Microsoft shareholders will vote on 10 December on whether the tech company should assess adding Bitcoin to its balance books, following a proposal filed with the US securities regulator. While the National Centre for Public Policy Research (NCPPR) urged Microsoft to consider Bitcoin investments, highlighting MicroStrategy’s profitable strategy and rising corporate adoption, Microsoft’s board advised against it.
The board argued that they already reviewed various assets, including Bitcoin, as part of their investment evaluations. The NCPPR, however, stated that Bitcoin could act as an inflation hedge, suggesting that even a small investment—around 1% of assets—might offer long-term benefits.
Despite interest from some shareholders, Microsoft’s current focus remains on artificial intelligence rather than blockchain or cryptocurrency investments. Though it once accepted Bitcoin payments for its Xbox store, this practice was discontinued in 2018, and Bitcoin investment is viewed as unlikely at present.
Bayt.com and Saudi Arabia’s Ministry of Communications and Information Technology (MCIT) have signed a Memorandum of Understanding (MoU) to launch the Tech Talent Hub, an initiative aimed at identifying, developing, and retaining top technology talent within the Kingdom. Aligned with Saudi Vision 2030, this project seeks to strengthen the tech and telecommunications workforce, fostering a knowledge-based economy.
The Tech Talent Hub, supported by Bayt.com’s extensive network of over 52 million job seekers, will offer tailored recruitment services, workshops, and ongoing support to connect skilled talent with industry opportunities. MCIT will lead the Hub’s establishment in partnership with Talentera, Bayt.com’s recruitment platform with an Applicant Tracking System (ATS), and provide essential job seeker data to optimise recruitment efforts.
The initiative, scheduled to roll out in three phases over one year, underscores both organisations’ commitment to a sustainable approach to meeting workforce demands and adapting to advancements in the tech sector. Leadership from both MCIT and Bayt.com have expressed commitment to the Tech Talent Hub, recognising its significance for Saudi Arabia’s economic transformation and growth within the technology sector.
They emphasised that the Hub will be critical in nurturing the Kingdom’s tech talent and connecting job seekers with valuable opportunities. This initiative promises to benefit job seekers and employers by enhancing the talent pool, supporting career development, and contributing to the Kingdom’s digital transformation goals under Vision 2030.
INTRO Technology has entered into a strategic partnership with Sterling and Wilson Data Center (SWDC) by signing a Memorandum of Understanding (MoU) to collaborate on the Kemet Data Center project located in the Suez Canal Economic Zone (SCZONE). Under this agreement, SWDC will serve as the Engineering, Procurement, and Construction (EPC) contractor, overseeing key responsibilities such as design, planning, budgeting, and timeline management.
That partnership is significant for enhancing Egypt’s digital infrastructure and solidifying the country’s role as a leader in the data centre and cloud services industry. The Kemet Data Center is designed to meet the growing demand for cloud services, the Internet of Things (IoT), and digital transformation across the Middle East and Africa, providing secure and scalable data storage solutions.
Both Hatem Suliman, Vice Chairman and Group CEO of INTRO Holding, and Prasanna Sarambale, CEO of SWDC, expressed their enthusiasm for the collaboration, emphasising their commitment to international standards and alignment with Egypt’s Vision 2030. The partnership is crucial as it combines the technological expertise of INTRO Technology with SWDC’s extensive experience in constructing high-quality data centres.
Why does it matter?
By enhancing the digital infrastructure in Egypt, the Kemet Data Center will position the country as a competitive hub for international investments, foster economic growth, and support job creation. Ultimately, this collaboration will facilitate access to advanced digital solutions, driving innovation and contributing to Egypt’s strategic vision for a digitally transformed economy.
The United States, Japan, and South Korea collaborate to strengthen digital infrastructure development in India through the recently announced Digital Infrastructure Growth Initiative for India Framework, known as the DiGi Framework. The significant partnership seeks to leverage the strengths of three influential nations, with key financial support from the US International Development Finance Corporation (DFC), the Japan Bank for International Cooperation (JBIC), and the Export-Import Bank of Korea (Korea Eximbank).
The primary objective of the DiGi Framework is to promote private sector investments in India’s digital infrastructure by addressing the strategic needs of various projects. Targeted sectors include multiple technologies and services, such as information and communications technologies (ICT), Open RAN, 5G telecommunications, submarine cables, optical fibre networks, telecom towers, data centres, smart cities, e-commerce, AI, and quantum technology.
Additionally, the initiative aims to foster meaningful dialogues between the Indian government and the private sector to promote funding for digital infrastructure projects. The collaborative effort builds upon an earlier agreement signed in August 2023, emphasising the importance of coordination and cooperation among like-minded countries to support private sector investment in infrastructure.
By enhancing collaboration and communication, the DiGi Framework aims to create an environment conducive to investment and innovation within India’s digital landscape. That initiative signifies a strong commitment to enhancing India’s digital infrastructure, positioning the country for sustainable growth and technological advancement in an increasingly digital world.
Why does it matter?
With the support of these three nations, the framework represents a strategic move to strengthen India’s technological capabilities and improve connectivity, ultimately benefiting its economic development and resilience in the face of future challenges.
The Biden administration announced on Monday new rules restricting US investments in specific technology sectors in China, including AI, semiconductors, and quantum computing, citing national security concerns. These rules, effective from 2 January, aim to prevent US capital and expertise from aiding China’s development of military and intelligence capabilities. Issued under an executive order from August 2023, the regulations will be managed by the Treasury’s new Office of Global Transactions.
The targeted technologies are considered crucial to future military and cyber defence. Treasury officials note that US investments often include more than money—managerial support, network access, and intellectual expertise—that could benefit Chinese advancements in sensitive sectors. A senior Treasury official, Paul Rosen, emphasised that these restrictions curb potential US involvement in developing cutting-edge technologies for adversarial nations.
The US Commerce Secretary Gina Raimondo has previously highlighted the importance of these measures, viewing them as essential to slowing China’s progress in military technologies. The new regulations allow for investments in publicly traded Chinese securities; however, existing rules still restrict transactions involving certain Chinese firms deemed to support military development.
Additionally, the rules respond to recent criticism from the House Select Committee on China, which has scrutinised American index providers for funnelling US investments into Chinese companies linked to military advancements. With these regulations, the administration underscores its intent to protect US interests by limiting China’s access to critical technology expertise and capital.
Zhang Yiming, the founder of ByteDance, has emerged as China’s wealthiest individual, with a personal fortune estimated at $49.3 billion, according to the latest Hurun China Rich List. Zhang, who stepped down as CEO in 2021, surpassed bottled water magnate Zhong Shanshan, whose wealth fell 24% to $47.9 billion, pushing him into second place. Despite ByteDance’s ongoing legal issues in the US, the company’s 30% revenue growth last year helped Zhang secure the top position.
Tencent founder Pony Ma claimed third place on the list, followed by Pinduoduo and Temu founder Colin Huang, who saw his ranking slip even as his e-commerce ventures continued to perform well. The number of billionaires in China has decreased significantly, with 142 fewer names on the list than last year, bringing the total down to 753—a third less than the peak in 2021. Hurun Report Chairman Rupert Hoogewerf attributes this drop to China’s economic difficulties and stock market volatility.
The real estate sector, in particular, has suffered, with many of its top players experiencing dramatic declines in fortune. However, other sectors, especially consumer electronics, have shown resilience; Xiaomi founder Lei Jun added $5 billion to his wealth this year. In contrast, the renewables industry, including solar panels, lithium batteries, and electric vehicle makers, faced setbacks due to increased competition and market gluts, with solar fortunes dropping by as much as 80% from their peak in 2021.
As China’s economy navigates these ups and downs, Zhang Yiming’s rise underscores the growing dominance of tech companies like ByteDance and Tencent in shaping wealth. Meanwhile, real estate and renewable energy industries grapple with intense competition and fluctuating demand, creating uncertainty for other major players in China’s economy.
The United States and Nigeria have launched the Bilateral Liaison Group on Illicit Finance and Cryptocurrencies to counter cybercrime and misuse of digital assets. Led by the US Department of Justice and Nigerian authorities, this new initiative aims to strengthen both countries’ capabilities in investigating and prosecuting cyber and crypto-related financial crimes as digital finance expands globally.
The group’s formation comes soon after the release of Tigran Gambaryan, Binance’s head of financial crime compliance, who was detained in Nigeria since February on money laundering charges. His release due to health concerns follows rising tensions, and this new collaboration may help ease strained relations as both nations work toward secure cyberspace operations.
Aligned with US goals for global cyber enforcement, this liaison group aims to streamline coordination between the two countries’ enforcement bodies. This joint effort underscores the importance of cross-border cooperation to address the unique challenges posed by digital assets in the fight against financial crime.
The Commerce Department’s IoT Advisory Board has recommended that car dealers display privacy disclosures on vehicle windshields, urging government agencies and Congress to mandate this requirement. The report, developed with the officials from the National Institute of Standards and Technology (NIST), suggests including easy-to-understand privacy information on vehicle windshields, such as whether vehicles collect personal data and options for universal opt-outs.
This initiative aims to enhance consumer protection amid growing concerns over data privacy in connected cars. The board noted automakers often need to inform consumers about data practices adequately. Despite opposition from the Alliance for Automotive Innovation, the recommendation was adopted after a briefing highlighted the potential benefits of such labelling for consumer awareness.
“So many consumers tell us they had no idea their car is ‘a smartphone on wheels’ that can transmit data to the manufacturer and other companies,” said Amico, who runs Privacy4Cars, a privacy technology company which helps consumers and businesses better understand data privacy concerns related to connected cars.
The report will be considered by a federal working group tasked with determining whether legislation or executive action is needed to implement the recommendations, including regulating third-party data sharing and simplifying privacy policies. The advisory board emphasised that this initiative could set a global standard for IoT device privacy. A few countries, e.g. Singapore, have created comprehensive standards around consumer Internet of Things devices, such as cybersecurity labelling schemes.
Nvidia overtook Apple on Friday to become the world’s most valuable company, driven by soaring demand for its AI chips. The chipmaker’s market value briefly reached $3.53 trillion, slightly surpassing Apple’s $3.52 trillion. Nvidia closed the day at $3.47 trillion, while Apple ended with $3.52 trillion after a modest stock increase.
Market fluctuations among the tech giants have been ongoing for months, with Apple, Nvidia, and Microsoft exchanging positions. Microsoft’s market value currently stands at $3.18 trillion. Nvidia dominates the market for processors used in AI computing, competing with major players like Microsoft, Alphabet, and Meta for leadership in this rapidly expanding field.
The company’s stock has surged by 18% this month, partly fuelled by news of OpenAI raising $6.6 billion in fresh funding. Nvidia shares also benefited from optimism around data centre demand, boosted by Western Digital’s better-than-expected earnings report on Friday.
Investment analysts suggest Nvidia is well-positioned to thrive as AI adoption grows. Russ Mould from AJ Bell highlighted the company’s strategic advantage, noting that if the US economy remains stable, investment in AI technologies will continue, further supporting Nvidia’s success.
At Fintech Week 2024, Dr Eric Yip of Hong Kong’s Securities and Futures Commission (SFC) announced key steps to streamline licencing for virtual asset trading platforms (VATPs). With fourteen platforms currently operating under ‘deemed-to-be-licensed’ status, the SFC plans to expedite full licencing by the end of this year through on-site inspections and close cooperation with platform leaders to maintain transparency and compliance.
The SFC will also establish a consultative panel in early 2025 to boost regulatory cooperation. This panel will include representatives from each licensed VATP and aim to foster dialogue between industry stakeholders and the SFC, with insights contributing to a white paper on upcoming regulatory priorities.
Alongside licencing efforts, the SFC will work with the Hong Kong Government and other agencies to establish frameworks for trading services and token custody. The SFC is also backing Project Ensemble, a tokenisation initiative by the Hong Kong Monetary Authority, aiming to set standards for tokenised asset settlement in the finance sector. Dr Yip highlighted the regulator’s commitment to investor protection and market growth through a ‘pragmatic and proactive approach.’
