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Facebook's Libra "open to massive fraud"
A senior UK politician has questioned Facebook's cryptocurrency project, saying Libra is "open to massive fraud". Conservative Party MP Damian Collins says that the House of Commons’ Digital, Culture, Media and Sport Committee wants to investigate Facebook's plans. Collins says it has concerns over Facebook's ability to safeguard financial details of Libra users.
Atom Bank attracts £50 million in new funding
Atom Bank has raised £50 million in a funding round backed by BBVA. The UK challenger has taken its value above £500 million with the new investment. Atom targets young people looking for a more bespoke service than provided by the traditional players. It will spend the money on improved technology and growth. Atom is currently re-platforming into the cloud.
Microsoft backs OpenAI with partnership and $1 billion investment
OpenAI is to work exclusively with Microsoft to build supercomputing and AI capabilities on Azure. The two companies have agreed a multi-year partnership and Microsoft has invested $1 billion to kickstart initiatives. OpenAI - co-founded by Elon Musk - wants to deliver artificial general intelligence: algorithms that mimic the human brain. Satya Nadella says Microsoft aims to 'democratise AI'.
Daimler, Riddle & Code launch blockchain-based hardware car wallet
Daimler is part of a blockchain project with Riddle & Code. They have co-launched a hardware wallet that will enable use cases such as car sharing and autonomous cars. The wallet is built on blockchain technology. "This is a prime example of a global market leader betting on DLT-based innovation," said Riddle & Code's CEO. The startup already provides protected blockchain identity to vehicles.
Visa invests in Indian payment startup Paymate
Visa has invested in the Indian B2B payment platform startup Paymates. It came as the company raised $25 million in Series D funding, to be used for domestic and international expansion. T R Ramachandran, group country manager for Visa in India and South Asia says: “There is an opportunity to bring efficiencies into the B2B payments supply chain via richer data and automated processes."
Echelon Data Centres given green light to build $561 million site
The Irish data centre develop Echelon Data Centres has been given the green light to build a $561 million facility in Ireland. The 484,000 site is situated on the Avoca River Business Park in Arklow, Co Wicklow, Ireland.Permission had originally been granted in February, but was subject to appeal, which has now been dismissed. The first tranche of capacity is expected to come online in 2021.
Equifax facing $700 million fine for 2017 data leak
The credit checking business Equifax is set to pay a $700 million levy to US regulators and US states for its 2017 data breach, the Wall Street Journal has reported. Personal details of more than 150 million US and UK were hacked in 2017, including names, addresses and social security numbers. Part of the $700 million would be used to settle a consumer class-action lawsuit, said the report.
UK told to speed up Huawei 5G decision
The UK have been urged to make a speedy decision on whether or not Huawei will be able to have a role in building the country's 5G network. The Intelligence and Security Committee said the delay “is now causing serious damage to our international relationships: a decision must be made as a matter of urgency”. The U.S. is putting pressure on other nations to exclude Huawei from 5G networks.
Toyota and BYD join forces to develop battery EVs
BYD Company and Toyota Toyota have signed an agreement for the joint development of battery electric vehicles. The two parties will jointly develop sedans and low-floor SUVs as well as the onboard batteries for these vehicles and others. In a statement, the firms said they are aiming to launch them in the Chinese market under the Toyota brand in the first half of the 2020s.
WeWork CEO cashes in $700 million ahead of IPO
Adam Neumann has cashed out more than $700 million from the company ahead of its IPO through a mix of stock sales and debt, according to the Wall Street Journal. The report noted that the sum is "unusually large", given that startup founders typically wait for the IPO to cash in holdings. Despite the sell off, Neumann will remain as the single largest shareholder in the company.
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Issue 6
In our latest edition, we dive into the technology transformation making the DVLA - the UK's motoring authority - stand out in the delivery of public services. Read on for other insights from the likes of Baker Hughes, NGINX and more.
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