Santander has introduced its digital bank, Openbank, in Mexico, marking a significant move into the country’s fast-growing fintech market. The launch includes a website and mobile app, offering a fully digital banking experience. Customers on the pre-registered waiting list are the first to gain access.
Openbank, already operational in Spain, Germany, Portugal, and the Netherlands, is Europe’s largest digital bank by deposits. The Mexican rollout capitalises on a growing demand for digital financial services, particularly among the unbanked population and dissatisfied traditional banking clients.
The service includes a savings account offering a competitive 12.5% annual return, aligning with local fintech trends led by rivals like Nubank. Openbank’s head, Petri Nikkila, emphasised the potential for digital banking in Mexico, aiming to attract customers seeking competitive financial products.
Silicon Valley firm d-Matrix has launched its first AI chip, designed to enhance AI services like chatbots and video generators. Early samples are being tested by customers, with full-scale shipments expected next year.
The chip focuses on inference tasks, allowing multiple users to interact simultaneously with AI systems, such as generating or modifying videos. d-Matrix’s innovation aims to complement market leaders like Nvidia by specialising in real-time user requests.
Backed by over $160 million in funding, including from Microsoft‘s venture arm, the company has partnered with Super Micro Computer to offer servers equipped with its chips. CEO Sid Sheth highlights strong demand in video applications for multi-user interactions.
Kenya and Malaysia partnered to accelerate digital transformation in Kenya and across Africa, thereby highlighting a shared commitment to leveraging technology for economic growth and development. The collaboration aims to enhance Kenya’s digital infrastructure, foster bilateral trade, and unlock new digital export opportunities.
By combining Kenya’s rapidly growing tech industry with Malaysia’s advanced expertise, the partnership allows Kenyan enterprises to access cutting-edge technological knowledge while enabling Malaysian firms to tap into Africa’s expanding markets. Moreover, the Malaysia-Kenya Tech symposium in Nairobi, organised by the Kenyan government, Malaysia’s High Commission, and the Malaysia External Trade Development Corporation, serves as a platform to showcase these efforts.
Thus, the partnership emphasises mutual efforts to strengthen economic ties, create innovative digital ecosystems, and position Kenya as a regional technology hub. In addition, the partnership builds on earlier engagements, emphasising its importance in fostering innovation, boosting digital integration, and driving economic growth. By visiting key sites like Konza Technopolis, the Malaysian delegation has explored opportunities to position Kenya as a digital leader in Africa while strengthening ties between the two regions.
Ghana Communication Technology University and Microsoft Skills have partnered to introduce the Microsoft Skills for Jobs Microdegree Programme in Ghana, aimed at enhancing digital skills in high-demand fields such as cybersecurity, AI, and coding. That collaboration, funded by the European Union, will provide training, certification, and job placement opportunities, helping students and professionals gain the essential skills needed in today’s digital economy.
To make the programme more accessible, local banks will offer micro-loans, allowing participants to pay fees in manageable instalments. The initiative is expected to certify 286,000 students globally by 2026, with 60,000 certifications coming from Ghana, creating significant opportunities for local students in the global job market.
Ghana Communication Technology University and Microsoft Skills have also partnered to foster international collaboration through student exchange programs. The partnership will also connect Ghanaian graduates to job opportunities with 32,000 IT companies across Europe, further expanding their career prospects and establishing GCTU as a leader in IT education in Ghana.
Vietnam and Burundi have partnered to strengthen their telecommunications and technology development collaboration. The agreement, signed on 19 November, was attended by key officials from both countries.
Notably, Vietnam’s telecom provider, Lumitel, has significantly contributed to Burundi’s market, paying over $500 million in taxes and securing a dominant market share. Given the shared challenges of war, sanctions, and poverty faced by both nations, it was emphasised that digital technology could address issues such as rural-urban wealth gaps and limited public services.
In light of this, Vietnam encouraged further investment in Burundi, particularly beyond telecommunications, and proposed increased exchanges in ICT, digital economy, and workforce training to accelerate Burundi’s digital transformation. Furthermore, scholarships and short-term online training programs were announced to support the development of Burundi’s digital workforce.
In response, Burundi’s government expressed gratitude for Vietnam’s expertise, particularly in telecommunications, and praised Lumitel for its significant role in improving the local market. Burundi also invited Lumitel to expand its operations, with assurances of government support to ensure favourable business conditions.
Moreover, platforms such as Vietnam International Digital Week were acknowledged, as they foster global digital partnerships and facilitate the exchange of technological experiences. Finally, Vietnam reaffirmed its commitment to supporting Lumitel’s growth and emphasised that Vietnamese enterprises must comply with local laws and tax obligations while operating abroad.
The Somali government is developing a unified fibre optic deployment policy to streamline the installation and expansion of fibre optic infrastructure across the country. That initiative aims to foster collaboration among national telecommunications companies, reduce deployment costs, and support the growth of the digital economy.
Moreover, the policy seeks to improve national interconnection and enhance the efficiency of infrastructure expansion. However, the fibre optic network in Somalia remains underdeveloped and fragmented, with only isolated segments deployed by sub-regional operators.
Despite being connected to five international submarine cables, weak cross-border connections and the lack of a robust national network backbone limit the distribution of global capacity. As a result, uneven broadband access, poor network quality, and suppressed market competition significantly hinder equitable digital development.
While implementing the policy could improve the quality and coverage of internet services in Somalia, several challenges remain. These include, for example, limited access to affordable broadband-compatible devices, a lack of attractive data-driven services, insufficient local content, and a digital skills gap.
Consequently, these barriers contribute to the country’s low internet penetration rate of only 27.6% in early 2024. Therefore, addressing these challenges is crucial to ensuring more equitable access to digital resources and enabling the growth of Somalia’s digital economy.
OpenAI, in partnership with Common Sense Media, has introduced a free training course aimed at helping teachers understand AI and prompt engineering. The course is designed to equip educators with the skills to use ChatGPT effectively in classrooms, including creating lesson content and streamlining administrative tasks.
The launch comes as OpenAI increases its efforts to promote the positive educational uses of ChatGPT, which became widely popular after its release in November 2022. While the tool’s potential for aiding students has been recognised, its use also sparked concerns about cheating and plagiarism.
Leah Belsky, formerly of Coursera and now leading OpenAI’s education efforts, emphasised the importance of teaching both students and teachers to use AI responsibly. Belsky noted that student adoption of ChatGPT is high, with many parents viewing AI literacy as crucial for future careers. The training is available on Common Sense Media’s website, marking the first of many initiatives in this partnership.
PayPal has partnered with Xoom to enhance access to its stablecoin, PayPal USD (PYUSD), in Asia and Africa. Announced on 19 November, the collaboration aims to facilitate cross-border transactions even outside traditional banking hours. Xoom has teamed up with Cebuana Lhuillier and Yellow Card to manage PYUSD disbursements in these regions.
Launched in 2023, PYUSD is an Ethereum-compatible stablecoin backed 1:1 by US dollars and issued by Paxos Trust Company. It competes with other regulated stablecoins like USDC and is the only stablecoin integrated into PayPal’s payment system. PayPal has positioned PYUSD as a versatile digital currency for developers, wallets, and Web3 applications.
PayPal has been actively expanding PYUSD’s reach, including a recent launch on the Solana blockchain and partnerships with firms like MoonPay and Anchorage Digital. However, despite these efforts, PYUSD remains a smaller player in the market, lagging behind giants like USDT and USDC, which dominate the stablecoin sector with significantly larger market capitalisations.
Microsoft has unveiled two innovative data centre infrastructure chips, designed to enhance AI operations and bolster data security. Announced at the Ignite conference, these new additions demonstrate a commitment to developing in-house silicon tailored for advanced computing needs. By producing custom chips, Microsoft joins major players like Amazon and Google in reducing dependency on suppliers such as Intel and Nvidia.
One of the new chips, the Azure Integrated HSM, is engineered to improve security by safeguarding sensitive encryption and security data within dedicated hardware. It will be integrated into all new data centre servers from next year. The second chip, a Data Processing Unit (DPU), consolidates server components for optimised cloud storage performance. Compared to existing hardware, it delivers quadruple the performance while consuming significantly less energy.
Microsoft’s investment in custom chips aligns with its broader strategy to enhance data centre efficiency for AI-driven applications. Rani Borkar, corporate vice president of Azure Hardware Systems, highlighted the importance of streamlining infrastructure to meet the demands of modern AI. The chips aim to process data at unprecedented speeds while maintaining robust security protocols.
Alongside these advancements, Microsoft introduced a new liquid cooling system for data centre servers, designed to support the intensive computing demands of large-scale AI models. The technology promises to reduce component temperatures efficiently, ensuring sustainability while catering to growing AI workloads.
The Reserve Bank of India (RBI) is taking a cautious approach to expanding its central bank digital currency (CBDC), the e-rupee, as officials prioritise understanding its long-term implications. Deputy Governor T. Rabi Sankar emphasised that while CBDCs could transform cross-border payments, trade settlements, and remittances, the risks and uncertainties surrounding the technology remain a concern.
Launched in December 2022, the e-rupee has seen limited adoption, with just 1 million retail transactions by mid-2024. This slow uptake has been partly supported by incentives, such as salary distributions in the digital currency. Despite this, the RBI has no fixed timeline for a broader rollout, preferring to assess the potential impact on the financial system before proceeding.
Deputy Governor Michael Debabrata Patra has raised additional concerns, warning that CBDCs could destabilise traditional banking. He suggested that during financial crises, digital currencies might be seen as “safe havens,” increasing the risk of bank withdrawals and possible “bank runs.” These uncertainties underscore why the RBI is maintaining its measured stance, ensuring that any expansion is informed and mitigates risks.
