This week’s roundup will feature titles on digital currency, investment in stocks and cash protection. Join us and Unlimit BaaS’ Managing Director, Jovi Overo in the exploration of some of the biggest headlines of our industry.
- Social media platform, Snapchat is launching new tools to improve its AI chatbot in response to issues with its GTP-powered chatbot for Snapchat+ subscribers. The introduction of new measures and improved features are said to create a safer experience for users. [source: TechCrunch]
AI is an enigma to many because of its intelligence and engagement capabilities. Sadly, when misused it can hinder guidelines and its true intention. The great benefits that we can see here are that Snapchat is recognising how to tweak the chatbot and is using further data to limit opportunities of misuse and provider beneficial data. Understandably, some will be concerned about their safety and privacy due to the rapid adoption of AI-powered tools, and perhaps we should be revaluating the audiences and platforms we integrate AI into, until there are more regulations around the technology. – Jovi
- The UK Government’s Home Secretary has launched the second part of an economic crime plan, to crack down on money laundering, sanction evasions and kleptocracy. The plan invests millions of pounds, bringing together regulators, private sectors and law enforcement to create “crypto cell” which will identify, seize and store crypto assets. [source: The Negotiator]
Collaboration of different stakeholders is essential to create significant change and deter future activity. Protection from economic crime is a priority not only for businesses, but the wider economy. And within the banking and finance industry, it’s a topic that’s being widely tackled in tandem with the development of new technologies. The use of data in the government’s proactive approach could result in an effective method to combat all forms of economic crime. – Jovi
- Singapore and Malaysia have linked payment systems, allowing shoppers to make cross-border purchases by scanning QR codes. The partnership has been launched by the Monetary Authority of Singapore and Bank Negara Malaysia. The QR codes allow customers of the participating financial institutions to make retail payments both physically and via e-commerce transactions. [source: Fintech Finance]
The simplicity of QR payments brings great convenience to consumers who are on the move and want to make a purchase seamlessly. It’s a great testament to both countries, showing commitment to improving cost, speed, access and transparency in cross-border payments, where previously international payment corridors have been laboured and costly. Business opportunities will only grow from incentives like these, bringing new customers, greater brand loyalty and access to new markets. – Jovi
See you next week, back in the blog for your next weekly news roundup.