China bans financial institutions from cryptocurrency related transactions

In a development that marks China’s latest attempt to clamp down on speculative trading of cryptocurrency, Beijing has banned financial institutions and payment companies from providing services related to cryptocurrency transactions, warning investors against speculative crypto trading. Under the ban, institutions including banks and online payments channels are disallowed to offer clients any services involving…

U.S. private equity firm General Atlantic LLC and SoftBank Group Corp invests $107 million in Brazilian facial recognition startup Acesso Digital

In a statement Brazil’s facial biometrics and digital admission startup Acesso Digital said, Japan’s SoftBank Group Corp and U.S. private equity firm General Atlantic LLC are leading a $107.25 million (580 million reais) funding round. Following the investment, both, General Atlantic and SoftBank, will hold a minority stake in Acesso Digital. Founded in 2007, Acesso…

Chinese State Councillor Wang Yi announces data security initiative

On Tuesday, in an interesting turn of events, China unveiled its global data security initiative to oppose data theft by using information technology to undermine key infrastructure, and forcing companies to store data generated overseas in their home country. In a statement, China’s State Councillor Wang Yi said, the initiative calls for tech companies to…

Chipmaker Arm Holdings pauses spin-off of software business to parent SoftBank Group Corp

Chip designer Arm Holdings Ltd stated, it has put on hold the proposed transfer of two of its software businesses to its Japan-based parent SoftBank Group Corp. In July 2020, Arm had said it would transfer two units under its internet-of-things services group to its parent and aimed to complete the transfer by September. Arm…

Nokia’s wins multi-year contract from Bharti Airtel, lays foundation for 5G connectivity

On Tuesday, Nokia stated it has won a multi-year contract with Bharti Airtel, India’s third-largest telecom, to provide equipment and services. Nokia’s deal will essentially lay the foundation for providing 5G connectivity in the future for India, will see Nokia install and deploy nearly 300,000 radio network units across 9 circles in India. “This is…

German Foreign Ministry restrict usage of Zoom over security concerns

According to two German Government sources, the German foreign ministry has imposed restrictions on the usage of Zoom video conferencing services to fixed-connection computers following security security concerns. According to a source, the decision is aimed at curbing the usage of Zoom on mobile devices; he went on to add, since the app does not…