AI-driven tools are entering wholesale banking, with Intellect Global Transaction Banking introducing the ‘eMACH.ai Cloud’ for the sector. The platform provides banks with a comprehensive suite of services to manage their corporate clients’ complex needs across various industries, supporting both operational efficiency and business growth.
The eMACH.ai Cloud aims to streamline operations by consolidating wholesale banking requirements into one platform, reducing reliance on multiple systems. It offers scalable solutions tailored to different sectors, allowing banks to modernise their operations and meet regulatory requirements.
CEO Manish Maakan highlighted that the platform helps banks reduce costs, unlock new revenue streams, and innovate business models. He stressed the importance of agility in today’s banking landscape, explaining that eMACH.ai empowers banks to deliver greater value to clients while keeping pace with industry changes.
From liquidity management to sustainable finance initiatives, the platform offers tools to address evolving compliance demands and environmental goals. Its integrated design ensures banks can meet both financial and ESG objectives more effectively.
Samsung is taking its commitment to security up a notch by expanding its blockchain technology to cover a wider range of AI-powered home appliances. The South Korean tech giant announced that its Knox Matrix framework, originally designed for mobile devices and televisions, will now protect home devices using a ‘Trust Chain.’ This private blockchain system enables connected devices to monitor each other for potential security issues, keeping users informed in case of any threats.
In addition to blockchain-based security, Samsung is introducing ‘Cross Platform’ technology, ensuring consistent protection across devices, regardless of the operating system. The company also aims to improve privacy with its ‘Credential Sync,’ which encrypts and synchronises user data for enhanced safety.
Expected to roll out these new features next year, Samsung will integrate biometric authentication, allowing users to log into apps with fingerprints instead of passwords. The move builds on the company’s previous blockchain ventures, including its Samsung Blockchain Wallet and Blockchain Keystore.
A portrait of Alan Turing created by Ai-Da, a humanoid robot artist, will be auctioned at Sotheby’s London in a pioneering art sale. Ai-Da, equipped with AI algorithms, cameras, and bionic hands, is among the world’s most advanced robots and is designed to resemble a woman.
The 2.2-metre-high painting, titled ‘AI God’, portrays Turing, a mathematician and WWII codebreaker, and highlights concerns about the role of AI. Its muted colours and fragmented facial planes reflect the challenges Turing warned about in managing AI.
Sotheby’s online auction, running from 31 October to 7 November, will explore the intersection of art and technology. The artwork is estimated to sell for £100,000–£150,000. Ai-Da’s previous work includes painting Glastonbury Festival performers like Billie Eilish and Paul McCartney.
Ai-Da’s creator, Aidan Meller, collaborated with AI experts from Oxford and Birmingham to develop the robot. Meller noted that Ai-Da’s haunting artworks continue to raise questions about the future of AI and the global race to control its potential.
Two independent candidates participated in an online debate on Thursday, engaging with an AI-generated version of incumbent congressman Don Beyer. The digital avatar, dubbed ‘DonBot’, was created using Beyer’s website and public materials to simulate his responses in the event, streamed on YouTube and Rumble.
Beyer, a Democrat seeking re-election, opted not to join the debate in person. His AI representation featured a robotic voice reading answers without imitating his tone. Independent challengers Bentley Hensel and David Kennedy appeared on camera, while the Republican candidate Jerry Torres did not participate. Viewership remained low, peaking at fewer than 20 viewers, and parts of DonBot’s responses were inaudible.
Hensel explained that the AI was programmed to provide unbiased answers using available public information. The debate tackled policy areas such as healthcare, gun control, and aid to Israel. When asked why voters should re-elect Beyer, the AI stated, ‘I believe that I can make a real difference in the lives of the people of Virginia’s 8th district.’
Although the event saw minimal impact, observers suggest the use of AI in politics could become more prevalent. The reliance on such technology raises concerns about transparency, especially if no regulations are introduced to guide its use in future elections.
These artificial avatars would operate on social media and online platforms, featuring realistic expressions and high-quality images akin to government IDs. JSOC also seeks technologies to produce convincing facial and background videos, including ‘selfie videos’, to avoid detection by social media algorithms.
US state agencies have previously announced frameworks to combat foreign information manipulation, citing national security threats from these technologies. Despite recognising the global dangers posed by deepfakes, SOCOM’s initiative underscores a willingness to engage with the technology for potential military advantage.
Experts expressed concern over the ethical implications and potential for increased misinformation, warning of the entirely deceptive nature of deepfakes, with no legitimate applications beyond deceit, possibly encouraging further global misuse. Furthermore, such practices pose the risk of diminished public trust in government communications, exacerbated by perceived hypocrisy in deploying such technology.
Why does it matter?
This plan reflects an ongoing interest in leveraging digital manipulation for military purposes, despite previous incidents where platforms like Meta dismantled similar US-linked networks. It further shows a contradiction in the US’s stance on deepfake use, as it simultaneously condemns similar actions by countries like Russia and China.
The authors make several points relevant to the global AI discussions. First, as AI becomes integral to the global economy, warning echo of the looming threat of concentrated corporate control, which risks stifling innovation, compromising consumer privacy, and undermining democratic values. To combat it, the authors advocate for a diverse AI market that includes public, private, and non-profit stakeholders to ensure the technology’s benefits are widely distributed.
In "Stopping Big Tech from Becoming Big AI" we lay out a series of detailed, practical measures to check rising market concentration and keep AI open for all 🧵 pic.twitter.com/gaHjwHwLYL
Second, the report mentions monopolistic risks, through tactics such as exclusive partnerships and control over computing power that allow dominant firms to consolidate power, restricting competition and innovation. Despite often being unseen by consumers, these practices could centralise AI development and inhibit market diversity. As an action point, the authors call on governments to act swiftly using existing regulatory tools, such as blocking mergers and enforcing ex-ante competition policies, to dismantle these barriers and impose fair access rules on essential AI resources.
Finally, international cooperation is one of the key points, particularly the importance of recognising the global nature of AI development. Authors warn against repeating past mistakes of digital market dominance, emphasising the need for a unified approach to AI regulation. Through fostering competition, the report asserts that AI can deliver broader societal benefits, prioritising innovation and privacy over profit maximisation and surveillance.
Why does it matter?
The global community sees the current moment as a pivotal chance to shape AI’s future for the collective good, urging immediate regulatory intervention. Echoing this approach, this report aims to ensure that AI remains a competitive field characterised by transparency and fairness, safeguarding a digital economy that benefits all stakeholders equally.
With the US facing a growing shortage of electricians, Treehouse, a startup, is using AI to help make installations of electric vehicle (EV) chargers, heat pumps, and other tech more efficient and affordable. As the demand for renewable energy and electrification surges, Treehouse has developed AI models to predict job times, materials needed, and to eliminate unnecessary site visits, which typically slow down the process. By gathering data and asking customers key questions, Treehouse can streamline quoting and installation processes, especially for simpler jobs like EV chargers.
Treehouse uses its AI-driven platform to design installations and assist in permitting, often completing jobs with minimal visits from electricians. For more complex installations, like heat pumps, the company may require additional photos or virtual visits. Treehouse works in 40 states, hiring independent electricians for many of the jobs, and plans to expand its operations across all 50 states by the end of the year. With a recent $16 million Series A funding round, the company aims to improve its AI tools and grow its team.
Founder and CEO Eric Owski believes the electrification trend will continue to reshape how consumers think about home energy, with EV chargers being just the starting point. Treehouse’s partnerships with companies like CarMax and ChargePoint also help boost its reach as it tackles the ongoing electrician shortage.
Panama is embarking on a transformative journey in its digital landscape by establishing Decree 43, which introduces a digital ID for Panamanians and permanent residents to facilitate secure online access to government and private services. The innovative digital ID replicates the information from existing physical identity documents issued by the Electoral Tribunal and provides a modern alternative for verifying identity in digital environments.
Notably, the digital ID will be optional, allowing individuals to choose whether to adopt it, and it will not replace traditional physical identity documents. Furthermore, it will carry the same legal validity as its physical counterpart, ensuring acceptance by all public entities and private companies offering online services.
In addition to the digital ID, the decree also introduces a digital wallet designed to securely store personal documents, such as digital ID, medical history, and resumes. The wallet will be accessible through a mobile application equipped with advanced security measures, including facial and biometric recognition, to protect sensitive information.
The implementation of these initiatives in Panama is set for 10 October 2024, thereby highlighting the government’s commitment to balancing innovation with the rights and preferences of its citizens. Moreover, the digital wallet will allow users to store essential items conveniently in one accessible location.
Why does this matter?
The government aims to enhance the security and convenience of accessing services by providing a streamlined method for managing personal documents. The initiative marks a pivotal moment in Panama’s modernisation of identification processes. By embracing digital solutions, the government promotes a more efficient and user-friendly digital ecosystem for its citizens and sets a precedent for future advancements in digital identity management.
Adobe has revealed an experimental tool called Project Super Sonic, which uses AI to simplify the process of generating sound effects and background audio for video content. Introduced at Adobe’s MAX conference, the prototype allows users to create audio through text prompts, object recognition, or even by mimicking the desired sound with their own voice. This innovation aims to speed up and enhance the audio creation process, giving users more control over their video projects.
While generating sound from text isn’t new, Adobe’s approach goes further. With object recognition, users can click on a video frame, and the tool will generate relevant sound effects for that scene. However, the most impressive feature allows users to imitate sounds themselves, with the AI automatically creating the matching audio in sync with the video.
Although currently just a demo, Adobe’s track record suggests Project Super Sonic may soon find its way into popular tools like Adobe Premiere, offering creators an efficient way to elevate their videos with high-quality audio.
The increasing use of AI and machine learning in financial services globally could lead to financial stability risks, according to the Governor of the Reserve Bank of India (RBI), Shaktikanta Das. Speaking at an event in New Delhi, Das cautioned that the reliance on a small number of technology providers could lead to concentration risks in the sector.
Disruptions or failures in these AI-driven systems could trigger cascading effects throughout the financial industry, amplifying systemic risks, Das warned. In India, financial institutions are already employing AI to improve customer experience, reduce operational costs, and enhance risk management through services like chatbots and personalised banking.
However, AI adoption comes with vulnerabilities, including increased exposure to cyber attacks and data breaches. Das also raised concerns about the ‘opacity’ of AI algorithms, which makes them difficult to audit and could lead to unpredictable market consequences.
Das further emphasised the risks posed by the rapid growth of private credit markets, which operate with limited regulation. He warned that these markets have not been tested under economic downturns, presenting potential challenges to financial stability.
