Mongolia is strengthening its digital economy through a promising alliance with the European Bank for Reconstruction and Development (EBRD). The Mongolian government is prioritising digital development as part of its larger developmental agenda by undertaking two major projects focused on digitalisation. Central to these efforts is the development of a legal framework for big data and artificial intelligence to safeguard and efficiently manage digital processes.
At a recent event Minister Baatarkhuu underscored plans to modernise public services by improving data exchange systems such as XYP and the National Identification and Authentication System (DAN). These efforts aim to reduce reliance on paper-based documentation, supported by the EBRD’s recommendations to enhance the system’s security. Another ambitious step towards integrating new technologies includes establishing a ‘drone zone’.
The Ministry of Digital Development of Mongolia proposed a collaboration with the EBRD on the Esign Client Program Development Project, which seeks to normalise digital signatures over four years, enhancing the efficiency of document authentication.
Why does it matter?
This partnership demonstrates a strong bilateral commitment to advancing Mongolia’s digital infrastructure, leveraging EBRD’s expertise and resources for sustainable digital growth. EBRD expressed readiness to provide advisory support to navigate opportunities and challenges in the digital economy.
Portuguese startup Sensei, specialising in contactless store technology, has secured €15 million in a Series A funding round led by BlueCrow Capital. The investment also saw participation from Lince Capital, Explorer Investments, Kamay Ventures, and existing backers like Metro AG and Techstars Ventures. This follows Sensei’s 2021 seed round of €5.4 million.
Sensei aims to establish 1,000 fully autonomous retail points by 2026, with current operations in Portugal, Spain, France, Italy, and Brazil. The company uses AI-powered sensors and computer vision to automate checkout, offering customers a seamless shopping experience and real-time store management for retailers.
As competition heats up in the contactless retail space, Sensei is up against major players like Standard Cognition, Trigo, and AiFi, which have raised substantial funds to develop similar technology.
Apple CEO Tim Cook met with China’s Minister for Industry and Information Technology, Jin Zhuanglong, during his recent visit to Beijing. During the meeting, Jin expressed hopes that Apple would continue expanding its presence in China, increasing innovation investments, and collaborating with Chinese companies. Apple has not commented on the meeting.
This visit marks Cook’s second trip to China in 2023. While in Beijing, he visited local sites and engaged with Chinese artists, as seen in his posts on the social media platform Weibo. Cook’s trip comes at a time when Apple faces increased competition in the Chinese smartphone market, particularly from domestic rival Huawei.
Apple launched its latest iPhones in China on September 20, the same day Huawei released its competing model. While early iPhone sales saw a 20% increase compared to the previous year, overall sales declined by 2% due to decreased interest in older models and the growing popularity of Huawei’s Mate and Pura series.
Thailand’s Commerce Minister, Pichai Naripthaphan, has revealed that Nvidia, the US-based chip-making giant, is preparing to announce significant investment plans in Thailand. This unveiling is expected to occur during Nvidia CEO Jensen Huang’s scheduled visit to Bangkok in December. While Minister Pichai did not disclose the exact details of the investment or the financial scale, the move marks a notable step in Nvidia’s expansion efforts in the Southeast Asian region.
Nvidia’s decision to invest in Thailand reflects the country’s growing importance as a hub for technology and innovation in the region. The potential investment could also strengthen Thailand’s position in the global semiconductor industry, as demand for advanced chips continues to surge, particularly in sectors like AI, gaming, and data centres. The Thai government will likely welcome this development, which aligns with its broader goals to attract more high-tech investments and drive economic growth through technological advancements.
This upcoming announcement highlights the deepening relationship between global tech giants and Southeast Asia, with Thailand emerging as a key player in attracting multinational companies like Nvidia. More details are expected to be revealed during Huang’s visit, potentially signaling a significant economic boost for the region.
Honeywell has formed a partnership with Google to connect AI with industrial data. The collaboration aims to enhance autonomous operations, streamlining processes for Honeywell’s customers.
Google’s Gemini, its advanced AI platform, will merge with data from Honeywell’s Forge platform to automate tasks and shorten project timelines. The first AI-powered solutions will be available in 2025, offering support for engineers, technicians, and warehouse workers.
The partnership seeks to address industry labour shortages by introducing AI tools that boost productivity and efficiency. Automated processes will cut design cycles and process multiple data types, including images, videos, and sensor readings, using Google’s Vertex AI platform.
Honeywell’s CEO Vimal Kapur emphasised the goal of optimising asset performance, improving employee skills, and reducing maintenance costs. The partnership reflects a broader strategy to harness the latest advancements in AI to drive operational improvements.
Vietnam has unveiled a national strategy to develop its semiconductor industry, with a focus on gradually building expertise and integrating it into the assembly, packaging, and testing (APT) stages of the value chain. The goal is to position Vietnam as a global semiconductor hub in the long term. According to a report from The Diplomat, Vietnam’s stable political environment and neutral diplomatic stance are key advantages in attracting foreign investment and partnerships in this sector.
The country’s youthful population also presents a major advantage as labour shortages loom in major semiconductor hubs like the US and South Korea. Investments in education and talent development will help Vietnam strengthen its presence in areas like chip design and research. Partnerships, such as those with Amkor, Cadence, and Synopsys, further support Vietnam’s ambitions to grow in the semiconductor space.
However, the report highlights challenges, including geopolitical pressures to align with either the US or China, competition from other countries like India, Malaysia, and Indonesia, and the need to meet global sustainability standards. Balancing these challenges with the demands of a growing industry will be crucial for Vietnam’s success in becoming a key player in the global semiconductor market.
AI-driven tools are entering wholesale banking, with Intellect Global Transaction Banking introducing the ‘eMACH.ai Cloud’ for the sector. The platform provides banks with a comprehensive suite of services to manage their corporate clients’ complex needs across various industries, supporting both operational efficiency and business growth.
The eMACH.ai Cloud aims to streamline operations by consolidating wholesale banking requirements into one platform, reducing reliance on multiple systems. It offers scalable solutions tailored to different sectors, allowing banks to modernise their operations and meet regulatory requirements.
CEO Manish Maakan highlighted that the platform helps banks reduce costs, unlock new revenue streams, and innovate business models. He stressed the importance of agility in today’s banking landscape, explaining that eMACH.ai empowers banks to deliver greater value to clients while keeping pace with industry changes.
From liquidity management to sustainable finance initiatives, the platform offers tools to address evolving compliance demands and environmental goals. Its integrated design ensures banks can meet both financial and ESG objectives more effectively.
Gusto’s co-founder and head of technology, Edward Kim, believes that replacing existing teams with AI engineers is not the best approach for businesses preparing for an AI-driven future. In an interview, Kim emphasised that non-technical team members often have a deeper understanding of customer needs and challenges, making them more effective in guiding the development of AI tools.
At Gusto, non-technical customer experience team members contribute by writing “recipes” that instruct Gusto’s AI assistant, Gus, on how to interact with customers. This approach allows employees to leverage their domain expertise, even without technical skills, to create powerful AI applications. Kim highlighted the success of CoPilot, a customer support tool developed by a former support team member, Eric Rodriguez, who was later promoted to the engineering team. The tool, used by Gusto’s support team, quickly became a game-changer, enhancing efficiency by providing immediate, accurate responses based on the company’s internal knowledge base.
Kim noted that AI tools like Gus empower teams to create solutions without requiring coding knowledge, using natural language instructions. This bottom-up strategy contrasts with the trend of hiring highly specialised AI experts and reflects Gusto’s belief in leveraging domain expertise. As AI continues to evolve at the company, Kim envisions a shift in roles, with more employees focusing on writing AI recipes and fine-tuning prompts rather than direct customer interactions. This approach, he suggests, will enhance customer experiences and free up resources for Gusto to expand its services.
Japan has launched digital wage payments with PayPay, a popular QR-code payment app, becoming the first to gain approval from the government as part of its push for cashless transactions. From September, ten SoftBank companies, including PayPay, began offering employees the option to receive up to 200,000 yen of their salary via the app.
This move follows the labour ministry’s decision in 2022 to allow digital wage payments, starting in April 2023, to encourage cashless payments as a way to stimulate the economy. Employees who prefer not to be paid digitally can still opt for traditional bank transfers.
PayPay, which has over 65 million users, aims to enhance employee benefits by diversifying wage payment methods. The app’s operator cited a government survey showing that 40% of workers were open to receiving wages through payment apps.
To protect users, a 1 million yen limit has been placed on digital wallet balances, as app operators do not fall under Japan‘s deposit insurance system. Several other app providers are also seeking government approval to offer similar services.
Samsung is taking its commitment to security up a notch by expanding its blockchain technology to cover a wider range of AI-powered home appliances. The South Korean tech giant announced that its Knox Matrix framework, originally designed for mobile devices and televisions, will now protect home devices using a ‘Trust Chain.’ This private blockchain system enables connected devices to monitor each other for potential security issues, keeping users informed in case of any threats.
In addition to blockchain-based security, Samsung is introducing ‘Cross Platform’ technology, ensuring consistent protection across devices, regardless of the operating system. The company also aims to improve privacy with its ‘Credential Sync,’ which encrypts and synchronises user data for enhanced safety.
Expected to roll out these new features next year, Samsung will integrate biometric authentication, allowing users to log into apps with fingerprints instead of passwords. The move builds on the company’s previous blockchain ventures, including its Samsung Blockchain Wallet and Blockchain Keystore.
