Tether Reports Surge in Assets and Operational Profits Amidst Growing Crypto Market
Tether, the leading stablecoin, attains unprecedented success with its assets skyrocketing to $86.5 billion in Q2 2023, accompanied by a remarkable operational profit of over $1 billion, representing a significant 30% quarterly surge. 31 July 2023 – Tether, the world’s largest stablecoin, reported a significant increase in its assets, reaching $86.5 billion in the second quarter of 2023. The company also disclosed making...
Indonesia Launches First Crypto Assets Futures Exchange to Instill Confidence and Investor Protection
Indonesia pioneers its Crypto Assets Futures Exchange, bolstering investor confidence and cementing its position as a regulated and secure hub for crypto asset trading. The initiative aims to revolutionize the nation’s crypto landscape and foster a thriving digital trading ecosystem. 31 July 2023 – Indonesia’s Trade Ministry and the Commodities Futures Trading Regulatory Agency (Bappebti) have jointly unveiled the...
Visa Reports Strong Card-Spending Growth in Q3 as Travel Demand Persists
Visa reported a robust 9% growth in card-spending volume, reaching US$3.17 trillion in the last quarter, surpassing Wall Street’s expectations. The surge was driven by strong consumer demand for travel and dining out, indicating a positive outlook for the industry despite concerns about interest rate hikes. 27 July 2023 – Visa Inc. reported robust card-spending growth in the fiscal third quarter, surpassing Wall...
Unleashing the Power of AI: Alibaba Cloud Upgrades AnalyticDB for Seamless Customized Applications
Alibaba Cloud introduces an advanced AnalyticDB vector engine that simplifies access to large language models (LLMs) for enterprises, facilitating the development of customized generative AI applications. The cloud provider also launches ApsaraDB HTAP, a powerful solution combining PolarDB and AnalyticDB, to offer unified data management and analysis capabilities, empowering international customers with efficient and cost-effective...
SoftBank and Symbotic Unite to Revolutionize Warehouses with AI in New Joint Venture
SoftBank and Symbotic have teamed up to create GreenBox Systems, a joint venture aimed at developing AI-powered warehouses. SoftBank will hold a 65% stake in the venture, with Symbotic owning the rest. The collaboration represents a strategic move by SoftBank to embrace the potential of artificial intelligence amid the excitement surrounding AI advancements. 24 July 2023 – SoftBank Group and supply-chain services provider...
Philippine Economy Thrives as Overseas Filipino Remittances Soar to New Heights
The Philippine central bank reported a 2.9 percent year-on-year increase in personal remittances from overseas Filipinos, reaching 2.78 billion U.S. dollars in May. These remittances, which totaled 14.46 billion U.S. dollars in the first five months of the year, have become a crucial source of foreign exchange inflows for the country, supporting economic growth and strengthening ties between overseas Filipinos and their homeland. 24...
WeChat Pay and Alipay Open Doors to International Credit Cards: Simplifying Transactions for Visitors to China
WeChat Pay and Alipay, China’s leading mobile payment platforms, have expanded their services to accept international credit cards, easing transactions for international visitors and tourists. As mobile payments gain popularity, cash and credit card transactions have decreased in China, making it essential for these platforms to embrace international credit cards to cater to the growing number of foreign tourists. 24 July 2023...
Mastercard Unveils Mastercard Receivables Manager: Streamlining B2B Virtual Card Payments for Global Businesses
Mastercard unveils the Mastercard Receivables Manager, an automated solution to streamline the acceptance and processing of virtual card payments for businesses. The new product aims to optimize the reconciliation of digital payments, providing suppliers with increased efficiency, early payment options, and improved visibility of cash flow. 24 July 2023 – Mastercard, a leading global payment solutions provider, has unveiled its...
Amazon’s Ambitious Kuiper Internet Satellites Project Receives $120 Million Boost at NASA’s Kennedy Space Center
Amazon announces a $120 million processing facility at NASA’s Kennedy Space Center in Florida for its Kuiper internet satellites project, which aims to deploy a network of 3,200 low Earth-orbiting satellites to provide global broadband internet coverage. As part of a roughly $10 billion investment in Kuiper, the facility will employ 50 staff and serve as a last stop for satellite processing before launch, accelerating...
E-shopaholics: The Driving Force Behind Southeast Asia’s E-commerce Boom
E-shopaholics, constituting 15% of the Southeast Asian e-shopper population, are responsible for a significant 45% of all e-commerce purchases, according to a study conducted by Ninja Van Vietnam and Geopost. Expert online shoppers, they demonstrate an impressive proficiency in navigating the e-commerce ecosystem, making them a vital force in the region’s thriving digital retail industry. 22 July 2023 – A recent study...
SHOPLINE Celebrates 10th Anniversary, Empowering E-commerce Transformation in HK
SHOPLINE, the leading global smart commerce enabler, marks its 10th anniversary amidst the flourishing e-commerce market in Hong Kong. The company recently hosted its first New Retail industry networking event, uniting top industry leaders from Asia to explore emerging trends, offer business insights, and discuss innovative strategies for successful retail operations. 21 July 2023 – SHOPLINE, the renowned global smart commerce...
Twitter to Share Ad Revenue with Eligible Content Creators
Twitter has announced that it will share ad revenue with select content creators on its platform. Eligible creators, who meet specific criteria such as being verified users with a high number of impressions, will receive a portion of the revenue generated from ads displayed in their replies. This initiative is part of Twitter’s efforts to attract and support content creators and follows its introduction of paid subscriptions...
Elon Musk Launches xAI, a Company Aiming to Understand the Universe
Elon Musk launches xAI, a new company focused on developing an alternative to OpenAI’s ChatGPT and exploring the mysteries of the universe. The team comprises executives with backgrounds in AI from companies like Google and DeepMind, and Musk’s involvement sparks both intrigue and criticism within the industry. 14 July 2023 – Entrepreneur Elon Musk has unveiled his latest venture, xAI, a company with the ambitious...
OpenAI Faces FTC Investigation Over Potential Risks to Consumer Data and Reputations
The US Federal Trade Commission has initiated an investigation into OpenAI Inc., raising concerns about potential risks to consumer data and reputations posed by its ChatGPT conversational AI bot. This regulatory probe reflects the increasing need for ethical AI practices and responsible innovation, potentially impacting the broader AI sector. 14 July 2023 – The US Federal Trade Commission (FTC) has launched an investigation...
Amazon Prime Day Drives Impressive U.S. Online Sales Growth Amidst Inflationary Pressures
U.S. online sales during Amazon’s Prime Day event surged by 6.1% to $12.7 billion, despite inflationary pressures impacting consumers. Deep discounts on products like toys and appliances attracted shoppers looking for bargains, even as rising rental costs, mortgage rates, and food prices constrained non-essential purchases. Amazon.com’s annual Prime Day shopping event witnessed a significant boost in U.S. online sales, as...
Salesforce to Raise Prices for Cloud and Marketing Tools, Stock Soars
Salesforce announces its first price increase in seven years, with a 9% average raise for select cloud and marketing tools starting in August. The decision comes as the company continues its investments in generative AI and aligns with the evolving landscape of the cloud services industry. 11 July 2023 – Salesforce, a leading provider of customer relationship management software, has revealed plans to raise prices for some of...
Sapphire Venture to Infuse $1 Billion into AI Enterprise Startups, Driving Global Adoption
Sapphire Venture, under the leadership of President Jai Das, intends to invest over $1 billion in AI enterprise startups, strengthening the global adoption of this transformative technology. With a strong commitment to supporting AI companies, Sapphire Venture plans to build internal infrastructure to ensure their success. 11 July 2023 – Sapphire Venture, led by President Jai Das, unveiled plans to invest over $1 billion in AI...
Indonesian Agritech Startup EFishery Reaches Unicorn Valuation of $1.4 Billion with Successful US$200 Million Funding Round
Indonesian agritech startup EFishery has become a unicorn with a valuation of US$1.4 billion after securing US$200 million in a Series D funding round led by 42XFund. The funding will support EFishery’s expansion plans in Indonesia and India, with the company aiming for an IPO in the US or Indonesia within the next two years. 10 July 2023 – EFishery, a pioneering agritech startup based in Indonesia, has achieved unicorn...
Meta’s Threads Emerges as Fastest-Growing Platform, Surpasses 100 Million Sign-Ups in Debut Week
Meta’s Threads has achieved a significant milestone by surpassing 100 million sign-ups within five days of its launch, positioning itself as the fastest-growing platform in history. As a potential competitor to Twitter, the app’s rapid growth has attracted attention, although it still faces challenges in reaching the user base of its established counterpart. 10 July 2023 – Meta Platforms (META.O), the parent company...
AI-Powered Robotic Vehicles to Revolutionize Humanitarian Aid Delivery to Conflict Zones
AI-powered robotic vehicles are set to transform humanitarian efforts by delivering food parcels to conflict and disaster zones, reducing risks faced by aid workers. The World Food Programme (WFP) plans to test these vehicles without drivers in South Sudan through the AHEAD project in collaboration with the German Aerospace Center (DLR). By leveraging AI technology, these vehicles can navigate remote areas, combining data from various...
