The Indonesia Investment Authority (INA) and Singapore-based Granite Asia announced a joint plan to invest up to $1.2 billion in Indonesia’s technology sector and related businesses. According to a joint statement, the initiative will involve both equity and hybrid capital, though specific financial contributions from each firm and the timeline for investments remain undisclosed. Targeted companies were also not named.
INA, Indonesia‘s sovereign wealth fund, was established in 2020 to attract both domestic and international investors to the country. Last week, the fund announced that its toll road platform, with backing from Dutch pension fund APG and the Abu Dhabi Investment Authority, is funding parts of Indonesia’s Trans Sumatra Toll Road.
Granite Asia, formerly part of GGV Capital, currently manages assets totalling $5 billion. The collaboration is expected to support the growth of Indonesia’s tech landscape and strengthen economic ties within Southeast Asia.
US tech companies have raised concerns over a proposed data protection law in Vietnam, warning it could restrict their ability to grow in one of Asia’s largest digital markets. The draft law, which is under discussion in Vietnam’s parliament, aims to tighten controls on data protection, limit data transfers abroad, and give authorities easier access to information. Major industry players, represented by the Information Technology Industry Council, argue that these restrictions could hinder companies like Meta, Google, and Equinix from effectively reaching their large Vietnamese user base and building new data centres.
Vietnam, home to 100 million people, is an attractive market for tech and social media companies and has ambitions to expand its data centre industry through foreign investments. However, the new law would require companies to obtain prior authorisation before transferring “core” or “important” data abroad—terms that critics say are vaguely defined. In addition, companies may be required to share data with the government in cases broadly categorised as being in the “public interest.”
The US tech sector has voiced opposition, citing an “undue expansion of government access” that could create significant compliance challenges. The American Chamber of Commerce in Hanoi has joined the call, urging lawmakers to reconsider the legislation’s quick adoption, which is scheduled for a vote on November 30. Industry analysts are watching closely, as the law could impact foreign investment plans, including Google’s potential new data centre in southern Vietnam.
Nvidia CEO Jensen Huang has urged South Korea’s SK Hynix to speed up the delivery of its next-generation HBM4 memory chips by six months, according to SK Group Chairman Chey Tae-won. Initially scheduled for the latter half of 2025, the HBM4 chips are in high demand as Nvidia’s GPUs require them for advancing AI technology. Nvidia, which holds a dominant share of the AI chip market, relies on SK Hynix’s high-bandwidth memory to support AI processing.
Facing growing competition from Samsung and Micron, SK Hynix is working to deliver its latest HBM3E chips this year, with plans to release improved 16-layer versions early next year. Samsung has also announced progress on a new supply deal and aims to roll out its HBM4 products by the second half of 2024.
Shares of SK Hynix surged 5.1% on the news, reflecting strong investor confidence in its strategic response to the booming demand for advanced memory technology.
Disney is establishing a new division, the Office of Technology Enablement, dedicated to advancing the company’s use of AI and mixed reality (XR). Led by Jamie Voris, Disney’s former chief technology officer for its film studio, the unit will oversee projects across Disney’s film, television, and theme park segments to leverage these rapidly evolving technologies. This group will focus on coordinating various initiatives without centralising them, ensuring each project aligns with Disney’s broader technological strategy.
The new office, which will ultimately expand to about 100 employees, comes as Disney looks to tap into cutting-edge AI and augmented reality (AR) applications. Disney Entertainment Co-Chairman Alan Bergman emphasised the importance of exploring AI’s potential while mitigating risks, signaling Disney’s intention to create next-generation experiences for theme parks and home entertainment. Voris’s leadership will be succeeded by Eddie Drake as Disney’s new film studio CTO.
Disney has been actively building expertise in AR and virtual reality (VR) as technology companies like Meta and Apple compete in the emerging AR/VR market. The company also rehired Kyle Laughlin, a specialist in these technologies, as Senior VP of Research and Development for Disney Imagineering, its theme park innovation branch. By assembling a team with expertise in advanced tech, Disney aims to create immersive, engaging experiences for its global audience.
Dubai Chambers and Dubai Multi Commodities Centre (DMCC) have joined forces in a groundbreaking Memorandum of Understanding (MoU) to enhance Dubai’s status as a global hub for digital investments. The strategic collaboration focuses on attracting companies that specialise in AI, cryptocurrencies, and gaming, recognising their importance in shaping the future of the digital economy.
As part of the MoU, DMCC will provide specialised business setup support packages to facilitate the entry of new enterprises and ensure they have the necessary tools to thrive. Companies will also gain access to valuable resources, including participation in DMCC’s knowledge series events and complimentary compliance services and tax clinics.
That partnership aligns with the Dubai Economic Agenda (D33), which seeks to double the size of Dubai’s economy over the next decade and position the emirate among the top three global cities for business and innovation. Dubai Chambers and DMCC are united in their commitment to driving economic growth and innovation within the emirate through their collaboration.
They recognise the importance of creating a favourable business environment to support international companies and investments. By enhancing the growth of the digital economy and fostering a climate of institutional excellence, their efforts aim to provide a robust ecosystem that not only attracts innovative firms but also encourages the development of future-facing sectors.
Abu Dhabi firms Realize and Neovision Wealth Management have announced the launch of the Realize T-BILLS Fund, a new investment vehicle focused on U.S. Treasury ETFs. The fund will purchase units from popular ETFs, such as BlackRock’s iShares and State Street’s SPDR, and tokenise them, converting them into blockchain-based digital tokens that can be traded and transferred. Dominik Schiener, co-founder of Realize, noted that the fund aims to grow to $200 million in assets.
The T-BILLS Fund will issue a digital token, $RBILL, representing fund units, and operate on both the IOTA and Ethereum blockchain networks. Realize will handle the tokenisation process, while Neovision Wealth Management will oversee fund operations. This fund is also the first of its kind to be based out of the Abu Dhabi Global Market, a move that highlights the growing trend of combining traditional assets with blockchain technology.
Tokenised US Treasuries have become a growing niche in the digital asset market, valued at $2.4B, and attracting both blockchain-native firms and established finance giants. With US Treasury bills seen as a secure and liquid asset class, these new tokens offer investors an easier way to trade and hold government-backed securities in a blockchain format, making them accessible to a wider audience in the digital economy.
Italy‘s economy minister Giancarlo Giorgetti has defended plans to raise taxes on cryptocurrency capital gains as part of the country’s 2025 budget, despite facing opposition from members of his own League party. The proposal would increase the tax rate on cryptocurrency profits from 26% to 42%, a move expected to generate an additional €16.7 million per year.
Giorgetti, speaking at a banking conference in Rome, argued that cryptocurrency investments present a higher level of risk than other assets and lack connection to tangible projects. He urged investors to distinguish between traditional investments and cryptocurrencies, citing the volatility of digital assets as a primary concern.
The tax increase has drawn criticism from League lawmaker Giulio Centemero, who described it as ‘counterproductive’ and called for further consultation with market players. The proposal coincides with the European Union‘s implementation of its Markets in Crypto-Assets (MiCA) regulation, which mandates licensing for crypto firms and enforces anti-money laundering measures across member states.
The cryptocurrency industry is bracing for a shift in US regulatory policy, with leaders expecting a more favorable approach from Washington, regardless of the next administration. After years of regulatory tension under President Joe Biden’s administration, crypto companies are optimistic that the incoming administration will adopt a more supportive stance toward digital assets. Notable crypto firms, including Bitwise and Canary Capital, are actively developing new products, and other companies are preparing fresh pushes for pro-crypto legislation in Congress.
Both presidential candidates, Donald Trump and Vice President Kamala Harris, have expressed openness toward the digital asset industry. Trump has even pledged to become a “crypto president,” while Harris, though less specific, has shown support for digital innovation and investor protection, which many industry leaders interpret as a potential shift in regulatory tone. This perspective is reinforced by Harris supporter Mark Cuban, who recently emphasised her promise to protect crypto users.
The US Securities and Exchange Commission (SEC), led by Chair Gary Gensler, has taken a strict stance on crypto assets, citing risks illustrated by cases like FTX’s collapse. Gensler’s tenure has involved multiple enforcement actions against major crypto exchanges, creating a challenges for digital assets. However, crypto executives believe that a new administration could bring changes, including potentially overturning regulatory guidance that has deterred financial institutions from crypto involvement.
The United Nations Development Programme (UNDP) Bahrain and the Bahrain Center for Strategic, International, and Energy Studies (Derasat) have embarked on a significant partnership to develop the National Human Development Report (NHDR), titled ‘Digital Transformation: A Roadmap for Progress.’ That collaboration aims to harness digital transformation as a strategic tool for fostering inclusive growth in the Kingdom, aligning with Bahrain Vision 2030 and the Sustainable Development Goals (SDGs).
In this context, the NHDR will comprehensively analyse how digital transformation can enhance human development outcomes in Bahrain, addressing critical issues such as the digital divide, privacy concerns, cybersecurity, and integrating digital technologies into public services. Furthermore, the report will benchmark Bahrain’s digital landscape against regional and international standards, offering actionable insights and recommendations to improve digital inclusion, protect privacy, and secure digital infrastructures.
Moreover, the UNDP Bahrain and Derasat highlight the importance of stakeholder engagement in developing the NHDR. By collaborating with government entities, civil society organisations, and the private sector, diverse perspectives will be included to ensure alignment with Bahrain’s national development goals.
Chinese online retailer Temu is exploring joining a European Union-led initiative to combat counterfeit goods, which includes major retailers such as Amazon, Alibaba, and brands like Adidas and Hermes. Temu is scheduled to present at an upcoming meeting on 11 November as a ‘potential new signatory’ to the Memorandum of Understanding on counterfeits, a voluntary anti-counterfeit agreement supported by the European Commission.
Temu’s interest in the initiative coincides with increasing regulatory pressure from the European Union. The European Commission recently launched an investigation into Temu over potential breaches of EU laws prohibiting the sale of illegal goods, following an earlier request for information under the Digital Services Act (DSA), a law governing large online platforms. In May, the Commission designated Temu a ‘very large online platform,’ requiring it to take stronger measures against illegal content and counterfeits.
As a subsidiary of China‘s PDD Holdings, Temu has rapidly expanded in Europe and the United States, luring customers with low prices and a ‘shop like a billionaire’ slogan. Its platform offers items like clothing and accessories that often resemble popular branded products at significantly lower prices. Some industry insiders have expressed concerns that Temu’s entry into the anti-counterfeit network could impact the credibility of the initiative.
