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Myanmar proposes Anti-Online Fraud Bill targeting digital currency scams

Myanmar’s military-backed authorities have proposed a new Anti-Online Fraud Bill to tackle digital currency scams and online fraud networks operating in the country.

The draft legislation would introduce severe penalties for offences linked to online fraud and ‘digital currency fraud’. Reports citing the text say those convicted could face prison sentences ranging from 10 years to life imprisonment.

The bill also proposes the death penalty in the most serious cases involving online scam centres, particularly where people are unlawfully detained, violently coerced or forced into scam operations. AFP, cited by Malay Mail, reported that the proposed penalty would apply to those who detain or violently coerce victims into working in online scam centres.

The proposal reflects growing pressure on Myanmar over large scam compounds where trafficked people have reportedly been forced into online fraud schemes, including romance and cryptocurrency scams. International scrutiny has intensified as cyber-fraud networks across Southeast Asia continue to target victims globally.

Myanmar’s authorities have presented online fraud and online gambling as national security concerns. State media has previously reported crackdowns, deportations and plans for a national anti-scam centre, while also describing telecom fraud and online gambling as threats requiring stronger enforcement.

The bill comes amid wider regional action against transnational scam networks. China has pursued criminal cases linked to Myanmar-based fraud syndicates, while international organisations and law enforcement agencies have warned that online scam compounds combine cybercrime, financial fraud and human trafficking.

Why does it matter?

The proposed bill shows how governments are escalating responses to transnational online fraud networks, particularly where crypto scams overlap with human trafficking and forced labour in scam compounds. Myanmar’s approach would mark a shift towards extreme punitive measures, raising both enforcement and human rights concerns, while highlighting how digital fraud has become a cross-border security issue involving organised crime, financial losses and exploitation of vulnerable people.

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New Zealand outlines public service reforms focused on digital systems and AI

New Zealand has announced public service reforms aimed at improving efficiency, reducing duplication and expanding digital systems across government operations.

Public Service Minister Paul Goldsmith outlined plans to streamline departments and expand the use of digital systems and AI in public administration. The government said the reforms respond to public sector growth that has increased in recent years.

The programme sets a target of returning the core public service to around 55,000 employees by 2029, reversing growth that saw staffing rise from approximately 47,000 in 2017 to more than 65,000 in 2023. According to officials, projected savings are intended to support areas including healthcare, education, infrastructure, and security.

Critics, including the Public Service Association, have raised concerns that the reforms could weaken service delivery and that AI and restructuring may not adequately replace experienced workers, warning of potential disruption across essential public services.

Why does it matter?

The reform reflects a shift towards ‘digital-first state capacity’, where governments attempt to maintain or improve service delivery while constraining headcount growth through automation, AI integration and organisational consolidation.

The approach signals an increasing reliance on data-driven and AI-enabled systems to offset labour intensity in back-office functions, while reallocating fiscal resources towards frontline services and infrastructure.

At the same time, it raises structural questions about institutional resilience, transition costs of large-scale digitisation, and whether productivity gains from AI can realistically substitute for experienced human capacity in complex public service environments.

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Jury rules in favour of OpenAI and Sam Altman in Elon Musk lawsuit

A federal jury in Oakland, California, ruled in favour of Sam Altman, OpenAI and its president, Greg Brockman, in a lawsuit brought by Elon Musk. Musk alleged that OpenAI’s leadership departed from the organisation’s original non-profit mission.

Judge Yvonne Gonzalez Rogers dismissed Musk’s claims after the jury delivered its advisory verdict. The court concluded that the claims were filed outside the applicable legal time limit, accepting OpenAI’s argument that Musk had been aware of discussions about a for-profit structure several years earlier.

Musk argued that OpenAI had shifted away from its original non-profit structure after establishing a for-profit entity. OpenAI denied the allegations throughout the case, arguing that Musk understood and supported discussions about restructuring before leaving the company in 2018.

Musk alleged that Sam Altman and the other defendants violated the organisation’s charitable purpose and financially benefited from it unfairly, arguing that OpenAI had originally been established in 2015 as a non-profit focused on benefiting humanity before later shifting towards private profit.

OpenAI rejected all of Musk’s claims and stated that he was always aware of plans to create a for-profit entity.

Musk later announced plans to appeal, claiming the ruling was based on procedural timing rather than the substance of the allegations. The ruling may reduce legal uncertainty for OpenAI as the company continues expanding its commercial operations.

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Australia’s WGEA outlines AI transparency rules for internal use

Australia’s Workplace Gender Equality Agency has published an AI transparency statement outlining how it uses AI internally, in line with the Digital Transformation Agency’s Policy for the Responsible Use of AI in Government.

The agency uses AI to enhance workplace productivity and support internal service delivery processes, including case management, in a controlled and human-centred manner. It does not use AI for statutory decision-making, compliance determinations, auditing outcomes or enforcement actions.

Internally, AI helps staff manage and respond to enquiries using approved information sources. All outputs are reviewed and approved by WGEA staff before use, and AI-generated material remains advisory only.

The agency does not use AI systems to interact directly with the public or make decisions affecting individuals without human involvement. External communications are reviewed and issued by WGEA staff.

The statement notes that AI does not change WGEA’s accountability for the accuracy, quality or appropriateness of information provided. The agency also monitors usage levels, outcomes and reporting mechanisms to ensure systems operate as intended and align with responsible AI principles.

WGEA designated its Chief Operating Officer as the accountable official on 19 December 2024. The role is responsible for ensuring AI use complies with relevant legislation, whole-of-government policy and internal governance arrangements.

Why does it matter?

The statement shows how public bodies are beginning to formalise transparency around internal AI use, even when systems are not used for direct public interaction or decision-making. By limiting AI to advisory functions, requiring human review and naming an accountable official, WGEA is setting out a practical governance model for low-risk public-sector AI use.

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South Korea expands industrial policy support for AI manufacturing technologies

South Korea’s Ministry of Trade, Industry and Resources announced plans to establish an industrial growth fund to support manufacturing AI transformation and other industrial policy initiatives over the next three years.

According to the ministry, private banks managing government research and development funds pledged combined anchor investments of 1.1 trillion won for the initiative, including 620 billion won from Hana Bank. The ministry said additional private-sector investment is expected to support the fund.

A M.AX innovation fund established under the initiative will support projects related to manufacturing AI transformation, including robotics, AI factories, mobility technologies, and autonomous vessels. According to the ministry, the government aims to raise 500 billion won for the sub-fund based on an initial 100 billion won anchor investment.

The ministry also signed a cooperation agreement with banks and related agencies to provide 700 billion won in financial support programmes, including technology guarantees and trade insurance, for companies participating in research and development projects.

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China pushes deeper AI integration with advanced manufacturing

Chinese Premier Li Qiang has called for deeper integration between AI and advanced manufacturing as China seeks to accelerate the intelligent upgrading of its industrial economy.

Li made the remarks during an inspection tour of technology companies in Beijing, where he was briefed on innovation and industrial development in intelligent robotics. He described intelligent robots as a key vehicle for integrating AI with advanced manufacturing.

The premier called for stronger basic research, breakthroughs in core technologies and further exploration at the frontier of intelligent robotics. He also urged faster innovation in complete machines, key components, and intelligent decision-making and control systems to support high-quality industrial development.

Li said China should make use of its large domestic market, complete industrial chains and wide range of application scenarios to expand the intelligent robotics sector. He also said enterprises should play a leading role in industrial transformation.

Companies were encouraged to advance intelligent upgrades across the full production process, including research and development, design, manufacturing, operations management and after-sales services.

Why does it matter?

The remarks show how China is positioning AI as part of industrial modernisation, not only as a digital services technology. By linking AI with robotics, manufacturing processes and enterprise-led upgrading, Beijing is reinforcing the role of intelligent systems in productivity, competitiveness and high-quality industrial growth.

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European Commission backs €5 billion fund for AI and deep tech

The European Commission has announced that the European Innovation Council Fund Board has selected EQT as the preferred investment adviser and fund manager for the new €5 billion Scaleup Europe Fund, an initiative designed to support European deep-tech scaleups.

According to the Commission, the fund will be the largest initiative of its kind launched in Europe and forms a central pillar of the EU Startup and Scaleup Strategy. It aims to provide late-stage growth capital for European companies operating in strategic technology sectors, including AI, quantum computing, semiconductors, clean technology, biotech, medical technologies, space and dual-use technologies.

European officials said the fund is intended to address the financing gap that has often pushed promising European scaleups to seek investment outside the continent. The aim is to help more high-growth technology firms remain headquartered and operational in Europe as they expand.

EQT was selected following what the Commission described as a competitive process focused on investment expertise, fundraising capability and operational experience in scaling technology companies.

The initiative is being developed alongside several major European institutional investors and financial organisations, including Novo Holdings, Allianz, CriteriaCaixa, ABP and Santander/Mouro Capital.

The Commission said legal agreements and investor approval processes are underway, with the Scaleup Europe Fund expected to begin investment operations in autumn 2026. The initiative will also be formally presented during the EIC Summit on 3 June 2026.

Why does it matter?

he fund reflects Europe’s concern that strategic technologies such as AI, quantum computing, semiconductors, biotechnology and space are increasingly tied to economic security and geopolitical influence. By creating a large European growth-capital vehicle, the EU policymakers are trying to reduce the pressure on scaleups to rely on foreign financing or relocate abroad, while strengthening Europe’s ability to retain innovation, industrial capacity and technological leadership.

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Malaysia sees AI demand supporting economic growth

Malaysia’s economic growth outlook remains positive, supported by foreign and domestic investment and continued demand in AI, data centres and semiconductors, according to Finance Minister II Amir Hamzah Azizan.

Amir Hamzah said Malaysia’s gross domestic product expanded by 5.4% in the first quarter, slightly above the earlier forecast of 5.3%, indicating continued economic momentum. He said foreign direct investment had started contributing to GDP, while domestic direct investment and public spending remained strong.

The minister linked the trend to the government’s MADANI Economy framework, saying the government is working to keep key economic drivers functioning smoothly. He also said Malaysia continues to attract investor interest as a trading nation, supported by digitalisation, data centres and AI.

AI and data centre activity remain strong, supported by Malaysia’s industrial ecosystem, particularly in the northern region. The government is also encouraging domestic investment from government-linked investment companies and government-linked companies, while focusing on income measures including civil service pay, the minimum wage and a transition towards living wages.

Infrastructure projects, including the Mutiara Line light rail transit, the expansion of the Juru interchange and upgrades to Penang International Airport, are expected to support worker and investor movement in the northern region. Utility improvements, including electricity transmission and water supply projects, are also being prioritised to support industrial activity.

Amir Hamzah also pointed to Intel’s expansion in Penang, including advanced packaging components, as further strengthening Malaysia’s position as a semiconductor hub.

Why does it matter?

Malaysia is linking AI and data centre demand to a wider industrial strategy built around semiconductors, infrastructure and investment flows. The remarks show how AI growth is increasingly tied to physical requirements such as power, water, transport and advanced manufacturing capacity, especially in regions trying to position themselves as hubs for digital and semiconductor investment.

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Deutsche Bank highlights shift towards digital forms of money

Deutsche Bank has highlighted a structural shift in the financial system towards digital, programmable, and always-on money. In a new white paper, the bank examines how real-time transaction infrastructure is reshaping payments and driving the adoption of new forms of digital currency.

The report identifies three core pillars of this transformation:

Stablecoins
Tokenised deposits
Central bank digital currencies (CBDCs)

Stablecoins have seen rapid growth in transaction volumes and are increasingly supported by formal regulatory frameworks in key jurisdictions, particularly for cross-border and business-to-business payments, the report describes.

Tokenised deposits are emerging as a competing model of programmable bank money, enabling 24/7 settlement within and between financial institutions. According to the report, adoption remains limited by interoperability challenges and the use of permissioned networks.

The report describes CBDCs as a public-sector approach to digital money innovation. China’s e-CNY system and the European Central Bank’s planned digital euro illustrate growing momentum, while Asian financial hubs continue to expand cross-border and institutional settlement pilots.

Why does it matter?

The shift outlined in the Deutsche Bank report signals a structural redesign of how money itself functions, moving from static, institution-bound systems to programmable, always-on digital infrastructure.

As stablecoins, tokenised deposits, and CBDCs develop in parallel, they collectively reshape how value is issued, transferred, and settled across borders, potentially reducing friction in global payments while increasing competition between public and private forms of money.

The evolution is not just about efficiency gains but about who controls monetary infrastructure, how regulatory frameworks adapt, and how financial sovereignty and interoperability are balanced in an increasingly tokenised global economy.

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OpenAI tests financial data integration in ChatGPT

OpenAI has launched a preview of a personal finance experience in ChatGPT for Pro users in the United States. The feature allows users to connect financial accounts, view a dashboard, and ask questions based on their financial data.

The feature is available on web and iOS apps and supports more than 12,000 financial institutions. OpenAI said the preview will initially be available to a smaller group of users before expanding more broadly.

Users can connect accounts through Plaid, with Intuit support planned. Once authenticated, ChatGPT syncs and categorises financial data, allowing users to view portfolio performance, spending, subscriptions, upcoming payments, and other financial activity.

OpenAI said the feature supports questions related to budgeting, planning, subscriptions, investments, and spending activity. OpenAI said ChatGPT is intended to help users review financial information but is not a substitute for professional financial advice.

Users can also choose to save financial context as ‘Financial memories’ for future conversations, according to OpenAI. OpenAI says those memories are a dedicated type of memory used specifically for financial conversations and can be viewed or deleted from the Finances page.

OpenAI said connected accounts allow access to balances, transactions, investments, and liabilities, but not full account numbers or account controls. Users can disconnect accounts at any time, after which synced account data will be deleted from OpenAI’s systems within 30 days.

Conversations with connected financial accounts default to GPT-5.5 Thinking. OpenAI said it worked with finance professionals to evaluate the feature on personal finance tasks and response quality.

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