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John Kiff

Private Cloud Compute: A new frontier for AI privacy in the cloud - 0 views

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    "Apple Intelligence is the personal intelligence system that brings powerful generative models to iPhone, iPad, and Mac. For advanced features that need to reason over complex data with larger foundation models, we created Private Cloud Compute (PCC), a groundbreaking cloud intelligence system designed specifically for private AI processing. For the first time ever, Private Cloud Compute extends the industry-leading security and privacy of Apple devices into the cloud, making sure that personal user data sent to PCC isn't accessible to anyone other than the user - not even to Apple. Built with custom Apple silicon and a hardened operating system designed for privacy, we believe PCC is the most advanced security architecture ever deployed for cloud AI compute at scale."
John Kiff

Hedera Hashgraph chose Google Cloud as its preferred cloud provider to help it bring en... - 0 views

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    Hedera Hashgraph chose Google Cloud Platform as its preferred cloud provider for deploying its public networks. Google commends Hedera for the choice, while revealing that it is taking an active stake in the project's governance.
John Kiff

The Adoption of Public Cloud Computing in Capital Markets - 0 views

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    The Association for Financial Markets in Europe has released a new paper which highlights the minimal use of the cloud among capital markets firms - with over two-thirds of AFME members questioned estimating that only 1 - 10% of their bank's current workload was using some level of public cloud.
John Kiff

AFME publishes 14 industry recommendations for supporting the adoption of public cloud ... - 0 views

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    The Association for Financial Markets in Europe (AFME) has released a new paper which highlights the minimal use of the cloud among capital markets firms - with over two-thirds of AFME members questioned estimating that only 1 - 10% of their bank's current workload was using some level of public cloud.
John Kiff

Systemic consequences of outsourcing to the cloud - 0 views

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    Financial institutions are increasingly outsourcing information technology to the cloud, motivated by efficiency, security, and cost. This column argues that the consequence is likely to be short- and medium-term stability at the cost of the increased likelihood of catastrophic systemic events. Cloud providers are systemically important and should be regulated as such.
John Kiff

TransferWise taps new Visa cloud tech for global card programme - 0 views

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    TransferWise is the first firm to pilot the Visa Cloud Connect platform, which provides a secure cloud-based connection to VisaNet, including a unified certification and testing framework, Visa-hosted security services such as transaction encryption and PIN key management, and simplified settlement in local markets. This will enable TransferWise to expand its debit card program that accompanies its multi-currency account.
John Kiff

The drivers of cyber risk - 0 views

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    "Cyber incidents are becoming more sophisticated and their costs difficult to quantify. Using a unique database of more than 100,000 cyber events across sectors, we document the characteristics of cyber incidents. Cyber costs are higher for larger firms and for incidents that impact several organisations simultaneously. The financial sector is exposed to a larger number of cyber attacks but suffers lower costs, on average, thanks to proportionately greater investment in information technology (IT) security. The use of cloud services is associated with lower costs, especially when cyber incidents are relatively small. As cloud providers become systemically important, cloud dependence is likely to increase tail risks. Crypto-related activities, which are largely unregulated, are particularly vulnerable to cyber attacks."
John Kiff

FSB reports consider financial stability implications of BigTech in finance and third p... - 0 views

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    The Financial Stability Board published two reports that consider the financial stability implications from an increasing offering of financial services by BigTech firms, and the adoption of cloud computing and data services across a range of functions at financial institutions.
John Kiff

Jack Ma's Open Banking Strategy Gets a Boost From Lockdown - 0 views

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    Ant Financial Services Group has seen a surge in banks interested in its digital technology. The number of customers paying for Ant to help them build mobile apps and provide cloud computing power jumped by 175% in the two months through April, and it's now working with more than 200 lenders, according to the company. Inquiries to collaborate with the tech giant increased by 400% over the period.
John Kiff

Birri Gubba Nation to launch a sovereign digital currency - 0 views

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    The Birri Gubba Nation, an Australian indigenous sovereign nation, has signed a memorandum of understanding (MOU) with Sovereign Wallet, to establish a comprehensive national digital identity system to serve as account addresses for sovereign digital currency. Sovereign Wallet is a blockchain technology company that developed the MetaMUI CBDC Cloud Service for creating digital currencies, which the Yidinji Nation, another Australian indigenous nation, used to launch its Yidindji Dollar (SYD) in 2022. The Birri Gubba Nation national identity and digital currency systems are set to go live in September 2024. If it is structured like the Yidindji Dollar, it will be pegged to the Australian dollar (AUD), although the mechanism hasn't been revealed.
John Kiff

JP Morgan and Microsoft announce strategic partnership to drive enterprise adoption of ... - 0 views

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    JP Morgan is tapping Microsoft's Azure cloud-based services to boost its blockchain-based Quorum platform, aiming to make it easier, faster and cheaper for companies to build and deploy blockchain applications.
John Kiff

What Happens To My Bitcoin When I Die? Simplifying Estate Planning Of Digital Assets - 0 views

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    Digital assets and cryptocurrencies make estate planning complex. You need to track where assets exist online and how to access them. If you fail to do proper planning, your digital footprint and assets will likely be stuck in the cloud forever.
John Kiff

Facebook Plans on Backdooring WhatsApp - 0 views

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    In Facebook's vision, the actual end-to-end encryption client itself such as WhatsApp will include embedded content moderation and blacklist filtering algorithms. These algorithms will be continually updated from a central cloud service, but will run locally on the user's device, scanning each cleartext message before it is sent and each encrypted message after it is decrypted... Of course alternatives like Signal will exist for those who don't want to be subject to Facebook's content moderation, but what happens when this filtering technology is built into operating systems?
John Kiff

Ghana's central bank launches fintech sandbox - 0 views

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    The Bank of Ghana has launched a new regulatory and innovation sandbox to provide a controlled testing environment for new financial products and services, in partnership with US-based technology firm Emtech. Emtech has built cloud-based software specifically for central banks. It said the sandbox would allow financial firms to interact with the central bank to test digital financial products while evolving [an] enabling regulatory environment. The sandbox is open to banks, specialised deposit-taking institutions and payment service providers. https://www.bog.gov.gh/wp-content/uploads/2021/02/PRESS-RELEASE-BANK-OF-GHANA-SANDBOX-PILOT.pdf
John Kiff

PayPal to Acquire Curv - 0 views

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    PayPal announced that it has agreed to acquire Curv to accelerate and expand its initiatives to support cryptocurrencies and digital assets. Curv is a leading provider of cloud-based infrastructure for digital asset security based in Tel Aviv, Israel.
John Kiff

China's digital developments - 0 views

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    The BSN is a cross-cloud, cross-portal, cross-framework global infrastructure network used to deploy and operate all types of blockchain applications. It provides a shared blockchain resource environment with the twin goals of reducing the cost of technology adoption and supporting interoperability between different blockchain applications (DApps).
John Kiff

China Central Bank to Set Standards for 17 Fintech Categories, Including Blockchain - 0 views

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    PBOC VP Yifei Fan said the bank aims to better regulate new technologies applied across the financial industry. Blockchain is among 17 categories of financial technologies, including cloud services and artificial intelligence, to be regulated under the new standards.
John Kiff

The Dark Side of Digital Financial Transformation: The New Risks of FinTech and the Ris... - 0 views

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    As a result of the digitization and datafication of finance, combined with new technologies, cybersecurity and technological risks are now evolving into major threats to financial stability and national security. In addition, the entry of major technology firms into finance - TechFins - brings new issues. The first arises in the context of new forms of potentially systemically important infrastructure (such as data and cloud services providers). The second arises because data - like finance - benefits from economies of scope and scale and from network effects and - even more than finance - tends towards monopolistic or oligopolistic outcomes, resulting in the potential for systemic risk from new forms of "Too Big to Fail" and "Too Connected to Fail" phenomena. This paper suggests some basic principles about how such risks can be monitored and addressed, focusing in particular on the role of regulatory technology ("RegTech").
John Kiff

Blockchain may break EU privacy law-and it could get messy - 0 views

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    Blockchain technology may offer greater levels of security than the internet at large, but a new research paper claims its approach to privacy may be in violation of European "right to be forgotten" laws. Once someone's details are embedded in a blockchain, the system never forgets. Those details might be encrypted, but they are also part of an irreversible ledger, and one that's on the cloud. As long as a blockchain is in existence, it clashes with the European ruling that people have the right to retract data. All of this leaves the blockchain industry in a massive quandary, because the technology's transparency and immutability is one of its biggest selling points. https://journal.acs.org.au/index.php/ajis/article/view/2801
John Kiff

Visa Partners to Launch Payments on WhatsApp in Brazil - 0 views

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    Facebook is also working with Visa to power the new payments feature on WhatsApp in Brazil. Payments on WhatsApp are made possible by Visa Direct, Visa's real-time push payments technology, and newly launched Visa Cloud Tokenization, that protects and removes sensitive payment information by converting the data to tokens and storing them securely.
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