UK Regulator Won’t Investigate Microsoft-Mistral AI Partnership

UK Regulator Won’t Investigate Microsoft-Mistral AI Partnership

The United Kingdom’s Competition and Markets Authority (CMA) will not investigate Microsoft’s partnership with artificial intelligence (AI) startup Mistral AI. “The CMA has decided that Microsoft Corporation’s partnership with Mistral AI does not qualify for investigation under the merger provisions of the Enterprise Act 2022,” the regulator said in a Friday (May 17) update. The …

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Proposed Federal AI Oversight Plan Faces Hurdles, Experts Say

Proposed Federal AI Oversight Plan Faces Hurdles, Experts Say

Sen. Mitt Romney’s call for enhanced federal oversight of artificial intelligence (AI) faces hurdles, according to experts, who say the technology’s rapid advancement and wide-ranging applications pose significant challenges to effective regulation. Many observers agree that AI can pose risks, but they also point out how hard it is to decide which AI systems need strict …

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PayPal’s Court Win Spotlights Evolution of Digital Wallets

PayPal’s Court Win Spotlights Evolution of Digital Wallets

The legal dust-up between PayPal and the Consumer Financial Protection Bureau (CFPB) over digital wallets has notched a win in PayPal’s favor. As reported this week, U.S. District Judge Richard J. Leon ruled that the CFPB “had no rational justification” for placing digital wallets under the rule’s “short-form” fee disclosure requirements. Per the ruling, and …

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Commonwealth Bank CEO: Apple Needs ‘More Scrutiny’

Commonwealth Bank CEO: Apple Needs ‘More Scrutiny’

The head of Australia’s Commonwealth Bank says Apple’s in-country payments operations need greater oversight. “They should be subjected to a lot more scrutiny in Australia,” said Matt Comyn, whose comments at a conference in Sydney Monday (March 11) were reported by Bloomberg News. The Bloomberg report notes that this is an ongoing crusade for Comyn, who has advocated for greater competition and …

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X Close to Landing NY and CA Payment Licenses

X Close to Landing NY and CA Payment Licenses

Elon Musk says X could soon receive money transmitter licenses from New York and California. The license from California could come in the next month or so, while New York’s approval may be “a few months away,” said Musk, whose comments Wednesday (March 6) at the Morgan Stanley technology, media and telecom conference were reported by Reuters. …

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Paytm’s Troubles Drive Indian Customers to Walmart, Google

Paytm’s Troubles Drive Indian Customers to Walmart, Google

Paytm’s regulatory troubles appear to have pushed Indian consumers to Walmart and Google-owned payments operations. Data released Wednesday (March 5) by the National Payments Council of India (NPCI) showed that the value of Paytm payments made using the country’s Unified Payments Interface (UPI) system fell 14% between January and February. Meanwhile, PhonePe, owned by Walmart and Google’s GPay, saw a respective 7% and 6% …

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Paytm Ends Some Agreements With Paytm Payments Bank

Paytm Ends Some Agreements With Paytm Payments Bank

Indian digital payments provider Paytm has announced that it will be cutting back on its business ties with its banking affiliate, Paytm Payments Bank. The company said in a Friday (March 1) filing with the National Stock Exchange of India that its board of directors has “approved the discontinuation of various inter-company agreements with its …

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Paytm Turning to Banks to Process UPI Transactions

Paytm Turning to Banks to Process UPI Transactions

Embattled Indian FinTech Paytm is reportedly turning to a group of banks for help. The company is likely to work with Aix Bank, HDFC, Yes Bank and the State Bank of India to process transactions though India’s popular unified payments interface (UPI), Reuters reported Monday (Feb. 26), citing two sources familiar with the matter. The news comes as …

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