Digital standards

Swiss banks achieve milestone with deposit token test

PostFinance, Sygnum Bank and UBS, under the Swiss Bankers Association, have successfully tested a deposit token on a public blockchain. For the first time, banks completed a legally binding cross-bank payment with tokenised deposits, a breakthrough for Switzerland’s financial sector.

The proof of concept (PoC) explored how bank deposits can be represented on blockchain to enable faster, programmable and fully automated payments. Smart contracts on the system allow transactions to be triggered only when agreed conditions are met, reducing risk while increasing efficiency.

Use cases tested included payments between customers of different banks and escrow-style settlements for tokenised assets.

Results confirm that deposit tokens are technically and legally feasible across banks when combined with a public blockchain and permissioned applications. Such infrastructure could enable automated insurance settlements, instant securities trading, and machine-to-machine payments.

Industry leaders stressed that while the PoC proves feasibility, scaling will require broader cooperation with other institutions, regulators and infrastructure providers.

Project representatives described the work as a decisive step toward digital money innovation in Switzerland, reinforcing the country’s role as a pioneer in blockchain-based finance.

The Swiss Bankers Association confirmed that the project aligns with its strategic focus on digital currencies, though the results do not yet mean deposit tokens will be formally launched.

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Hollywood studios take legal action against MiniMax for AI copyright infringement

Disney, Warner Bros. Discovery and NBCUniversal have filed a lawsuit in California against Chinese AI company MiniMax, accusing it of large-scale copyright infringement.

The studios allege that MiniMax’s Hailuo AI service generates unauthorised images and videos featuring well-known characters such as Darth Vader, marketing itself as a ‘Hollywood studio in your pocket’ instead of respecting copyright laws.

According to the complaint, MiniMax, reportedly worth $4 billion, ignored cease-and-desist requests and continues to profit from copyrighted works. The studios argue that the company could easily implement safeguards, pointing to existing controls that already block violent or explicit content.

MiniMax’s approach, as they claim, represents a serious threat to both creators and the broader film industry, which contributes hundreds of billions of dollars to the US economy.

Plaintiffs, including Disney’s Marvel and Lucasfilm units, Universal’s DreamWorks Animation and Warner Bros.’ DC Comics, are seeking statutory damages of up to $150,000 per infringed work or unspecified compensation.

They are also asking for an injunction to prevent MiniMax from continuing its alleged violations instead of simply paying damages.

The Motion Picture Association has backed the lawsuit, with its chairman Charles Rivkin warning that unchecked copyright infringement could undermine millions of jobs and the cultural value created by the American film industry.

MiniMax, based in Shanghai, has not responded publicly to the claims but has previously described itself as a global AI foundation model company with over 157 million users worldwide.

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Prolonged JLR shutdown threatens UK export targets

Jaguar Land Rover (JLR) has confirmed that its production halt will continue until at least Wednesday, 24 September, as it works to recover from a major cyberattack that disrupted its IT systems and paralysed production at the end of August.

JLR stated that the extension was necessary because forensic investigations were ongoing and the controlled restart of operations was taking longer than anticipated. The company stressed that it was prioritising a safe and stable restart and pledged to keep staff, suppliers, and partners regularly updated.

Reports suggest recovery could take weeks, impacting production and sales channels for an extended period. Approximately 33,000 employees remain at home as factory and sales processes are not fully operational, resulting in estimated losses of £1 billion in revenue and £70 million in profits.

The shutdown also poses risks to the wider UK economy, as JLR represents roughly four percent of British exports. The incident has renewed calls for the Cyber Security and Resilience Bill, which aims to strengthen defenses against digital threats to critical industries.

No official attribution has been made, but a group calling itself Scattered Lapsus$ Hunters has claimed responsibility. The group claims to have deployed ransomware and published screenshots of JLR’s internal SAP system, linking itself to extortion groups, including Scattered Spider, Lapsus$, and ShinyHunters.

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Cyberattack compromises personal data used for DBS checks at UK college

Bracknell and Wokingham College has confirmed a cyberattack that compromised data collected for Disclosure and Barring Service (DBS) checks. The breach affects data used by Activate Learning and other institutions, including names, dates of birth, National Insurance numbers, and passport details.

Access Personal Checking Services (APCS) was alerted by supplier Intradev on August 17 that its systems had been accessed without authorisation. While payment card details and criminal conviction records were not compromised, data submitted between December 2024 and May 8, 2025, was copied.

APCS stated that its own networks and those of Activate Learning were not breached. The organisation is contacting only those data controllers where confirmed breaches have occurred and has advised that its services can continue to be used safely.

Activate Learning reported the incident to the Information Commissioner’s Office following a risk assessment. APCS is still investigating the full scope of the breach and has pledged to keep affected institutions and individuals informed as more information becomes available.

Individuals have been advised to closely monitor their financial statements, exercise caution when opening phishing emails, and regularly update security measures, including passwords and two-factor authentication. Activate Learning emphasised the importance of staying vigilant to minimise risks.

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Openbank adds cryptocurrency trading for German customers

Openbank, Grupo Santander’s fully digital bank, now allows customers in Germany to buy, sell, and hold major cryptocurrencies, including Bitcoin, Ether, Litecoin, Polygon, and Cardano.

The service integrates seamlessly with existing investments, removing the need to transfer funds to other platforms. It also provides the protection of MiCA regulations and the backing of Santander.

Competitive fees of 1.49% per trade apply, with no custody charges, and the service will soon be available to customers in Spain. Over the coming months, Openbank plans to expand its portfolio and introduce new features, such as direct conversion between different digital assets.

The launch strengthens Openbank’s investment offerings in Germany, complementing its Robo Advisor and thousands of stocks, funds, and ETFs. It also includes an AI-powered broker platform providing target prices for European and US stocks.

Grupo Santander emphasises that the new crypto trading service responds to customer demand while broadening the bank’s range of innovative, technology-driven investment products.

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Miljodata hack exposes data of nearly 15% of Swedish population

Swedish prosecutors have confirmed that a cyberattack on IT systems provider Miljodata exposed the personal data of 1.5 million people, nearly 15% of Sweden’s population. The attack occurred during the weekend of August 23–24.

Authorities said the stolen data has been leaked online and includes names, addresses, and contact details. Prosecutor Sandra Helgadottir said the group Datacarry has claimed responsibility, though no foreign state involvement is suspected.

Media in Sweden reported that the hackers demanded 1.5 bitcoin (around $170,000) to prevent the release of the data. Miljodata confirmed the information has now been published on the darknet.

The Swedish Authority for Privacy Protection has received over 250 breach notifications, with 164 municipalities and four regional authorities impacted. Employees in Gothenburg were among those affected, according to SVT.

Private companies, including Volvo, SAS, and GKN Aerospace, also reported compromised data. Investigators are working to identify the perpetrators as the breach’s scale continues to raise concerns nationwide.

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First quantum-AI data centre launched in New York City

Oxford Quantum Circuits (OQC) and Digital Realty have launched the first quantum-AI data centre in New York City at the JFK10 facility, powered by Nvidia GH200 Grace Hopper Superchips. The project combines superconducting quantum computers with AI supercomputing under one roof.

OQC’s GENESIS quantum computer is the first to be deployed in a New York data centre, designed to support hybrid workloads and enterprise adoption. Future GENESIS systems will ship with Nvidia accelerated computing and CUDA-Q integration as standard.

OQC CEO Gerald Mullally said the centre will drive the AI revolution securely and at scale, strengthening the UK–US technology alliance. Digital Realty CEO Andy Power called it a milestone for making quantum-AI accessible to enterprises and governments.

UK Science Minister Patrick Vallance highlighted the £212 billion economic potential of quantum by 2045, citing applications from drug discovery to clean energy. He said the launch puts British innovation at the heart of next-generation computing.

The centre, embedded in Digital Realty’s PlatformDIGITAL, will support applications in finance, security, and AI, including quantum machine learning and accelerated model training. OQC Chair Jack Boyer said it demonstrates UK–US collaboration in leading frontier technologies.

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AI will kill middle-ground media, but raw content will thrive

Advertising is heading for a split future. By 2030, brands will run hyper-personalised AI campaigns or embrace raw human storytelling. Everything in between will vanish.

AI-driven advertising will go far beyond text-to-image gimmicks. These adaptive systems will combine social trends, search habits, and first-party data to create millions of real-time ad variations.

The opposite approach will lean into imperfection, featuring unpolished TikToks, founder-shot iPhone videos, and authentic and alive content. Audiences reward authenticity over carefully scripted, generic campaigns.

Mid-tier, polished, forgettable, creative work will be the first to fade away. AI can replicate it instantly, and audiences will scroll past it without noticing.

Marketers must now pick a side: feed AI with data and scale personalisation, or double down on community-driven, imperfect storytelling. The middle won’t survive.

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Meta set to unveil $800 smart glasses with display

Meta is set to unveil its first pair of smart glasses with a built-in display at its annual Connect conference in California.

Expected to be called Celeste, the glasses will debut at around $800 and feature a small digital display in the right lens for notifications. Analysts say the higher price point could limit adoption compared with Meta’s Ray-Ban line, which starts at $299.

Alongside the new glasses, Meta is also expected to launch its first wristband for hand-gesture control and an updated Ray-Ban line with better cameras, battery life and AI features. Developers will gain access to a new software kit to build device apps.

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AI set to guide Japanese political party decisions

A small Japanese political party has announced plans to install an AI system as its leader following its founder’s resignation.

The Path to Rebirth party was created in January by Shinji Ishimaru, a former mayor who rose to prominence after placing second in the 2024 Tokyo gubernatorial election. He stepped down after the party failed to secure seats in this year’s upper house elections.

The AI would oversee internal decisions such as distributing resources, but would not dictate members’ political activities. Okumura, who won a contest to succeed Ishimaru, will act as the nominal leader while supporting the development of the AI.

Despite attracting media attention, the party has faced heavy electoral defeats, with all 42 of its candidates losing in the June Tokyo assembly election and all 10 of its upper house candidates defeated in July.

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