E-commerce and trade

AI’s future in banking depends on local solutions and trust

According to leading industry voices, banks and financial institutions are expected to play a central role in accelerating AI adoption across African markets.

Experts at the ACAMB stakeholders’ conference in Lagos stressed the need for region-specific AI solutions to meet Africa’s unique financial needs.

Niyi Yusuf, Chairman of the Nigerian Economic Summit Group, highlighted AI’s evolution since the 1950s and its growing influence on modern banking.

He called for AI algorithms tailored to local challenges, rather than relying on those designed for advanced economies.

Yusuf noted that banks have long used AI to enhance efficiency and reduce fraud, but warned that customer trust must remain at the heart of digital transformation. He said the success of future innovations depends on preserving transparency and safeguarding data.

Professor Pius Olarenwaju of the CIBN described AI as a general-purpose technology driving the fourth industrial revolution. He warned that resisting adoption would risk excluding stakeholders from the future of financial services.

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Bitcoin reaches new all time high at $122,000

Bitcoin reached a record high of $122,000 on Coinbase in the early hours of 14 July, extending its July gains to 13% and marking a third consecutive month in the green. The rally is fuelled by institutional demand, led by BlackRock’s IBIT ETF, which now holds over 700,000 BTC and exceeds $83 billion in assets.

BlackRock’s ETF has become the fastest in history to reach that milestone, outpacing previous records held by gold and equity ETFs. Analysts see this as a sign of growing confidence among major investors.

Despite the rally, on-chain indicators suggest that Bitcoin has not yet entered an overheated phase. The Long-Term Holder Net Unrealised Profit/Loss metric remains below the historical threshold associated with market tops.

Network activity continues to rise steadily. Average daily transactions have climbed to 364,000, still below previous cycle peaks, indicating a calm and composed market. Meanwhile, accumulation wallets have been increasing their holdings, now holding 250,000 BTC—the highest level recorded in 2024.

Data from CryptoQuant shows a 71% jump in 30-day demand, highlighting strong conviction from long-term holders. With no signs of mass profit-taking and institutional momentum growing, many analysts believe Bitcoin could push higher in the coming weeks.

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Bitcoin surge sparks global crypto job boom

Global demand for crypto talent is accelerating, fuelled by Bitcoin’s surge past $122,000 on 14 July. As the market hits a valuation of over $3.8 trillion, countries are competing to become hubs for blockchain careers.

The United States ranks first in a recent Taurex study, offering 292 active listings and an average salary of $148,100. Its dominance is underpinned by a mature policy landscape and a strong base of 170 crypto firms. The UAE follows closely, combining competitive pay with the world’s highest Bitcoin ownership rate at 27%.

India, Singapore and the UK round out the top five. India leads in company count and user base, while Singapore shows the strongest job search interest globally. The UK remains Europe’s top destination, offering stable regulation and nearly 100,000 in average salary.

Other nations including Switzerland, Germany, Hong Kong and Poland are also seeing sharp growth. Poland stands out with 157 listings, despite lower average salaries.

With job volume, salary potential and regulatory clarity on the rise, crypto careers are fast becoming a global mainstream option.

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Malaysia enforces trade controls on AI chips with US origin

Malaysia’s trade ministry announced new restrictions on the export, transshipment and transit of high-performance AI chips of US origin. Effective immediately, individuals and companies must obtain a trade permit and notify authorities at least 30 days in advance for such activities.

The restrictions apply to items not explicitly listed in Malaysia’s strategic items list, which is currently under review to include relevant AI chips. The move aims to close regulatory gaps while Malaysia updates its export control framework to match emerging technologies.

‘Malaysia stands firm against any attempt to circumvent export controls or engage in illicit trade activities,’ the ministry stated on Monday. Violations will result in strict legal action, with authorities emphasising a zero-tolerance approach to export control breaches.

The announcement follows increasing pressure from the United States to curb the flow of advanced chips to China. In March, the Financial Times reported that Washington had asked allies including Malaysia to tighten semiconductor export rules.

Malaysia is also investigating a shipment of servers linked to a Singapore-based fraud case that may have included restricted AI chips. Authorities are assessing whether local laws were breached and whether any controlled items were transferred without proper authorisation.

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Bank of England chief rejects private stablecoin plans

Bank of England Governor Andrew Bailey has expressed strong opposition to private banks issuing stablecoins, warning they could introduce systemic risks and erode monetary sovereignty.

In an interview with The Sunday Times, Bailey said the UK should focus instead on tokenising bank deposits. He argued against creating a central bank digital currency or supporting private stablecoin issuers.

Bailey, who now chairs the international Financial Stability Board, is expected to advocate for stricter controls on the global expansion of stablecoins. He argued that widespread adoption of such tokens could weaken national currencies and destabilise financial systems.

While the UK and other European nations are taking a cautious approach, the United States has fully embraced stablecoins under the Trump administration. US officials say stablecoins could boost dollar influence by making debt instruments accessible through digital wallets.

European policymakers remain concerned that dollar-based stablecoins could displace the euro in cross-border trade, threatening financial stability across the continent. The debate highlights a growing divide between the US and Europe over the future of digital finance.

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Meta buys PlayAI to strengthen voice AI

Meta has acquired California-based startup PlayAI to strengthen its position in AI voice technology. PlayAI specialises in replicating human-like voices, offering Meta a route to enhance conversational AI features instead of relying solely on text-based systems.

According to reports, the PlayAI team will join Meta next week.

Although financial terms have not been disclosed, industry sources suggest the deal is worth tens of millions. Meta aims to use PlayAI’s expertise across its platforms, from social media apps to devices like Ray-Ban smart glasses.

The move is part of Meta’s push to keep pace with competitors like Google and OpenAI in the generative AI race.

Talent acquisition plays a key role in the strategy. By absorbing smaller, specialised teams like PlayAI’s, Meta focuses on integrating technology and expert staff instead of developing every capability in-house.

The PlayAI team will report directly to Meta’s AI leadership, underscoring the company’s focus on voice-driven interactions and metaverse experiences.

Bringing PlayAI’s voice replication tools into Meta’s ecosystem could lead to more realistic AI assistants and new creator tools for platforms like Instagram and Facebook.

However, the expansion of voice cloning raises ethical and privacy concerns that Meta must manage carefully, instead of risking user trust.

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Elon Musk’s xAI secures $2 billion from SpaceX

SpaceX has committed $2 billion to Elon Musk’s AI startup, xAI, as part of a $5 billion equity round.

The investment strengthens links between Musk’s businesses instead of keeping them separate, with xAI now competing directly against OpenAI.

After merging with social platform X, xAI’s valuation has reached $113 billion. Grok chatbot now supports customer service for Starlink, and there are plans for future integration into Tesla’s Optimus humanoid robots instead of limiting its use to chat functions.

When asked whether Tesla could also back xAI financially, Musk replied on X that ‘it would be great, but subject to board and shareholder approval’. He did not directly confirm or deny SpaceX’s reported investment.

The move underlines how Musk positions his various ventures to collaborate more closely, combining AI, space technology, and robotics instead of running them as isolated businesses.

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Meta under pressure after small business loses thousands

A New Orleans bar owner lost $10,000 after cyber criminals hijacked her Facebook business account, highlighting the growing threat of online scams targeting small businesses. Despite efforts to recover the account, the company was locked out for weeks, disrupting sales.

The US-based scam involved a fake Meta support message that tricked the owner into giving hackers access to her page. Once inside, the attackers began running ads and draining funds from the business account linked to the platform.

Cyber fraud like this is increasingly common as small businesses rely more on social media to reach their customers. The incident has renewed calls for tech giants like Meta to implement stronger user protections and improve support for scam victims.

Meta says it has systems to detect and remove fraudulent activity, but did not respond directly to this case. Experts argue that current protections are insufficient, especially for small firms with fewer resources and little recourse after attacks.

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AI can reshape the insurance industry, but carries real-world risks

AI is creating new opportunities for the insurance sector, from faster claims processing to enhanced fraud detection.

According to Jeremy Stevens, head of EMEA business at Charles Taylor InsureTech, AI allows insurers to handle repetitive tasks in seconds instead of hours, offering efficiency gains and better customer service. Yet these opportunities come with risks, especially if AI is introduced without thorough oversight.

Poorly deployed AI systems can easily cause more harm than good. For instance, if an insurer uses AI to automate motor claims but trains the model on biassed or incomplete data, two outcomes are likely: the system may overpay specific claims while wrongly rejecting genuine ones.

The result would not simply be financial losses, but reputational damage, regulatory investigations and customer attrition. Instead of reducing costs, the company would find itself managing complaints and legal challenges.

To avoid such pitfalls, AI in insurance must be grounded in trust and rigorous testing. Systems should never operate as black boxes. Models must be explainable, auditable and stress-tested against real-world scenarios.

It is essential to involve human experts across claims, underwriting and fraud teams, ensuring AI decisions reflect technical accuracy and regulatory compliance.

For sensitive functions like fraud detection, blending AI insights with human oversight prevents mistakes that could unfairly affect policyholders.

While flawed AI poses dangers, ignoring AI entirely risks even greater setbacks. Insurers that fail to modernise may be outpaced by more agile competitors already using AI to deliver faster, cheaper and more personalised services.

Instead of rushing or delaying adoption, insurers should pursue carefully controlled pilot projects, working with partners who understand both AI systems and insurance regulation.

In Stevens’s view, AI should enhance professional expertise—not replace it—striking a balance between innovation and responsibility.

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Samsung confirms core Galaxy AI tools remain free

Samsung has confirmed that core Galaxy AI features will continue to be available free of charge for all users.

Speaking during the recent Galaxy Unpacked event, a company representative clarified that any AI tools installed on a device by default—such as Live Translate, Note Assist, Zoom Nightography and Audio Eraser—will not require a paid subscription.

Instead of leaving users uncertain, Samsung has publicly addressed speculation around possible Galaxy AI subscription plans.

While there are no additional paid AI features on offer at present, the company has not ruled out future developments. Samsung has already hinted that upcoming subscription services linked to Samsung Health could eventually include extra AI capabilities.

Alongside Samsung’s announcement, attention has also turned towards Google’s freemium model for its Gemini AI assistant, which appears on many Android devices. Users can access basic features without charge, but upgrading to Google AI Pro or Ultra unlocks advanced tools and increased storage.

New Galaxy Z Fold 7 and Z Flip 7 handsets even come bundled with six months of free access to premium Google AI services.

Although Samsung is keeping its pre-installed Galaxy AI features free, industry observers expect further changes as AI continues to evolve.

Whether Samsung will follow Google’s path with a broader subscription model remains to be seen, but for now, essential Galaxy AI functions stay open to all users without extra cost.

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