Digital business models

Naver and Siam.AI launch Thai-language LLM and tourism agent

South Korean tech giant Naver is entering Thailand’s AI market through a strategic partnership with local technology firm Siam.AI Cloud.

The two companies have signed a memorandum of understanding to jointly develop a Thai-language large language model (LLM) and a tourism-specific AI agent, with the first outputs expected by the end of 2025.

The partnership aims to foster Thailand’s technological self-reliance, enabling the country to develop and run AI models domestically rather than relying on Western or Chinese technologies.

The move is a practical step toward achieving sovereign AI — a concept gaining momentum across Southeast Asia. One-third of Asia’s governments are expected to adopt sovereign cloud services by 2026, reflecting regional concerns about ‘digital colonialism’ and the need for local data control.

Thailand, and countries like Vietnam and Indonesia, are already implementing policies to retain data within national borders.

The Thai-Naver collaboration reflects a broader commitment to embedding AI into the healthcare, public services, and education sectors. The timing is strategic, with 77% of Thai businesses already deploying AI, especially in customer communication and acquisition.

The country’s AI market is projected to grow significantly through 2031, with machine learning, natural language processing, and computer vision leading the charge.

Beyond tourism, banking, manufacturing, retail, and agriculture sectors are primed for AI transformation.

For example, Thailand’s agricultural AI market is projected to grow from $80.3 million in 2023 to nearly $114 million by 2029, driven by initiatives like the AGROWTH platform that supports deep-tech agricultural innovation.

This partnership underscores a shift from importing AI tools to creating solutions tailored to national needs—backed by domestic infrastructure, local data, and region-specific expertise.

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Dubai emerges as a top tech hub in the Middle East

Dubai is emerging as a global hub for technology and innovation, driven by government-backed initiatives and a thriving ecosystem of Free Zones.

Their economic agenda aims to make it the fastest and most connected city worldwide, with emphasis on AI, fintech, blockchain, and other industries.

Free Zones such as Internet City and Silicon Oasis offer foreign firms 100% ownership, minimal bureaucracy, and world-class infrastructure.

Recent regulatory changes now allow these businesses to operate beyond Free Zones under certain conditions, giving firms greater flexibility and market access.

Initiatives like the Dubai Future Foundation, the Centre for AI, and Sandbox Dubai reinforce the city’s commitment to technological advancement.

With its collaborative tech clusters and growing venture capital support, Dubai is positioning itself as the Middle East’s leading destination for innovation.

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Companies urged to balance risk when holding Bitcoin treasuries

Changpeng Zhao, founder and former CEO of Binance, has urged companies adopting Bitcoin as a treasury asset to carefully assess the associated risks. On 3 June, Zhao said risk is a business constant, varying in degree rather than being simply present or absent.

Zhao warned that avoiding risk can be as harmful as over-taking it, risking missed chances or unpreparedness for shocks. He stressed that, with a balanced approach, companies can find an optimal risk-to-reward ratio suited to their needs.

Zhao stressed companies must prepare for extreme events like currency collapse or Bitcoin losing all value. His comments come amid growing corporate interest in Bitcoin treasuries, including Trump Media and GameStop.

Experts explain that companies are increasingly turning to Bitcoin to reduce counterparty risk and currency instability. Bitcoin’s fixed supply and predictable issuance make it a strong defensive asset and aid multinational cross-border transactions.

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New South Korean president vows to support crypto growth

South Korea has elected Lee Jae-myung of the left-wing Democratic Party as its new president, following the impeachment of conservative leader Yoon Suk-yeol. A 79.4% turnout, the highest in 28 years, helped Lee win with 49.42%, beating right-wing rival Kim Moon-soo.

Lee pledged urgent economic reform, with a focus on supporting low-income families and small businesses. He also vowed to strengthen the domestic cryptocurrency industry, promising to introduce spot crypto ETFs and a won-backed stablecoin market.

Both are currently prohibited under existing financial rules.

The new president aims to complete the second phase of South Korea’s digital asset legislation, with specific measures targeting stablecoin regulation and exchange transparency. His plan includes reducing restrictions in blockchain innovation zones to accelerate local growth.

Although crypto reform was also promised by impeached predecessor Yoon, progress stalled during his administration. With nearly 10 million crypto users, South Korean regulators seem ready to ease rules, giving Lee a chance to fulfil his crypto promises.

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Crypto-friendly legislation advances in California

California’s State Assembly has unanimously approved a bill that would allow government departments to accept cryptocurrency payments. Assembly Bill 1180, introduced by Avelino Valencia, passed with a 68–0 vote and will now be reviewed by the State Senate.

If enacted, the law would require the Department of Financial Protection and Innovation to establish regulations enabling crypto payments for state services. A pilot programme would run until 1 January 2031, with full implementation beginning on 1 July 2026.

The department would also be required to report on transaction volumes and any technical challenges by 2028.

The bill targets digital assets under existing law, after dropping transport-related clauses, aiming to align California with states like Florida and Colorado on crypto payments.

AB 1180 complements a separate proposal, AB 1052, which seeks to protect the private use of digital assets and enshrine the right to self-custody. The rising interest in such legislation reflects growing political and public support for cryptocurrencies across the state.

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Netherlands unveils open-architecture quantum computer

The Dutch quantum ecosystem has unveiled Tuna-5, a new open-architecture quantum computer developed as part of the HectoQubit/2 (HQ/2) project.

Unlike the vertically integrated machines offered by some commercial providers, Tuna-5 demonstrates a collaborative model that draws on interoperable hardware and software from across the Netherlands.

Built through a partnership between QuTech, TNO, and four Dutch startups — QuantWare, Qblox, Orange Quantum Systems, and Delft Circuits — Tuna-5 is now accessible via the Quantum Inspire public cloud platform.

The system integrates a superconducting quantum processor with tunable couplers, modular electronics, a user-friendly interface, and a Python-based SDK, all developed using components from the Delft quantum supply chain.

QuTech described the approach as more than simply combining parts from different vendors. It involved extensive testing and iterations to ensure a seamless system, which also helped strengthen the Netherlands’ capability to deliver scalable, interoperable quantum technology.

Hosted in QuTech’s DiCarlo lab and backed by Quantum Delta NL and the National Growth Fund, HQ/2 is designed to reinforce Dutch leadership in superconducting quantum computing.

Tuna-5 marks a step forward for academic and startup collaboration instead of relying solely on centralised industry giants.

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Nigeria launches AI Scaling Hub with Gates Foundation

In partnership with the Gates Foundation, Nigeria has launched the Nigeria Artificial Intelligence Scaling Hub, backed by a funding commitment of up to $7.5 million over three years.

Announced during a signing ceremony in Abuja, the initiative will focus on responsibly scaling AI solutions across healthcare, agriculture, and education.

The AI Scaling Hub aims to unite government agencies, tech firms, academia, and development partners to support the nationwide deployment of proven AI innovations.

Rather than developing isolated pilot projects, the hub intends to build a collaborative system that encourages mature AI tools to be applied widely.

The Ministry of Communications, Innovation and Digital Economy stated that the move aligns with Nigeria’s draft National AI Strategy and broader technology agenda.

Minister Bosun Tijani said the hub would help turn local AI concepts into real-world results by offering innovators mentorship, resources, and support.

The Gates Foundation echoed the sentiment, with Nigeria Country Director Uche Amaonwu stressing the importance of ensuring AI benefits reach underserved communities.

The project also involves Lagos Business School and is expected to bolster Nigeria’s leadership in ethical AI adoption across Africa.

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Cyber attack hits Lee Enterprises staff data

Thousands of current and former employees at Lee Enterprises have had their data exposed following a cyberattack earlier this year.

Hackers accessed to the company’s systems in early February, compromising sensitive information such as names and Social Security numbers before the breach was contained the same day.

Although the media firm, which operates over 70 newspapers across 26 US states, swiftly secured its networks, a three-month investigation involving external cybersecurity experts revealed that attackers accessed databases containing employee details.

The breach potentially affects around 40,000 individuals — far more than the company’s 4,500 current staff — indicating that past employees were also impacted.

The stolen data could be used for identity theft, fraud or phishing attempts. Criminals may even impersonate affected employees to infiltrate deeper into company systems and extract more valuable information.

Lee Enterprises has notified those impacted and filed relevant disclosures with authorities, including the Maine Attorney General’s Office.

Headquartered in Iowa, Lee Enterprises draws over 200 million monthly online page views and generated over $611 million in revenue in 2024. The incident underscores the ongoing vulnerability of media organisations to cyber threats, especially when personal employee data is involved.

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Eminem sues Meta over copyright violations

Eminem has filed a major lawsuit against Meta, accusing the tech giant of knowingly enabling widespread copyright infringement across its platforms. The rapper’s publishing company, Eight Mile Style, is seeking £80.6 million in damages, claiming 243 of his songs were used without authorisation.

The lawsuit argues that Meta, which owns Facebook, Instagram and WhatsApp, allowed tools such as Original Audio and Reels to encourage unauthorised reproduction and use of Eminem’s music.

The filing claims it occurred without proper licensing or attribution, significantly diminishing the value of his copyrights.

Eminem’s legal team contends that Meta profited from the infringement instead of ensuring his works were protected. If a settlement cannot be reached, the artist is demanding the maximum statutory damages — $150,000 per song — which would amount to over $109 million.

Meta has faced similar lawsuits before, including a high-profile case in 2022 brought by Epidemic Sound, which alleged the unauthorised use of thousands of its tracks. The latest claim adds to growing pressure on social media platforms to address copyright violations more effectively.

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Trump-linked firm pushes for spot Bitcoin ETF

Trump Media’s partner, Yorkville America Digital, has lodged an application for a spot Bitcoin ETF, joining an increasingly crowded market of crypto investment products. The proposal, submitted on 3 June, outlines an ETF that would directly track Bitcoin’s price.

Foris DAX Trust Company, part of Crypto.com, has been listed as the fund’s proposed custodian, though no ticker or management fee was disclosed.

The application now awaits a response from the United States Securities and Exchange Commission, which may arrive within 45 days. However, under current regulations, the agency has until 29 January 2026 to make a final decision.

Yorkville must also file further documentation detailing the fund’s structure and associated risks.

Although President Donald Trump remains a key stakeholder in Trump Media & Technology Group (TMTG), his holdings are placed in a trust managed by his son. The ETF documents omit Trump’s name, though political ties may still draw aligned investors.

With 11 spot Bitcoin ETFs already in the market, a Trump-affiliated offering adds another layer to the intersection between politics and the crypto sector.

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