YOUR WEEKLY TECH INSIGHT FROM ACROSS THE GLOBE
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Some governments want to regulate artificial intelligence because of the risks it poses, but Singapore doesn’t — at least for now.
“We are currently not looking at regulating AI,” Lee Wan Sie, director for trusted AI and data at Singapore’s Infocomm Media Development Authority, told CNBC. IMDA promotes and regulates Singapore’s communication and media sectors.
Working with industry
The Singapore government is making efforts to collaborate with industry to understand AI better before deciding on regulations.
“We recognize that as a small country, as the government, we may not have all the answers to this. So it’s very important that we work closely with the industry, research organizations and other governments,” said Lee.
“We at Microsoft applaud the Singapore government’s leadership in this area,” said Brad Smith, president and vice chair at Microsoft, in a press release.
Openness and collaboration
Singapore could act as a “steward” in the region for allowing innovation but in a safe environment, said Stella Cramer, APAC head of international law firm Clifford Chance’s tech group.
Clifford Chance works with regulators on guidelines and frameworks across a range of markets.
“There’s just this consistent approach that we’re seeing around openness and collaboration. Singapore is viewed as a jurisdiction that is a safe place to come and test and roll out your technology with the support of the regulators in a controlled environment,” said Cramer.
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Blockchain company Ripple said Thursday it was granted in-principle approval of a Major Payment Institution Licence from the Monetary Authority of Singapore, the country’s central bank.
The license will allow Ripple to offer regulated digital payment token products and services and expand the cross-border transfers of XRP, a cryptocurrency the company is closely associated with, among its customers, which are banks and financial institutions.
That’s a rare moment of good news for the cryptocurrency industry globally as it faces tightening policy back home in the United States.
Ripple’s swift bridge
Ripple, a San Francisco-based fintech company, is mostly known for XRP as well as an interbank messaging services based on blockchain, the distributed ledger technology that underpins many cryptocurrencies.
The company’s on-demand liquidity service uses XRP as a kind of “bridge” between currencies, which it says allows payment providers and banks to process cross-border transactions much faster than they would over legacy payment rails.
But Ripple also operates a blockchain-based international messaging system called RippleNet to facilitate massive transfers of funds between banks and other financial institutions, similar to the global interbank messaging system SWIFT.
Currency rather than security?
The Securities and Exchange Commission charged Ripple, co-founder Christian Larsen and CEO Brad Garlinghouse with conducting an illegal securities offering that raised more than $1.3 billion through sales of XRP.
Ripple denies the SEC allegations, contending that XRP is a currency rather than a security that would be subject to strict rules.
Singapore is one of the largest currency corridors from which Ripple sends money across borders using XRP, the company said in a press release.
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Tesla CEO Elon Musk says he is “incredibly excited about the future of India,” adding it has “more promise than any large country in the world.”
“He really wants to do the right thing for India. He wants to be open, he wants to be supportive of new companies, but at the same time make sure it accrues to India’s advantage,” said Musk after their meeting in New York.
Investing in India
India holds great potential for Tesla, one analyst told CNBC.
“Every single U.S. company which has a listed subsidiary in India has seen higher growth and value creation in India,” said Nilesh Shah, managing director at Kotak Mahindra Asset Management.
Investments from Tesla would aim to support India’s sustainable energy generation primarily through solar and wind, Musk said.
“India is great for solar. The amount of land area you actually need to generate enough electricity to power India is very small. I believe it’d be probably 1% or 2% of the land area in India, so it’s very doable.”
Starlink in South Asia?
Musk also said that he’s keen on improving India’s internet connectivity and hopes to bring SpaceX’s Starlink satellite internet service to the South Asian nation.
This can be “incredibly helpful for remote or rural villages where they perhaps may have no access to [the] internet or the internet is very expensive and slow,” Musk said.
Musk said Modi invited him to visit India, and it could happen as soon as next year.
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Alibaba Group said in a surprise announcement Tuesday Eddie Wu will succeed Daniel Zhang as its chief executive, a move that will free Zhang to focus on the company’s cloud intelligence business.
The company also said Joe Tsai, Alibaba’s executive vice chairman, will take Zhang’s place as the group’s chairman.
This succession plan comes after China’s largest e-commerce company said in March it will restructure its company into six business groups.
Who are they?
The two incoming executives are Alibaba veterans and close confidants of Alibaba’s billionaire founder Jack Ma.
Eddie Wu is one of the co-founders of Alibaba, who first served as a technology director back in 1999. His experience is in the company’s core e-commerce business, monetization and technology, making him a well-rounded candidate to oversee the entire group.
Another co-founder of Alibaba, Joe Tsai was appointed as the company chief financial officer until 2013 and currently serves as executive vice chairman. He is also the chairman of Alibaba’s logistics unit Cainiao, as well as a member of the Taobao and Tmall division.
‘May we all be carefree!’
Outgoing Alibaba CEO and Chairman Zhang sent a memo to staff on Tuesday explaining his reasons for stepping down.
“Cloud Intelligence Group is now full speed ahead on its spin-off plans and we are approaching a crucial stage of the process, so it is the right time for me to dedicate my full attention and time to the business,” Zhang said in a memo to staff obtained by CNBC.
“Let’s start a new chapter. When we meet again, may we all be carefree!”
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Three decades after inventing the web, Tim Berners-Lee has some ideas on how to fix it
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The internet landscape is now disempowering for individuals, and its inventor Tim Berners-Lee and Inrupt CEO John Bruce share their visions for the future of the web.
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