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 …
The United Kingdom has reportedly begun to draft regulations to govern artificial intelligence (AI). Policy officials are in the early stages of drafting legislation, but the government is unlikely to introduce a bill until late 2024 or early 2025, after an AI conference that will be hosted by France, Bloomberg reported Monday (April 15). A …
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 …
Securing a consensus among the world’s many nations is never easy to achieve, especially on pressing and complex issues. But the 193 members of the United Nations General Assembly did that last week, with unanimous backing for a resolution on artificial intelligence (AI). It is the first of its kind. The agreement, led by the …
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 …
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. …
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% …
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 …
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 …
Making instant payments in the European Union (EU) just became much easier. The European Council on Monday (Feb. 26) adopted a regulation making instant payments available in euros to consumers and businesses in the EU and European Economic Area nations. “The new rules will improve the strategic autonomy of the European economic and financial sector as they will help …