Digital business models Archives | Page 385 of 569

UAE’s EDGE Group unveils AI Accelerator to power defence and tech

EDGE Group, a global leader in advanced technology and defence, has launched the Group AI Accelerator, a new Centre of Excellence (COE) focused on accelerating AI-driven innovation across its portfolio and facilities.

The initiative is part of EDGE’s broader strategy to support the UAE’s ambitions of becoming a high-tech global hub.

The Group AI Accelerator will develop and integrate AI projects to enhance core engineering capabilities and business services. It will also incubate UAE talent and advance the country’s knowledge-based economy.

Dr. Chaouki Kasmi, EDGE’s President of Technology & Innovation, said the initiative will ‘enable the prompt adoption of AI technologies’ and foster ‘positive disruption’ across key programmes.

Overseen by EDGE’s Technology & Innovation Cluster, the COE will be guided by a steering committee of local and global experts. Engineering and business excellence working groups will lead AI skunkworks projects, R&D in machine learning, and digital transformation efforts.

EDGE’s latest move builds on its commitment to operational excellence and positions the UAE at the forefront of AI and Industry 4.0 development.

Would you like to learn more about AI, tech and digital diplomacy? If so, ask our Diplo chatbot!

OpenAI, G42 plan world’s largest AI data facility

OpenAI is reportedly set to become the anchor tenant in a 5-gigawatt data centre p r oject in Abu Dhabi, part of what could become one of the largest AI infrastructure builds globally, according to Bloomberg.

The facility, spanning approximately 10 square miles, is being developed by UAE-based tech firm G42 as part of OpenAI’s broader Stargate initiative, a joint venture announced with SoftBank and Oracle to establish high-capacity AI data centres worldwide.

While OpenAI’s first Stargate facility in Texas is projected to reach 1.2 gigawatts, the Abu Dhabi project would more than quadruple that. The planned scale would consume power equivalent to five nuclear reactors.

OpenAI and G42 have collaborated since 2023 to accelerate AI adoption in the Middle East. The partnership has sparked concerns among US officials, particularly around G42’s past ties to Chinese firms, including Huawei and BGI.

G42 has since pledged to divest from China and shift its focus. In early 2024, Microsoft invested $1.5 billion in G42, and company president Brad Smith joined its board, reinforcing US–UAE tech ties. An official statement from OpenAI on the project is still pending.

Would you like to learn more about AI, tech and digital diplomacy? If so, ask our Diplo chatbot!

Uber is ready for driverless taxis in the UK

Uber says it is fully prepared to launch driverless taxis in the UK, but the government has pushed back its timeline for approving fully autonomous vehicles.

The previous 2026 target has been shifted to the second half of 2027, despite rapid developments in self-driving technology already being trialled on British roads.

Currently, limited self-driving systems are legal so long as a human remains behind the wheel and responsible for the car.

Uber, which already runs robotaxis in the US and parts of Asia, is working with 18 tech firms—including UK-based Wayve—to expand the service. Wayve’s AI-driven vehicles were recently tested in central London, managing traffic, pedestrians and roadworks with no driver intervention.

Uber’s Andrew Macdonald said the technology is ready now, but regulatory support is still catching up. The government insists legislation will come in 2027 and is exploring short-term trials in the meantime.

Macdonald acknowledged safety concerns, noting incidents abroad, but argued autonomous vehicles could eventually prove safer than human drivers, based on early US data.

Beyond technology, the shift raises big questions around insurance, liability and jobs. The government sees a £42 billion industry with tens of thousands of new roles, but unions warn of social impacts for professional drivers.

Still, Uber sees a future where fewer people even bother to learn how to drive, because AI will do it for them.

Would you like to learn more about AI, tech and digital diplomacy? If so, ask our Diplo chatbot!

New crypto rules may ban Tether trading in Russia

Russia’s new Central Bank regulations could effectively ban the trading of Tether (USDT) within the country’s crypto sandbox, experts have said. The rules, effective 26 May, target coins linked to ‘hostile issuers’ or at risk of being blocked or frozen.

The crypto sandbox, supervised by the Central Bank, allows Russian firms to use digital assets in international trade. Plans to expand the sandbox will let qualified investors trade on approved platforms, but only coins meeting strict criteria will be permitted.

While USDT trading appears under threat, stablecoins may still be used for cross-border payments and settlements.

Experts note that the rules’ broad definitions mean popular USD-pegged stablecoins, including Tether, likely will not comply. Tether’s requirements for Know-Your-Customer (KYC) checks enable it to block or freeze tokens at its discretion.

Such controls have already been seen in actions against Russian exchanges, highlighting potential complications for Russian crypto users.

Would you like to learn more about AI, tech and digital diplomacy? If so, ask our Diplo chatbot!

Hong Kong breaks up cross-border crypto laundering ring

Hong Kong authorities have busted a cross-border crypto laundering network that processed around HK$118 million (US$15 million) in illicit funds. The crackdown led to a dozen arrests amid efforts to stop people from monetising personal banking credentials.

Raids led by the Commercial Crime Bureau on Thursday detained nine men and three women aged between 20 and 40 across several districts. Officials seized HK$1.05 million in cash, over 560 bank cards, multiple devices, and financial documents.

Investigators found the network had recruited mainland Chinese citizens since mid-2023 to open fraudulent bank accounts in Hong Kong. These accounts were used to channel criminal proceeds from scams, with cash withdrawn and converted into cryptocurrency.

Two Hong Kong residents were arrested as primary organisers, alongside ten mainland Chinese nationals who served as account fronts. The operation reportedly used more than 550 domestic bank accounts to launder about HK$118 million.

So far, authorities have linked HK$10 million of the laundered money to 58 fraud cases. Victims reported losses totalling HK$43.2 million. The network operated from a Mong Kok apartment, where recruits stayed while processing fraudulent transfers.

Would you like to learn more about AI, tech and digital diplomacy? If so, ask our Diplo chatbot!

China launches first AI satellites in orbital supercomputer network

China has launched the first 12 satellites in a planned network of 2,800 that will function as an orbiting supercomputer, according to Space News.

Developed by ADA Space in partnership with Zhijiang Laboratory and Neijang High-Tech Zone, the satellites can process their own data instead of relying on Earth-based stations, thanks to onboard AI models.

Each satellite runs an 8-billion parameter AI model capable of 744 tera operations per second, with the group already achieving 5 peta operations per second in total. The long-term goal is a constellation that can reach 1,000 POPS.

The network uses high-speed laser links to communicate and shares 30 terabytes of data between satellites. The current batch also carries scientific tools, such as an X-ray detector for studying gamma-ray bursts, and can generate 3D digital twin data for uses like disaster response or virtual tourism.

The space-based computing approach is designed to overcome Earth-based limitations like bandwidth and ground station availability, which means less than 10% of satellite data typically reaches the surface.

Experts say space supercomputers could reduce energy use by relying on solar power and dissipating heat into space. The EU and the US may follow China’s lead, as interest in orbital data centres grows.

Would you like to learn more about AI, tech and digital diplomacy? If so, ask our Diplo chatbot!

Coinbase hit by multiple data breach lawsuits

Coinbase faces multiple lawsuits after revealing a data breach involving bribed support agents leaking user information. At least six lawsuits were filed between 15 and 16 May, accusing the exchange of poor security and mishandling the breach.

One lawsuit filed in New York claims Coinbase failed to protect sensitive data of millions, including names, addresses, phone numbers, and partial Social Security numbers.

The complaint says the exchange’s response was slow and inadequate, putting users at risk of identity theft and fraud.

Other lawsuits allege Coinbase did not spend enough on security and demand compensation and stronger protections. One case asks the court to order Coinbase to delete sensitive data and hire third-party auditors.

Coinbase declined to comment on the lawsuits but confirmed it refused a $20 million ransom. It plans to reimburse users who lost crypto to phishing scams related to the breach. The company also fired involved customer support agents.

Following the breach announcement, Coinbase shares fell 7% but rebounded quickly, closing higher on 16 May.

Would you like to learn more about AI, tech and digital diplomacy? If so, ask our Diplo chatbot!

Elton John threatens legal fight over AI use

Sir Elton John has lashed out at the UK government over plans that could allow AI companies to use copyrighted content without paying artists, calling ministers ‘absolute losers’ and accusing them of ‘thievery on a high scale.’

He warned that younger musicians, without the means to challenge tech giants, would be most at risk if the proposed changes go ahead.

The row centres on a rejected House of Lords amendment to the Data Bill, which would have required AI firms to disclose what material they use.

Despite a strong majority in favour in the Lords, the Commons blocked the move, meaning the bill will keep bouncing between the two chambers until a compromise is reached.

Sir Elton, joined by playwright James Graham, said the government was failing to defend creators and seemed more interested in appeasing powerful tech firms.

More than 400 artists, including Sir Paul McCartney, have signed a letter urging Prime Minister Sir Keir Starmer to strengthen copyright protections instead of allowing AI to mine their work unchecked.

While the government insists no changes will be made unless they benefit creators, critics say the current approach risks sacrificing the UK’s music industry for Silicon Valley’s gain.

Sir Elton has threatened legal action if the plans go ahead, saying, ‘We’ll fight it all the way.’

Would you like to learn more about AI, tech and digital diplomacy? If so, ask our Diplo chatbot!

UK workers struggle to keep up with AI

AI is reshaping the UK workplace, but many employees feel unprepared to keep pace, according to a major new study by Henley Business School.

While 56% of full-time professionals expressed optimism about AI’s potential, 61% admitted they were overwhelmed by how quickly the technology is evolving.

The research surveyed over 4,500 people across nearly 30 sectors, offering what experts call a clear snapshot of AI’s uneven integration into British industries.

Professor Keiichi Nakata, director of AI at The World of Work Institute, said workers are willing to embrace AI, but often lack the training and guidance to do so effectively.

Instead of empowering staff through hands-on learning and clear internal policies, many companies are leaving their workforce under-supported.

Nearly a quarter of respondents said their employers were failing to provide sufficient help, while three in five said they would use AI more if proper training were available.

Professor Nakata argued that AI has the power to simplify tasks, remove repetitive duties, and free up time for more meaningful work.

But he warned that without better support, businesses risk missing out on what could be a transformative force for both productivity and employee satisfaction.

Would you like to learn more about AI, tech and digital diplomacy? If so, ask our Diplo chatbot!

UK to enforce strict crypto transaction reporting

Crypto firms operating in the United Kingdom will be required to report detailed customer transaction data from 1 January 2026. The move is part of the government’s wider plan to improve tax transparency in the crypto sector by aligning with international reporting standards.

Firms must collect and submit information on each transaction, including the user’s name, address, tax ID, the crypto used, and the amount transferred. Transactions involving companies, trusts, and charities must also be reported.

Penalties of up to £300 per user may apply for non-compliance or incorrect reporting.

The measures are part of the UK’s adoption of the OECD’s Cryptoasset Reporting Framework, aiming to support innovation while reducing fraud and abuse. Authorities have urged firms to begin gathering data now, although full guidance will be issued later.

While the UK’s approach focuses on integrating crypto into existing regulations, it differs from the EU’s MiCA rules. Unlike the EU, the UK will not require foreign stablecoin issuers to register or limit their transaction volumes.

Would you like to learn more about AI, tech and digital diplomacy? If so, ask our Diplo chatbot!