Tech Business

FIS Acquires Worldpay for US$43 bn in Largest Deal Made in Payments Industry (18 Mar)

Fidelity National Information Services (FIS), a US financial services provider, announced that it will purchase Worldpay, a major cards payments player in the UK, for US$43 billion. The deal is the largest one to date in the global payments industry, and is the latest acquisition in the rapidly consolidating industry, amid the shift to cashless transactions. According to BCG, a consultancy, the payments industry is expected to grow from $805bn in annual revenue in 2010 to $2.4trn in 2027.

Sources: Reuters, Economist

Grab Financial Rolls Out New Features for Small Businesses (19 Mar)

Grab’s financial unit has launched new services targeted at micro-entrepreneurs and SMEs, including a checkout system for e-wallet GrabPay, credit services for customers and more insurance options for its drivers. Fintech innovation is flourishing in ASEAN, with investment in the fintech sector surging 45 per cent from 2016 to US$366 million in 2017. Grab’s new services promise to fill a gap in loan financing for MSMEs, a space that traditional banks are not well-equipped for due to high risks and low predictability.

Sources: Straits Times, Business Times

Google Enters Video Gaming Industry with New Game Streaming Service (20 Mar)

Google’s Alphabet unit announced a new game streaming service, Stadia, marking its foray into the US$180 billion (S$240 billion) industry. With Stadia, users can run video games on a streaming platform, while controlling actions on their own devices – foregoing the need for expensive gaming consoles. By combining its advantages in software, networking and cloud computing, Google has launched a product that mirrors Netflix and on-demand video, in a bid to stay dominant in the market of consumer-facing tech.

Sources: Straits Times, SCMP

Tech Policy

EU fines Google 1.49 bn euros for blocking advertising rivals (20 Mar)

EU antitrust regulators fined Google 1.49 billion euro (US$1.69 billion) for blocking rival advertisers on third-party websites, marking the company’s third penalty in two years. It brings the total that Google has been ordered to pay to €8.3 billion in EU antitrust probes. According to the European Commission, Google illegally solidified its dominance through “exclusivity clauses” in its contracts with publishers, which are designed to block or limit the presence of ads from competitors.

Sources: Straits Times, Bloomberg

EU Parliament Approves Controversial Copyright Reforms (26 Mar)

The European Parliament voted to approve a new copyright law that hands more power to news publishers and record companies. Article 13, in particular, has attracted controversy because it will make social media platforms such as YouTube and Facebook liable for copyrighted material found on their sites. EU lawmakers claim that the new law will create legal certainty around the use of copyright-protected material, and publishers and artists believe that the law will ensure fair compensation. On the other hand, internet freedom advocates argue that the move will lead to a more closed society, and tech companies criticised the uncertainty around the implementation and enforcement of the new law.

Sources: Deutsche Welle,  BBC

Mark Zuckerberg Calls for Internet Regulation (30 Mar)

In an op-ed published in The Washington Post and Ireland’s Independent, Mark Zuckerberg, founder of Facebook, called for regulators to create common standards for the internet. He proposed regulation in four areas: harmful content, election integrity, privacy and data portability. His recommendations include updated rules around online political advertising, and a global framework for personal data protection. Given the criticism Facebook has come under on its mercenary data practices and negligent content regulation, some observers have dismissed Zuckerberg’s statement as a public relations effort.

Sources: Independent, Financial Times

Singapore Government Convenes New Committee on Public Sector Data Security (31 Mar)

The Prime Minister’s Office (PMO) announced that the Government has formed the Public Sector Data Security Review Committee. Headed by Deputy Prime Minister Teo Chee Hean, the Committee will look into how data is collected and protected by the agencies, vendors and authorised third parties, and recommend improvements. The PMO’s announcement follows a series of data breaches in the public sector, including, most recently, the leaking of personal information of more than 800,000 blood donors from the Health Sciences Authority’s database.

Sources: Straits Times

Singapore Parliament Tables Laws to Tackle Fake News (1 Apr)

To curb the spread of fake news online, the Singapore Parliament has begun debating whether to pass the Protection from Online Falsehoods and Manipulation Bill. Under the new law, Internet service providers and social media platforms can be asked to correct or to take down factually false information that harms public interest. While the law does not cover opinions, criticism, satire, or parody, internet companies have nonetheless raised concerns about its reach, citing fears that it could give the government discretion over what is considered true or false.

Sources: Channel News Asia, Straits Times