Digital business models Archives | Page 373 of 581

South Korea pushes stablecoin bill under new president

South Korea’s new president, Lee Jae-myung, is moving quickly on campaign pledges as the ruling Democratic Party proposes a bill to issue local stablecoins. The Digital Asset Basic Act, announced on Tuesday, aims to improve transparency and boost competition within the crypto sector.

Under the proposed law, South Korean firms could issue stablecoins if they hold at least 500 million won in equity capital. These issuers must maintain sufficient reserves and gain approval from the Financial Services Commission.

The move comes as stablecoin trading in South Korea surges, reaching 57 trillion won in Q1 alone.

Lee’s push for broader crypto integration includes proposals for the national pension fund to invest in Bitcoin and permitting Bitcoin ETFs. However, the Bank of Korea has voiced opposition, warning that private stablecoins could undermine the central bank’s control over monetary policy.

Despite uncertainties, local crypto stocks such as KakaoPay have seen sharp gains, though some analysts caution the optimism may be premature.

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Amazon boosts AI infrastructure with $20B investment

Amazon has announced a massive $20 billion investment to build two new AI-focused data centres in Pennsylvania. The exact locations are yet to be finalised, but Salem Township and Falls Township are currently leading candidates.

The move signals Amazon’s ongoing commitment to expanding its AI infrastructure amid an increasingly competitive technology race.

Alongside the data centres, Amazon has pledged to support education and workforce development across the state. Collaborations with local institutions will bring programmes for data centre technicians, fibre optic workshops and STEM learning initiatives aimed at school-aged children.

These efforts are intended to prepare the future workforce for careers in AI and cloud computing infrastructure.

The investment is part of Amazon’s broader strategy to establish the US as a global AI leader. The company highlighted that its advanced computing infrastructure and AI hardware are designed to power the next generation of generative and agentic AI, defining digital innovation’s future.

Other tech giants are making similar moves. Amazon announced a $10 billion data centre expansion in North Carolina in June.

Meanwhile, Meta, OpenAI, and Microsoft are also scaling AI operations, and crypto mining firms like Riot Platforms and Hive Digital are shifting part of their infrastructure towards high-performance computing for AI, reflecting a wider industry transformation.

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Cybersecurity alarm after 184 million credentials exposed

A vast unprotected database containing over 184 million credentials from major platforms and sectors has highlighted severe weaknesses in data security worldwide.

The leaked credentials, harvested by infostealer malware and stored in plain text, pose significant risks to consumers and businesses, underscoring an urgent need for stronger cybersecurity and better data governance.

Cybersecurity researcher Jeremiah Fowler discovered the 47 GB database exposing emails, passwords, and authorisation URLs from tech giants like Google, Microsoft, Apple, Facebook, and Snapchat, as well as banking, healthcare, and government accounts.

The data was left accessible without any encryption or authentication, making it vulnerable to anyone with the link.

The credentials were reportedly collected by infostealer malware such as Lumma Stealer, which silently steals sensitive information from infected devices. The stolen data fuels a thriving underground economy involving identity theft, fraud, and ransomware.

The breach’s scope extends beyond tech, affecting critical infrastructure like healthcare and government services, raising concerns over personal privacy and national security. With recurring data breaches becoming the norm, industries must urgently reinforce security measures.

Chief Data Officers and IT risk leaders face mounting pressure as regulatory scrutiny intensifies. The leak highlights the need for proactive data stewardship through encryption, access controls, and real-time threat detection.

Many organisations struggle with legacy systems, decentralised data, and cloud adoption, complicating governance efforts.

Enterprise leaders must treat data as a strategic asset and liability, embedding cybersecurity into business processes and supply chains. Beyond technology, cultivating a culture of accountability and vigilance is essential to prevent costly breaches and protect brand trust.

The massive leak signals a new era in data governance where transparency and relentless improvement are critical. The message is clear: there is no room for complacency in safeguarding the digital world’s most valuable assets.

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China proposes rare earth export relief for EU

China has proposed creating a ‘green channel’ for rare earth exports to the EU, aiming to ease the impact of its recent restrictions. These materials, vital to electric vehicles and household appliances, have been under stricter export controls since April.

During recent talks, Trade Commissioner Maroš Šefčovič warned Chinese officials that the curbs had caused major disruptions across Europe, describing the situation as alarming. While some progress in licence approvals has been noted, businesses argue it remains inadequate.

The talks come as both sides prepare for a high-stakes EU-China summit and continue negotiations over tariffs on Chinese electric vehicles.

Brussels has imposed duties of up to 35.3%, citing unfair subsidies, while Beijing is pushing for a deal involving minimum pricing to avoid the tariffs.

China’s commerce ministry confirmed the discussions are in their final stage but acknowledged that more work is needed to reach a resolution.

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UAE AI megaproject faces US chip export concerns

Plans for a vast AI data hub in the UAE have raised security concerns in Washington due to the country’s close ties with China.

The $100 billion Stargate UAE campus, aims to deploy advanced US chips, but US officials are scrutinising potential technology leakage risks.

Although the Trump administration supports the project, bipartisan fears remain about whether the UAE can safeguard US-developed AI and chips from foreign adversaries.

A final agreement has not been reached as both sides negotiate export conditions, with possible restrictions on Nvidia’s hardware.

The initial phase of the Stargate project will activate 200 megawatts of capacity by 2026, but the deal’s future may depend on the UAE’s willingness to accept strict US oversight.

Talks over potential amendments continue, delaying approval of what could become a $500 billion venture.

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Samsung pilots AI coding tool Cline for internal developers

Samsung Electronics is testing a new open-source AI coding assistant called Cline, which is expected to be adopted by its Device eXperience (DX) division as early as next month, according to Yonhap News Agency.

Cline leverages Claude 3.7 Sonnet’s advanced agentic coding capabilities to autonomously handle complex software development tasks. The goal is to significantly boost developer productivity across Samsung’s mobile and home appliance units, which are both part of the DX division.

The move aligns with Samsung’s broader AI for All strategy. Last month, the company created a dedicated AI productivity innovation group within the DX division.

This follows the establishment of an AI centre within its chip business in December 2024, further underscoring the tech giant’s commitment to embedding AI across its operations.

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Rednote launches public AI model to rival Alibaba and DeepSeek

Chinese social media giant Rednote, also known as Xiaohongshu, has released its first open-source large language model, dots.llm1, marking a major step in its AI ambitions. The model is now publicly available via Hugging Face, a popular developer platform.

By joining the growing number of firms from China open-sourcing AI models—such as Alibaba and DeepSeek—Rednote aims to foster a developer community, expand global influence, and showcase its technical progress amid US-led restrictions on advanced technology exports.

Open-sourcing also enables collaboration and experimentation in contrast to proprietary models kept under wraps by some US companies.

Although dots.llm1 performs slightly behind cutting-edge models like DeepSeek-V3, its coding capabilities rival Alibaba’s Qwen 2.5 series. The launch follows Rednote’s recent AI-powered search app, Diandian, which helps users explore Xiaohongshu’s ecosystem more intuitively.

The company began investing in large language models shortly after ChatGPT’s debut and has accelerated its AI strategy in recent months.

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Google’s Pichai says AI will free coders to focus on creativity

Google CEO Sundar Pichai has said AI is not a threat to human jobs—particularly in engineering—but rather a tool to make work more creative and efficient.

In a recent interview with Lex Fridman, Pichai explained that AI is already powering productivity across Google, contributing to 30% of code generation and improving overall engineering velocity by around 10%.

Far from cutting staff, Pichai confirmed Google plans to hire more engineers in 2025, arguing that AI expands possibilities rather than reducing demand.

‘The opportunity space of what we can do is expanding too,’ he said. ‘It makes coding more fun and frees you up for creativity, problem-solving, and brainstorming.’

Rather than replacing jobs, Pichai sees AI as a companion—handling repetitive tasks and enabling engineers to focus on innovation. He believes this shift will also democratise software development, empowering more people to build and create with code.

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Milei cleared of ethics breach over LIBRA token post

Argentina’s Anti-Corruption Office has concluded that President Javier Milei did not violate ethics laws when he published a now-deleted post promoting the LIBRA memecoin. The agency stated the February post was made in a personal capacity and did not constitute an official act.

The ruling clarified that Milei’s X account, where the post appeared, is personally managed and predates his political role. It added that the account identifies him as an economist rather than a public official, meaning the post is protected as a private expression under the constitution.

The investigation had been launched after LIBRA’s price soared and then crashed following Milei’s endorsement, which linked to the token’s contract and a promotional site. Investors reportedly lost millions, and allegations of insider trading surfaced.

Although the Anti-Corruption Office cleared him, a separate federal court investigation remains ongoing, with Milei and his sister’s assets temporarily frozen.

Despite the resolution, the scandal damaged public trust. Milei has maintained he acted in good faith, claiming the aim was to raise awareness of a private initiative to support small Argentine businesses through crypto.

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FIFA launches its own blockchain for Web3 expansion

FIFA has launched its own blockchain using Avalanche’s Subnet technology, ending its previous partnership with Algorand. The shift allows FIFA full control over how its Web3 products—including digital collectibles, games, and fan platforms—are developed and integrated.

The move also brings improved scalability and compatibility with Ethereum-based tools.

By building on an EVM-compatible chain, FIFA now enables wallet support from widely used apps like MetaMask, lowering entry barriers for users globally. It also makes it easier for developers to build decentralised applications and connect to broader DeFi and NFT ecosystems.

The blockchain can scale independently, a key advantage during major events like the World Cup.

FIFA Collect has fully migrated to the new blockchain, offering faster transactions and new utility features, such as NFT-based perks tied to real-world events. A new arcade-style mobile game, FIFA Rivals, launches in June and will let fans trade in-game NFT cards on the Mythos chain.

FIFA’s blockchain now supports interactive and tokenised experiences, turning football fans into participants with digital ownership and direct influence.

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