting our commercial focus to other product offerings will better serve our users, and we are committed to making this transition as straightforward as possible for those affected,” a Binance spokesperson said.

Microsoft Is Acquiring The Cybersecurity Startup RiskIQ 

Among the global cybercrime threat and an increasing amount of highly sophisticated ransomware cyber attacks, the tech giants and governments alike try to find ways to make the operations as secure as possible. On Monday, Microsoft announced it will be acquiring the cybersecurity company RiskIQ to support that mission and facilitate the cybersecurity responsibilities that companies are facing. 

Microsoft (MSFT) said the new addition to its portfolio will help its customers in terms of addressing risks. RiskIQ’s software gives companies the chance to monitor their entire networks including operations running on various cloud providers. Then, threat intelligence research helps businesses in mitigating any risk that may occur. 

“We couldn’t be more excited to join forces to enable the global community to defend against the rising tide of cyberattacks,” RiskIQ Founder and CEO Elias Manousos said in a blog post-Monday. Before being acquired by Microsoft, RiskIQ has raised over $80 million from investors, serving 30% of the Fortune 500 and 6000 organizations globally. 

Blockpit Announces $10 Million In Series A Funding 

Blockpit, a fintech startup that specializes in developing legally compliant and audited tax reports for the treatment of crypto assets just announced the closing of its Series A funding. The startup managed to raise $10 million. Founded back in 2017, Blockpit created software called Cryptotax that automatically calculates taxes from crypto-assets and activities such as staking, DeFi, mining, and margin trading. 

Blockpit CEO and co-founder Florian Wimmer said, “In addition to the monetary boost, the expertise, as well as international network of the investors in various areas, will result in new market access and numerous opportunities for commercial partnerships. This will massively accelerate the further development of our products as well as our expansion to new countries”.

Pascal Bouvier, the Managing Partner of MiddleGame Ventures, commented on the investment: “We are delighted to partner with Blockpit. We firmly believe in the future of digital assets. As these digital assets are more and more accepted by investors of all stripes and colors, retail and corporate or institutional, taxation and accounting considerations will become increasingly more important to master. Blockpit is at the nexus of these trends and has a bright future ahead of itself.”

Mastercard Allows An Easier Access To Real-Time Payments 

Mastercard has just launched the real-time payment gateway, PayPort+. The gateway was developed by Form3 and is already available with two UK financial institutions. The initial version of the gateway, PayPort was launched back in 2016. It offers financial institutions of all sizes connection to the UK Faster Payments Network. The upgraded version will include flexible connectivity options such as MQ, Restful APIs, and Microservices. 

“Now more than ever, people and businesses need to be able to rely on the payments network for speed, convenience, and security – not just in the UK but around the world,” Gregor Dobbie, CEO of Mastercard subsidiary Vocalink, says. “The launch of our next generation PayPort+ service, which we built in collaboration with Form3, is a part of our multi-rail strategy to enhance payment flows for our customers and modernize payments for everyone.”

Check out more tech stories:

Salvadorans Hesitant About Bitcoin, London FinTech Soars Post-Brexit, BIS Calls For CBDC Collaboration – Tech Weekly

Booking.com Launches A FinTech Unit, Instagram Looks At NFTs, And Circle Goes Public -FinTech Weekly

Giant Ransomware Attack Impacts Hundreds Of Businesses, Dogecoin Fee Structure, Binance Struggles – Tech Weekly