The Mekong-US Partnership (MUSP) recently hosted a policy dialogue on online scams, bringing together government representatives from Thailand, the US, and Vietnam. The seminar, held in Bangkok, focused on addressing cybersecurity issues and fostering cooperation to combat online crime across the Mekong region. The event was organised by the Ministry of Foreign Affairs and the Stimson Center, with support from the US Department of State.
Discussions centred around strategies to prevent online scams, enhance risk management, and ensure the security of digital financial systems. Thai officials, including Ekapong Harimcharoen from the Ministry of Digital Economy and Society, highlighted national policies and shared insights with international partners. Participants explored collaborative efforts to build a secure online environment and promote regional connectivity under the MUSP framework.
Thailand is taking significant steps to expand its digital economy, projected to contribute 11% to GDP by 2027. Several laws and initiatives are already in place, such as the Personal Data Protection Act (PDPA) and the Cyber Security Act. These measures aim to protect data, promote responsible AI development, and safeguard critical infrastructure sectors including healthcare, banking, and telecommunications.
With remote work and cloud technologies becoming more prominent, the demand for cybersecurity solutions is growing. Thailand aims to position itself as a regional leader in information and communications technology while tackling the evolving challenges of cybercrime. Cooperation under the MUSP framework is expected to enhance resilience in the digital landscape of the Mekong sub-region.
Siam Commercial Bank has launched Thailand’s first cross-border payment system powered by stablecoins, aiming to revolutionise international transactions. Partnering with SCB 10X and Lightnet, the system uses stablecoins pegged to gold or the US dollar to offer faster, more cost-effective transfers, allowing users to transact in local currencies.
The innovative payment network runs on a public blockchain, with Fireblocks ensuring the highest level of asset security. By eliminating the need for pre-funded accounts with foreign banks, SCB’s new system reduces operational costs and enhances capital efficiency.
Having completed testing in Thailand’s regulatory sandbox, the project is now fully operational, setting a new benchmark for blockchain-driven financial services and solidifying SCB’s leadership in the digital banking sector.
The Cybersecurity Association of China (CSAC) has urged a security review of Intel’s products in China, alleging that the US chipmaker poses a national security risk. Although CSAC is an industry group, it has strong connections to the Chinese government, and its claims may prompt action from the Cyberspace Administration of China (CAC).
CSAC’s post on WeChat accuses Intel’s chips, including its Xeon processors used for AI, of containing vulnerabilities and backdoors allegedly tied to the US NSA. The group warns that using Intel products threatens China’s national security and critical infrastructure.
This recommendation comes amid growing US-China tensions over technology and trade. Last year, the CAC banned Chinese infrastructure operators from using products from Micron Technology after a security review, raising concerns that Intel could face a similar outcome.
Intel’s China unit responded, emphasising its commitment to product safety and quality. The company stated on its WeChat account that it will cooperate with authorities to clarify concerns. If the CAC carries out a security review, it could impact Intel’s sales in its significant Chinese market. Intel’s shares recently dropped 2.7% in US premarket trading.
The European Commission has determined that X, Elon Musk’s social media platform, does not qualify as a ‘gatekeeper’ under the Digital Markets Act (DMA), exempting it from additional compliance obligations. The Commission’s decision follows a May investigation initiated after X asserted it was not a key intermediary between businesses and consumers. While X meets user thresholds and turnover criteria, the Commission clarified that it does not significantly connect business users with end consumers.
Under the DMA, which took effect in 2023, companies must have at least 45 million end users and 10,000 business users in Europe, along with an annual turnover of €7.5 billion over the last three years, to be classified as gatekeepers. Major tech firms like Google, Amazon, Apple, Meta, Microsoft, and TikTok’s parent company ByteDance have already received gatekeeper status, imposing on them strict regulations to ensure fair competition and consumer choice.
Apple has faced penalties under the DMA, with the European Commission ruling in June that its App Store practices violated the regulations. While several companies, including Apple and Meta, have appealed their gatekeeper designations, X remains unaffected by these rules for now. This decision allows X more operational flexibility compared to its competitors, although it indicates that the Commission is closely monitoring the interactions between large platforms, businesses, and consumers in the digital marketplace.
Many EU member states are set to miss the October 17 deadline to implement the Network and Information Security Directive (NIS 2), aimed at enhancing cybersecurity for critical sectors. Only Belgium, Croatia, Italy, and Lithuania have made partial progress, while others like Germany and the Netherlands have pending legislation, and countries such as Ireland and Spain lag further behind. The directive, approved in 2022, expands protections for sectors like energy, transport, banking, and water, and replaces the previous NIS1 directive, which failed to boost cyber resilience.
Businesses are concerned about the fragmented implementation and compliance challenges, particularly for companies operating across multiple markets. The European Federation of National Associations of Water Services (EurEau) warned that delays create uncertainty for water operators, who may need financial support to meet cybersecurity requirements. Similarly, the software lobby group BSA criticised the lack of guidance on incident reporting, a key aspect of NIS 2.
The European DIGITAL SME Alliance expressed worries for small and medium enterprises that might be impacted if they are part of larger companies’ supply chains under NIS 2. The directive mandates penalties for non-compliance, including fines of up to €10 million or 2% of global revenue, and holds senior management accountable for security breaches, signaling a shift in responsibility beyond IT departments.
Wolfspeed is set to receive $750 million in government grants for its new silicon carbide wafer manufacturing plant in North Carolina, as announced by the US Commerce Department. This funding news caused the US chipmaker’s shares to surge over 30%. The preliminary agreement requires Wolfspeed to strengthen its balance sheet to safeguard taxpayer funds.
Investment firms, led by Apollo Global Management, have pledged an additional $750 million in financing for Wolfspeed. The company produces energy-efficient chips using silicon carbide, crucial for applications like electric vehicles and renewable energy systems. As part of a larger $6 billion expansion plan, Wolfspeed aims to increase its manufacturing capacity in Marcy, New York.
Wolfspeed anticipates up to $1 billion in cash tax refunds from the advanced manufacturing tax credit under the Chips and Science Act. CEO Gregg Lowe highlighted the significance of Wolfspeed’s products to the US economy and national security. However, the company has encountered difficulties this year, with its stock plummeting nearly 75% due to a decline in electric vehicle demand. The grant remains subject to due diligence and is not yet finalised.
ASML’s lowered 2025 sales forecast has triggered a significant sell-off in semiconductor stocks, reflecting concerns over global chip demand. While the Dutch company’s revised forecast indicated €30 billion to €35 billion in net sales, this figure sits near the bottom of previous projections. Its stock plunged to record its biggest one-day drop in 25 years, sending shockwaves throughout the chipmaking sector.
The shift in outlook suggests that factory overcapacity, rather than weak demand, is affecting orders. Many manufacturers, including Intel, Samsung, and TSMC, had stocked up on ASML’s advanced tools during the pandemic. As production efficiency improved, fewer new machines were needed to keep up with stabilising demand. Analysts noted that chip factories have become better at maximising output with existing equipment.
Chip usage at production facilities remains around 81%, far from the 95% threshold where manufacturers typically invest in new tools. Industry experts also reported that new technology could reduce the reliance on ASML’s machines. Samsung, for example, is exploring advanced chip-etching techniques to minimise the use of ASML’s extreme ultraviolet lithography machines, potentially creating excess capacity.
Despite challenges, analysts maintain an optimistic long-term outlook for the semiconductor industry. AI-related chips and memory solutions remain in high demand, though the broader market continues to experience some volatility. Experts believe the current slowdown is a temporary phase before the sector resumes growth.
Grayscale, a prominent crypto asset manager, has officially filed with the United States Securities and Exchange Commission (SEC) to convert its $520 million Digital Large Cap Fund into an exchange-traded fund (ETF). The New York Stock Exchange (NYSE) submitted the request on Grayscale’s behalf in a 14 October filing. This move aims to simplify the buying and selling of shares for investors by creating a spot ETF that holds the underlying assets rather than relying on futures contracts.
Currently managing over $524 million in assets, the fund is heavily weighted in Bitcoin, accounting for 76% of its portfolio, with Ether making up 18%. The conversion comes on the heels of the SEC’s changing stance on crypto ETFs, following a favourable court ruling for Grayscale earlier this year. Previously, the SEC had rejected all applications for spot crypto ETFs, but the new developments indicate a shift in regulatory approach.
Investors have been offloading shares following the ETF conversions of Grayscale’s Bitcoin Trust and Ethereum Trust, with notable outflows recorded. Since the conversion to ETFs, Grayscale’s Bitcoin fund has seen $21 billion in outflows, while its Ethereum ETF has recorded $3 billion. Meanwhile, Grayscale continues to expand its offerings, recently adding 35 altcoins to its consideration list for future investment products.
Apple has introduced its new iPad mini, equipped with advanced AI capabilities and powered by the A17 Pro chip, which is also used in the iPhone 15 Pro models. The upgraded iPad mini is set to deliver 30% better CPU performance compared to its predecessors and will include AI-driven writing tools and an enhanced Siri assistant, running on Apple’s AI software, Apple Intelligence.
A new software update, iPadOS 18.1, will roll out the first AI features in the United States English version this month for iPads using the A17 Pro or M1 chips and later models. Additional AI features, such as image generation and ChatGPT-powered tools, are expected to be released over the coming months.
Despite initial concerns over the iPhone 16 launch in September, analysts predict the new iPad mini and AI-driven devices will boost Apple’s sales in the fourth quarter and sustain momentum into 2025. Apple’s third-quarter shipments already reached a record high.
The new iPad mini, starting at $499, is now available for pre-order and will start shipping to customers and stores next week, according to Apple.
Intel and AMD are teaming up to ensure software compatibility across their x86 chips in response to competition from Arm Holdings. For decades, Intel’s x86 architecture has powered laptops, PCs, and servers, with AMD licensing the technology to make its own competing chips. However, Arm’s market share has grown, partly due to its contracts requiring that all Arm chips support Arm software universally.
In response, Intel and AMD have formed an advisory group that includes major industry players such as Broadcom, Dell Technologies, Lenovo, and Oracle. The group’s objective is to establish consistent and compatible standards for x86 chips by combining expertise from the hardware and software sectors.
At a Lenovo event in Seattle, Intel CEO Pat Gelsinger highlighted the flexibility of x86 technology for AI-enabled laptops, stating that the architecture is still strong and poised for growth and innovation as AI advances.
