Eastern Cape Gets South Africa’s Newest Internet Exchange

Gqeberha IXP

The Eastern Cape is getting its own internet exchange point (IXP). INX-ZA, backed by the Internet Service Providers’ Association, has launched the Nelson Mandela Bay IXP, or NMBInx in Gqeberha.

INX-ZA operates Internet exchanges in Cape Town (Cinx), Durban (Dinx), Johannesburg (Jinx) – and now NMBInx. Jinx was the first, launched in the early days of the commercial internet all the way back in 1996.

The Gqeberha IXP is in a Dimension Data facility in the suburb of Newton Park and will be fully operational within the next month. This region has a history of outages due to multiple simultaneous backhaul failures

The facility offers “network operators in the Eastern Cape region the opportunity to improve their internet connectivity and performance by connecting to other local networks, content providers and cloud service providers through a single peering point”.

Gqeberha IXP

“This will result in faster and more efficient routing of traffic, reduced latency, and improved network resilience. This region has a history of outages due to multiple simultaneous backhaul failures and this development should hopefully lessen the impact of such network disruptions.” 

Read also Proparco Invests $5M in DisrupTech to Fund Egyptian Fintech Startups

INX-ZA explained that from next month, if a consumer is making use of a service provider based in Gqeberha, instead of the content being “backhauled” all the way from Johannesburg, it can be served locally. “The ISP saves on costs, and this could be passed on to the consumer.”

To promote interconnection in the region, INX-ZA has waived port fees and the co-location facility has waived monthly recurring fees for cross-connects.

“Sustained investment in the country’s internet exchanges has meant that South Africa today is much less reliant on international transit,” INX-ZA said.  

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Meta Warns About Rise in ChatGPT-Related Malware

ChatGPT-4

Meta has raised alarm on the growing rate of ChatGPT related malware saying that its platforms uncovered malware purveyors leveraging public interest in ChatGPT to lure users into downloading malicious apps and browser extensions, with the company likening the phenomenon to cryptocurrency scams.

Since March, the social media giant has found around 10 malware families and more than a thousand malicious links that were promoted as tools featuring the popular artificial intelligence-powered chatbot, it said in a report.

In some cases, the malware delivered working ChatGPT functionality alongside abusive files, the company said. 

ChatGPT-4
ChatGPT-4

Lawmakers have flagged the tools as likely to make online disinformation campaigns easier to propagate

Speaking at a press briefing on the report, Meta chief information security officer Guy Rosen said that for bad actors, “ChatGPT is the new crypto”.

Read also : African Development Bank Partners Africa Fintech Network on $525,000 Grant For Fintech in Africa

Rosen and other Meta executives said the company was preparing its defences for a variety of potential abuses linked to generative AI technologies like ChatGPT, which can quickly create human-like writing, music and art.

Lawmakers have flagged the tools as likely to make online disinformation campaigns easier to propagate.

Asked if generative AI was already being used in information operations, the executives said it was still early, though Rosen said he expected “bad actors” to use the technologies to “try to speed up and perhaps scale up” their activities. 

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Bybit Introduces a New Era of Hassle-Free Crypto Lending

Ben Zhou, co-founder and CEO of Bybit

Bybit, the third most visited crypto exchange in the world, has announced the launch of its new lending service: Bybit Lending. This cutting-edge product lets users earn high-interest payouts on their idle crypto assets.

Bybit Lending offers a high APR, making it a convenient and lucrative way for users to earn passive income. Interest is paid hourly and users can deposit and redeem their funds anytime, allowing them to make the most of market fluctuations. The product also benefits from Bybit’s state-of-the-art risk management systems, ensuring users’ assets are secured throughout the lending process.

Ben Zhou, co-founder and CEO of Bybit
Ben Zhou, co-founder and CEO of Bybit

By following four straightforward steps, users can embark on their lending journey with Bybit via the website or Bybit App version 4.16, making the lending product accessible for new and experienced clients alike. Lenders simply contribute their idle crypto assets to a pool to earn interest payouts.

Read also : Bybit Goes Live With ARB Token and a $400K Prize Pool

Borrowers can utilize loans for multiple earning strategies, such as trading Bybit’s perpetual contracts or capturing a spread using Bybit Earn. All borrowers will post collateral greater than/equal to the loan amount to ensure the safety of lenders’ capital.

Bybit Lending is an intermediary, bridging the gap between borrowers and lenders in the crypto environment. And with Bybit’s enhanced KYC, AML, and proof of reserves, the process is as transparent as it is seamless.  

“At Bybit, we believe in offering our users multiple avenues to generate passive income,” said Ben Zhou, co-founder, and CEO. “Bybit Lending allows users to utilize strategies such as borrowing from liquidity providers, carry trading, and taking advantage of high APR, giving our users various new options to grow their wealth.”

“By offering attractive returns on idle cryptocurrencies, we are again bringing next-level opportunities to our users in the area of capital efficiency,” said Zhou. “This is another step in our mission to make the world of Web3 more accessible and uncomplicated.”

Read also: Arifpay Opens Door for Ethiopian Fintechs to Join EthSwitch’s Payment Ecosystem — Here’s How

#Bybit / #NextLevelProducts

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Why I won’t pay for a blue Twitter checkmark

By Allison Schrager

An interesting and revealing thing happened on Twitter in recent weeks. The infamous blue checkmark, once a status symbol among people in the media and others who spend too much time online, took on a negative connotation. There are even hashtags shaming subscribers to the new fee-based “Twitter Blue”. On its face it’s not clear why; there should be no shame in paying for a better Twitter experience — especially if you spend many hours consuming it. 

The drama revealed many of our behavioural biases and why they pose a challenge for an economy in transition. The tech economy bet on a business strategy that offered free services as a lure to build a network that they could one day monetise. That day has arrived, and it turns out networks may not be able to convert to a profitable model. In fact, charging money now may kill their current money-losing model entirely. 

The Twitter snafu is in some ways a special case. New owner Elon Musk is a polarising figure. The blue checkmark started out free and was only given to confirm the identity of people who had some public notoriety, or as in my case, people who worked for a media company. It conferred status and made your tweets more visible. Now you get the blue check only if you pay for it — or you’re especially notable, like LeBron James. 

Read also : META May Launch a Twitter Rival

It’s like buying your way into nobility, except worse because most of the old nobility lost their status at the same time

It’s like buying your way into nobility, except worse because most of the old nobility lost their status at the same time. You don’t have to read much Regency Era literature to know that nothing is more gauche than buying your way into status, especially if the original status holders’ position feels precarious. Never mind that subscribing to Twitter Blue has some useful features and offers a better user experience. The checkmark now brands you as an arriviste or worse. The reaction to the Twitter Blue roll-out put our most tribal and hierarchal instincts on raw display. It was a sight to behold. 

Hands down I spend more time on Twitter than any other website, including those that cost me more than US$8/month. Twitter is a very useful tool. It’s where I get breaking news, promote my work, follow economists who make sense of the latest data and share their research. I probably get more value out of Twitter than any other website or social media company. Yet I have no plans to subscribe. Nothing against Musk. Nor is it because I’d feel ashamed of paying for the checkmark.

I tell myself I won’t pay because, as useful as it is for work, I don’t think Twitter is good for me. I blame it for my ever-present, low-grade outrage that so many people are racist, antisemitic or just don’t understand economics. Subscribing to Twitter is like buying a carton of cigarettes after years of bumming them for free.

Bigger issue

The other reason I don’t plan to subscribe, which I think is a bigger issue, is that it’s just hard to pay for something that used to be free. Check-marked Twitter was a free service before and paying for it now feels like a rip-off. If someone told me when I joined that I could get all those useful professional services for $8/month, I would have happily subscribed. But paying for something that I’ve always received as a free service is a bridge too far.

Read also : Kenyan Cleantech Firm PayGo Energy Acquired By Sun King. Here Are Key Reasons For The Acquisition

It’s not just me, and it’s not just Twitter. Many of the tech firms that have become interwoven with our lives got that way by offering their services for free — and now they’re starting to charge. Hootsuite, a tool to consume social media, is eliminating its free option, Amazon.com will start charging a fee for some returns. I only pay to subscribe to one streaming network, but watch all of them because I share streaming passwords with my family. Once Netflix starts cracking down on sharing passwords, and I expect other streaming networks to follow, I don’t see myself subscribing to them all. Not because I don’t watch, but because I didn’t pay before and I won’t start now.

Apparently there are a lot of people thinking the same way. Netflix lost more than a million users in Spain in the first three months of 2023, which was when they also started charging a fee for password sharing. Who knows what’s next? A fee for Gmail or Google Maps?!

This was all brought about by a business strategy that was essentially a big bet on the value of network effects. These services were valuable if everyone, and in the case of Twitter, notable people, used them and talked about their experience. But getting people to use the product meant not charging anything or allowing one subscription to cover friends and family.

No surprise, many tech firms didn’t make much of a profit, if any at all. The thinking persisted: if you have such a large share of a market that many people use and use frequently, there must be some way to monetise it, either by selling their data, or with advertising, or by eventually charging for it. Low interest rates enabled this way of thinking because money was cheap and always available. But now the advertising revenue isn’t always enough and can be unpredictable, and data collection is becoming too regulated to be as useful. 

So, with those two strategies not panning out at the same time higher interest rates are crushing the flow of easy money, it seems we’re going to have to start paying for once-free services.

REad also : Mastercard and EthSwitch To Revolutionize Ethiopia’s Payments System With Digital-First Partnership

What the tech firms fail to understand is our human behavioural biases. It’s one thing to charge for a service and raise the price, but we have a weird psychology around free things. It’s a much bigger hurdle to go from paying $0 to paying $4, than to go from paying $1 to $5. Perhaps tech firms were counting on the endowment effect — that once we have something (or a service) we’d value it so much we’d pay for it rather than lose it. But this can backfire if people feel cheated, or just resent that something is being taken away from them.

Perhaps it will change over time. I don’t see myself leaving Twitter and if the subscriber experience is really much better, maybe I’ll eventually get over my reluctance and one day just decide to pay up. Or if Netflix has a show I must see, maybe I’ll subscribe to watch it, then procrastinate and forget to cancel my subscription. Or… maybe I’ll just get used to doing without the services they want me to pay for.

If tech firms don’t want to bet their future revenue on that kind of serendipity, they’re going to have to offer a better value proposition, or markedly improved services, that can make their customers feel like they’re getting a fresh start with something new that’s worth paying for. 

Allison Schrager, is an economist, senior fellow at the Manhattan Institute, contributing editor at City Journal, a columnist at Bloomberg and co-founder of LifeCycle Finance Partners, a risk advisory firm

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Cryptocurrency and its Role in Re-shaping Financial Markets Around the Globe

cryptocurrency

In recent years, cryptocurrency has gained popularity, and it is now a widely held asset class. It’s swiftly gaining traction as a trusted, transparent and cost-effective means of transacting in the world’s financial markets.

Thus, cryptocurrency has emerged as a competitive option to conventional currencies, providing users and investors with an innovative way of making financial transactions independent of a central bank or other governing body.

Since cryptocurrency is a rapidly growing industry, South Africans are turning to crypto exchanges and platforms to buy, sell and even trade some of the best crypto South Africa has to offer. Keep reading to learn more about how crypto and blockchain technology is changing financial markets the world over.

cryptocurrency
cryptocurrency

How has cryptocurrency shaped people’s thinking about money?

What exactly is a cryptocurrency and how is the industry shaping opinions about money? Simply put, crypto is a decentralized digital asset that aims to change the monetary system by removing the need for centralized authorities such as banks or governments. Users may now send and receive money instantly and securely from anywhere in the world thanks to the proliferation of cryptocurrencies like Bitcoin.

Read also : Standard Chartered Says Bitcoin Could Hit $100 000 Next Year

Additionally, it has facilitated the purchase of many digital assets, allowing investors to better diversify their portfolios. As a result, more people are now able to invest in digital currencies and have access to the market and its potentially lucrative opportunities.

Cryptocurrencies present a new paradigm for monetary transactions because they are an alternative to government-issued fiat currency. 

Crypto allows investors to diversify their portfolios

The cryptocurrency market provides traders with a new asset class that is largely uncorrelated with the stock and bond exchanges. This means that crypto can be up even when traditional markets are down, protecting investors from the effects of market volatility and inflation.

In addition, Bitcoin investments may present unique development potential and exposure to cutting-edge technologies for investors. Moreover, crypto enables traders to take advantage of price fluctuations at any time of day or night.

How has crypto revolutionized the way we conduct transactions?

By eliminating the need for a central bank or other centralized institution, cryptocurrencies like Bitcoin have brought about a sea change in the financial services industry.

This allows users to bypass financial intermediaries like banks when sending money to another person. Since the transactions are executed virtually, they are also significantly quicker than the conventional procedures. Moreover, using crypto for transactions saves people money since they are not subject to foreign exchange fees.

Read also : Nigerian Crypto Startup Lazerpay Shuts Down Operations After Two Years. Here Are The Key Reasons

Because of their decentralized nature, cryptocurrencies are generally safer and less susceptible to fraud or manipulation. In addition, the anonymity and encryption of cryptocurrency transactions add an extra layer of security for those who prefer to keep their online financial dealings under wraps.

In the 15 years since the first cryptocurrency was created, Bitcoin and other digital assets have already greatly impacted the financial world. As more people see the benefits of using crypto for transactions and investing, crypto will continue to revolutionize industries all over.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Meta Becomes the Bride of investors Again

Facebook founder Mark Zuckerberg

Meta Platforms has returned as a Wall Street darling again as the company builds artificial intelligence tools and expands cost-cutting initiatives. The company’s shares extended their winning streak on Thursday, surging nearly 14% after Meta’s focus on artificial intelligence and cost-cutting cheered investors whose enthusiasm has already helped the social media behemoth nearly double in value in 2023.

The rally also lifted other tech companies from Snap and Pinterest to Amazon.com.

“If you want to be treated and valued like a growth stock, you need growth. And this is precisely what Meta delivered, returning to growth … just as questions around a potential recession get louder,” Bernstein analyst Mark Shmulik said in a note.

Facebook founder Mark Zuckerberg
Facebook founder Mark Zuckerberg

Shares of America’s biggest tech companies have risen by around a quarter so far this year

Shmulik was among the 27 analysts who raised their price targets on Meta, pushing the median view to $270, which represents an upside of nearly 13% to a stock that is already leading gains among big tech companies this year.

read also Meta Starts Massive Company-Wide Layoffs

Meta beat expectations for first quarter profit and revenue, which rose for the first time in nearly a year, the latest sign that American tech giants were digging themselves out of a slump that has sparked tens of thousands of layoffs.

The results also underscored the rising importance of AI, with CEO Mark Zuckerberg saying the tech was helping to boost traffic to Facebook and Instagram and earn more in ad sales.

‘Crucial role’

“We believe AI has played a crucial role in shifting Meta from showing a more limited set of friends, family and followed content to an almost unlimited set of recommended content now available in Reels and Feed,” JP Morgan analysts said.

Zuckerberg also said the company, which has carried out several expensive overhauls to bolster its core business, was no longer behind in building out its AI infrastructure. Some investors were, however, sceptical of the share rally.

Eric Schiffer, CEO at private equity firm Patriarch Organization, said the results were better than estimates but they came at a time when expectations have been running low and that valuations have got too high considering the economic outlook.

read also Nigeria’s Mecho Autotech Secures New Funding From Japanese Investor

Shares of America’s biggest tech companies including Apple, Microsoft, Amazon and Alphabet have risen by around a quarter so far this year after a poor 2022.

 “Big Tech could be in for a tough second half,” Schiffer said, adding that it was a good time for investors to short their shares. 

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Trina Solar Showcased Latest Innovations at Solar Show Africa 2023

TRina solar

Trina Solar (www.TrinaSolar.com), a leading global PV and smart energy total solution provider, announced the launch of their latest innovation, the Vertex S+ 445W+ n type dual-glass modules at the 2023 Solar Show Africa held in Johannesburg. The new modules are specifically designed for rooftop PV systems, offering a combination of durability, performance, aesthetics, and peace of mind. That makes them an ideal choice for customers who prioritize both performance and appearance. With a 30-year power warranty, the Vertex S+ series is a reliable and durable solution for residential and commercial rooftop installations.

The company also showcased their latest innovations and featured an array of innovative products and solutions, including the Vertex N 605W+ and 695W+ modules, designed for commercial and industrial (C&I) and utility-scale projects, respectively. These modules are part of Trina Solar’s n type module portfolio, which is built on the 210mm product technology platform and n type i-TOPCon cell technology, resulting in superior performance and durability.

TRina solar
TRina solar

Trina Solar team presented at the event their utility scale ground-mounted solar solutions. The intelligent and innovative solution consisted of the company’s newly optimized Vanguard 1P, the SuperTrack Smart Tracking Algorithm and Trina Smart Cloud Monitoring and Control system. Trina Solar manufactures, designs and deploys smart tracking systems that integrate smart tracking and monitoring solutions, while providing best-in-class services that go from project optimization consultancy to installation, commissioning, O&M and after sales services. 

Read alsoNigeria’s Mecho Autotech Secures New Funding From Japanese Investor

Gonzalo de la Vina, President EMEA, Trina Solar commented: “We are proud to introduce Trina Solar’s latest innovation, the Vertex S+ series, which is set to revolutionize solar systems on roofs. Our n type i-TOPCon module portfolio and the Vertex S+ series represent a significant advancement in solar technology, providing customers with high-performance and reliable solutions that meet their specific needs.”

Trina Solar’s new generation of rooftop modules have been designed to provide maximum power output from limited space, trouble-free installation and operations over decades. This product line represents a significant advancement for PV arrays installed on both residential and commercial buildings and is expected to generate significant value for installers and system owners. The Vertex S+ series has already entered mass production, further accelerating the adoption of solar energy around the world.

“We are excited to showcase this ground-breaking product line at Solar Show Africa, the premier gathering of innovative minds from across the continent and around the world”, added de la Vina.

Read alsoRenew Capital Angels Invest in Ugandan Startups Wazi Vision and Xente, Fueling Innovation in Eyewear and Digital Payments

Trina Solar’s participation at the Solar Show Africa underscores the company’s dedication to providing innovative and high-quality solar solutions to customers across the globe. With their latest product portfolio and continued commitment to research and development, Trina Solar is poised to lead the way in the transition towards a net zero future.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

WhatsApp Now Supports One Account on Multiple Phones

whatsapp

Meta Platforms-owned chat app WhatsApp is rolling out an update that will allow users to link multiple phones to one account. In a blog post on Wednesday, WhatsApp said it’s a feature “highly requested” by its users. “Today, we’re improving our multi-device offering further by introducing the ability to use the same WhatsApp account on multiple phones,” it said. 

Each linked phone connects to WhatsApp independently, ensuring that users’ personal information is end-to-end encrypted. If the user’s primary device is inactive for a long period – it didn’t specify how long – it automatically logs them out of all companion devices, too.

whatsapp
whatsapp

The update has started rolling out to users globally and will be available to everyone in the coming weeks

The update has started rolling out to users globally and will be available to everyone in the coming weeks, WhatsApp said.

read also WhatsApp Agrees to be More Transparent on Policy Changes

WABetaInfo, a specialist news website that tracks developments in WhatsApp, reported on Wednesday that the new feature will allow users to link another phone as one of up to four additional devices – the same way users can currently connect the desktop version of WhatsApp for Windows PCs and Macs.

The feature is limited to WhatsApp for Android. Users set up WhatsApp on a secondary phone by scanning a QR code, in the same way they do now to connect on desktop.

Soon, though, a QR code won’t be needed. An update to WhatsApp, rolling out in the next few weeks, will allow users to enter their phone number on WhatsApp Web to receive a one-time code, which they can use on their phone to enable device linking, rather than having to scan a QR code.

read also WhatsApp Update Introduces Big Changes to the Chat App

Some features may still not be available, such as the ability to manage broadcast lists and post a status update from the linked device, WABetaInfo reported. 

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

AI and Machine Learning are Reimagining Risk Management in FNB

Artificial Intelligence

Dr Mark Nasila

In recent years, FNB Risk embarked on a data-powered strategic effort aimed at creating enhanced and interconnected insights across risk business units while driving efficiency, eliminating redundant activities, keep up with complex, evolving and emerging (Climate, cyber, financial crimes, model etc.) risks and freeing up risk and other professionals to do what they’re best at.

Many of the capabilities driving this strategy are enabled (and enhanced) by artificial intelligence (AI) and machine learning (ML), and it’s become clear they’re an inescapable part of the FNB risk function and its modernisation. Why? Because ML can extrapolate from experience, and AI is adept at parsing massive amounts of data while recognising patterns and flagging anomalies humans simply can’t.

Similarly, ML can help identify fraud, combat identity theft, and tackle other malfeasance by flagging behavioural discrepancies, sourced from massive datasets. ML and AI can also help with making predictions because everything learned from previous instances can be applied to future ones, and with a shrinking number of false positives.

Artificial Intelligence
Artificial Intelligence

AI and ML can also help combat the security risks that come from a growing number of internet-connected devices combined with globalisation — a combination that opens the door to a growing number of attacks from international adversaries.

Read also : South Africa’s Maltento Raises $788k to Revolutionize Protein Production from Organic Waste

AI and ML enable more than merely cost savings, though. They are enabling the risk function to build more desirable products for its customers and improve customer experience by, for example, streamlining the onboarding process and flagging problematic documents through AI enabled ID verification models at submission rather than after the fact. They also empower the Bank to improve our products and services over time by taking into account the ways customers use them, and any problems they experience along the way.

These new technologies also make real-time monitoring possible for FNB, along with deep insights and analytics previously impossible. At the same time, they remove the burden of manual, time-consuming assessments. On average, the use of AI frees up 70% of analysts’ time, generating a forensic synopsis ready for a human analyst to review that previously took hours can now be completed in as little as eight seconds.

That frees up the risk team to take deeper dives and identify root causes, while also positioning us to identify emerging risks and by leveraging our internally developed AI system we’re able to meet regulatory requirements and make forensic due diligence decisions faster, more accurately, and more efficiently. This AI system has been scaled to the rest of Africa, where it’s being used for fraud investigation, suspicious transaction reporting, and even to enable the risk advisory space.

AI is also being used for business intelligence by enabling the automation of risk event insights and risk decisioning. Risks worthy of escalation can be identified more accurately and rapidly, and business unit-specific risks can be identified, while the learnings from them can be transferred to other business units.

At the same time, these sorts of risk models are proving useful outside of customer interactions. For example, AI and algorithmic risk assessment can be invaluable in the realm of climate risk assessment where myriad variables need to be considered in tandem with one another. The forecasts will enable new strategies and business models that can account for climate risk, something that’s previously been arduous or impossible.

The FNB Risk data literacy programme – aimed at empowering every member of the organisation with the requisite skills to turn data into actionable insights hasn’t only enabled a growing number of our colleagues to harness AI, ML, and other emerging technologies to contend with existing challenges, but it is empowering them to prepare for new ones. The programme has been running for the past 18 months and was designed to empower the entire risk workforce to make data-informed decisions, regardless of their role or previous experience with data analysis.

Read also : Camel Ventures Pours $16M Into Egypt’s Fintech Future with New VC Fund Launch

The successes outlined above are a direct result of the strategic objectives laid out three years ago in the risk data strategy. These included using data to enhance risk management practices and proactively identify risks breaches outside of risk appetite and tolerance limits, automating manual risk management processes, driving effective data risk aggregation and controls, and enabling end-to-end data governance.

Over the next 18 months, these same mechanisms will enable the next frontier of continued risk data asset creation, management, and data-driven risk decisioning. They’ll enable us to build further and scale our AI capabilities, increase AI and data analytics literacy across the group (especially for risk), drive collaborative engagement across FNB, and position FNB to continue reimagining risk in the future, and solve for as-yet unforeseen risks.

Dr Mark Nasila, Chief Analytics Officer – FNB Chief Risk Office.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Bill Gates Criticises Calls to Pause AI Development

former Microsoft CEO Bill Gates

Calls to pause the development of artificial intelligence will not “solve the challenges” ahead, Microsoft co-founder Bill Gates said in his first public comments since an open letter sparked a debate about the future of the technology. The technologist-turned-philanthropist said it would be better to focus on how best to use the developments in AI, as it was hard to understand how a pause could work globally.

His remarks comes after an open letter — published last week and co-signed by Elon Musk and more than a thousand AI experts – demanded an urgent pause in the development of systems “more powerful” than Microsoft-backed OpenAI’s new GPT-4, which can hold human-like conversation, compose songs and summarise lengthy documents.

former Microsoft CEO Bill Gates
former Microsoft CEO Bill Gates

Clearly there are huge benefits to these things… What we need to do is identify the tricky areas

The experts, including Apple co-founder Steve Wozniak, said in the letter the potential risks and benefits to society need to be assessed.

“I don’t think asking one particular group to pause solves the challenges,” Gates said on Monday. “Clearly there are huge benefits to these things… What we need to do is identify the tricky areas.”

Read also : Ghanaian Vice President Bawumia Commissions Multi-Purpose Technology Hub in Akim Oda

Microsoft has sought to outpace peers through multibillion-dollar investments in ChatGPT owner OpenAI.

While currently focused full-time on the philanthropic Bill and Melinda Gates Foundation, Gates has been a bullish supporter of AI and described it as revolutionary as the Internet or mobile phones. 

In a blog titled “The age of AI has begun”, published on 21 March, a day before the open letter, he said he believes AI should be used to help reduce some of the world’s worst inequities. He also said in the interview the details of any pause would be complicated to enforce.

Read also : South African Business Intelligence Startup Ramp Raises $5M Seed 

“I don’t really understand who they’re saying could stop, and would every country in the world agree to stop, and why to stop,” he said. “But there are a lot of different opinions in this area.”

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry