DATA AND DIGITAL SYSTEMS
Hunt on for mule bank accounts; Tata Digital pause on funding
The government is working with the central bank to catch mule accounts in India’s banking system and prevent fraud. This and more in today’s ETtech Morning Dispatch.
How data, AI tech and quantum computing are shaping the future of work
Half of global GDP likely to be digitised by 2025. Every key sector in the country now be it BFSI, healthcare or digital natives is embracing AI.Quantum computing will be the next big technology to watch out for with the impact it can make in fields like drug discovery and material sciences.
NASA's Voyager 1 Returns: 46-year-old spacecraft is fully operational again, sends signals from 15 billion miles away
After facing a grave computer problem last year, NASA's Voyager 1 spacecraft is now fully operational, sending back usable data about interstellar space. The spacecraft, launched in 1977, has been instrumental in transmitting data about outer planets and the solar system's far reaches for nearly fifty years. Engineers spent months resolving the issue, which was particularly challenging due to the spacecraft's distance from Earth. Despite its age, Voyager 1 continues to defy expectations and provide invaluable insights into the universe.
191 smallcaps shine with double-digit gains in a positive market week
During the week, as many as 191 smallcap stocks delivered double digit returns with 13 of them gaining 25% or more. PTC Industries was leading the smallcap pack at 35%, followed by Avantel at 33% and Honda India Power at 30.47%.
How to prevent Big Tech dominance, protect privacy and ensure fair competition
The magnitude, scale and speed at which such platforms operate demand ex ante regulation, if the real interests of consumers are to be protected.
Paying for numbers is a crank call, TRAI
The Telecom Regulatory Authority of India (Trai) has suggested charging for telephone numbers due to their finite nature. Despite the potential to increase capacity by adding digits, the growing use of numbers for machine communication poses a challenge. Transitioning to a new numbering system incurs costs, making numbers a limited resource over time. While depopulation and efficient recycling could suffice for humans, the machine-driven demand complicates differential pricing. An alternative approach could involve randomization, similar to the internet, to manage the finite availability of telephone numbers.
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RBI strikes against UPI, digital payment fraud, plans to set up a digital payment intelligence platform
Fight against digital payment frauds: The RBI proposes a digital payments intelligence platform to combat a surge in digital payment frauds. Fraud cases reported to the RBI jumped 300% to 36,000 in FY23 compared to FY22, highlighting the need for a system-wide approach. The central bank forms a committee that will examine setting up this infrastructure to facilitate real-time data sharing across the digital payments ecosystem.
Data storage cos in a sweat over need to stay cool
Data centers in western and northern India are facing rising operational costs due to soaring temperatures. Firms like Yotta and CtrlS are using alternative cooling methods and renewable energy, while ESDS reports a 10-12% rise in power costs due to erratic grid supply. Several of these data centres are located in New Delhi, Haryana, Noida.
Meta hit with privacy complaints over AI plans
A Vienna-based privacy group filed complaints against Meta in 11 European countries over unlawful AI data use. Microsoft announced a $3.2 billion AI investment in Sweden over two years, AMD unveiled new AI chips to challenge Nvidia, and Cisco plans a $1 billion investment in AI startups for secure AI services.
Inadequate tech at banks to blame for UPI downtimes
RBI governor Shaktinata Das mentioned that downtime in the UPI payment system is primarily due to weak technology on the banks' side rather than issues from NPCI. The volume of UPI transactions per day exceeds 450 million, with several instances of downtime reported in May 2024. The central bank has been working to reduce downtime instances to less than 1%.
G20 Sherpa Amitabh Kant lauds India's digital transformation journey in 9 years
India has made significant strides in digital transformation over the past nine years, with a 96% reduction in data costs and a 1.4 billion people now having a unique digital identity (Aadhar). This has led to greater access and usage of digital services across the country. India's Unified Payments Interface (UPI) has seen exponential growth, contributing 46% of the global share in real-time digital payments.
Banking frauds triple in the past fiscal year: RBI data
The amount involved due to fraud in public banks was Rs. 10,507 crores, while private banks incurred losses of Rs. 3,107 crores. The number of frauds due to card and internet transactions shot up more than four times, with 29,000 cases being detected in FY24.
How Jocata is helping financial services industry move from legacy systems to AI-powered solutions
Jocata’s low-code platform is driving the future of enterprise lending and embedded finance, says Prashant Muddu, Managing Director & CEO.
Senior-level adtech and martech roles combine creativity, tech and business sense
The adtech (advertising technology) and martech (marketing technology) sectors require a unique balance of creativity, business acumen, and technological skills, especially at senior levels. Companies seek professionals with expertise in data analytics, AI/ML, and digital marketing, as these roles are crucial for connecting brands with customers and driving hyper-personalization.
India must loosen the cords tying it too tightly to the pervasive influence of global Big Tech
India aims for self-sufficiency through autarky and atmanirbhar initiatives, focusing on nurturing the 13 markers of 'Viksit Bharat' for a fully digitised economy and sustained growth in various sectors.
KKR invests in Healthcare Revenue Solutions provider Infinx
KKR acquires a significant minority stake in Infinx Services, a leading healthcare revenue cycle solutions provider. With Norwest Venture Partners also participating, the investment aims to accelerate Infinx's growth in the US healthcare market, leveraging KKR's expertise. Infinx's innovative platform serves over 400 healthcare providers, tapping into a $4.3 trillion market.
Embracing Industry 4.0: Navigating business transformation trends in the digital age
Post-pandemic, the focus on Industry 4.0, Circular Value Chains, Autonomy via Edge Computing, and Demand-Driven Digital Supply Chains reshaped global business dynamics. India's leadership in AI, cybersecurity, and sustainable manufacturing practices highlights its commitment to digital transformation.
MapmyIndia's Q4 net profit rises 35% to Rs 38 crore
Homegrown navigation firm CE Info systems, which owns the digital map services platform MapmyIndia, reported a 47% jump in its consolidated operating revenue to Rs 106.9 crore. The company's board approved a dividend of Rs 3.5 per equity share.
Got your digital doppelganger yet?
Last year, Wall Street Journal columnist Joanna Stern wrote an article, 'I Cloned Myself With AI. She Fooled My Bank and My Family'. Even though AI Joanna was able to trick the voice biometric system on her credit card, the automated system asked for additional verification when a video intern for WSJ called and did her best Joanna impression.
Happiest Minds makes third acquisition for $8.5 million
This is the third acquisition for the Bengaluru-based IT services firm in FY25 so far with two acquisitions PureSoftware Technologies and Macmillan Learning India announced in April.
Indian banks to step up IT spends as regulatory scrutiny rises
Banks were earlier spending between 6%-8% of total operating expenditure on technology, sharply below the global average of 10%-12%.
Telecom data centres prepare to take the heat of summer months
The persistent heatwave conditions pose increased cooling challenges for telecom data centers, critical components of broadband communications infrastructure responsible for call/data routing and safeguarding essential customer data. Executives from Bharti Airtel's Nxtra Data and Reliance Jio emphasize leveraging renewable energy integration, energy-efficient enhancements, and advanced cooling technologies to manage costs and ensure uninterrupted data center operations.
Saudi Arabia plans big investments in Central Asian hub of Uzbekistan
The 3rd Tashkent International Investment Forum (TIIF) in Uzbekistan attracted over 2.5 thousand participants from 93 countries, leading to the signing of agreements worth $26.6 billion. The event highlighted the importance of regional energy projects, including the construction of Kambarata HPP-1 and Yavan HPP, for the entire region. As a result, agreements totaling $26.6 billion were signed, demonstrating the high investment attractiveness of Uzbekistan and the success of the forum.
Log analytics firm Parseable raises $2.75 million from Peak XV's Surge
Nitish Tiwari launched Parseable in 2022. The company focuses on helping businesses handle the growing challenge of log data by storing, managing, and analyzing it using cloud-based solutions. Parseable makes use of open-source formats like Apache Parquet and Apache Arrow to ensure data can be processed and work seamlessly with other systems.
Saudi Arabia plans big investment in Central Asian hub of Uzbekistan
The 3rd Tashkent International Investment Forum (TIIF) attracted significant global investor interest, resulting in agreements worth $26.6 billion. The event saw over 2.5 thousand participants from 93 countries. Key highlights included presentations of regional energy projects and agreements signed for various projects. These included infrastructure development, wind farms, heat supply system modernization, sugar production, textile manufacturing, and food processing. The forum also discussed economic development, supporting small and medium-sized businesses, retail trade challenges, digital technology integration, and urban planning.
PSBs set to develop road map for deploying GenAI systems
According to sources familiar with the matter, state-owned banks are preparing to devise a comprehensive strategy and roadmap for implementing generative artificial intelligence (GenAI) systems. Pilot projects are slated for launch within the current fiscal year.
Digital fraud-hit banks turn to startups to cope with risks
Legacy financial institutions turn to startups like Data Sutram for tech support in customer verification. Data Sutram's 'DS Authenticator Trust Score' aids in assessing customer trust levels during account opening. Bureau Inc's 'Money Mule Score' enhances fraud detection.
View: How ABDM could revolutionise India's healthcare system
India's healthcare system aims to improve care outcomes through the Ayushman Bharat Digital Mission. ABDM facilitates seamless access to medical histories, personalized treatments, and expanded healthcare access. Challenges include inadequate digitization and the need to build trust in digital health systems.
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