T-Shaped Teams and the Three Stages of AI Adoption June 22, 2021 | City Talk AI and data science will probably bring about the most significant changes to the financial services industry that the industry has witnessed in its short history. Yet, today, many financial institutions are still struggling to find their way to start the AI journey1. We propose a concept called T-shaped teams (See Exhibit 1) as the [...]
ICO chief warns of the data protection dangers in live facial recognition tech June 18, 2021 The UK’s data protection watchdog has warned of the risks in the use of live facial recognition in public places today, because of its “supercharged CCTV” capabilities. The Information Commissioner’s Office information commissioner Elizabeth Denham explained in a blog post published today of her worries over the increasingly common technology. “I am deeply concerned about [...]
Nvidia to put $100m into Cambridge supercomputer amid Arm probe June 17, 2021 Nvidia’s chief executive today said the company will spend at least $100m on a supercomputer in Cambridge as it seeks to demonstrate its commitment to the UK. The US tech firm is in the process of buying UK chipmaker Arm for $40bn, but regulators are currently examining the deal. Both the Competition and Markets Authority [...]
Fintech firm Wise confirms plans for London stock market float June 17, 2021 Fintech favourite Wise has confirmed plans to go public in what will be the first direct listing of a tech firm in London. The payments group, formerly known as Transferwise, said it has been profitable since 2017 and sales hit £421m this year. In 2021 the app moved £54.4bn across borders for 6m customers. The [...]
Tiktok owner Bytedance doubles revenue as lockdown fuels viral videos June 17, 2021 The Chinese owner of Tiktok saw its revenue more than double last year as the pandemic drove up interest in the wildly-popular viral video app. In a memo to employees Bytedance said its revenue grew 111 per cent to $34.3bn (£25bn) in 2020, while gross profit rose 93 per cent to $19bn. Bytedance had roughly [...]
Tech hiring hits fresh high amid bumper foreign investment June 17, 2021 Hiring in the tech sector has surged to its highest level in five years as venture capital investment booms despite the impact of the pandemic. Since February tech jobs vacancies have consistently topped 100,000, while open roles rose to 132,000 in one week in May. Hiring is now at its highest level since 2016, having [...]
NHS to receive £36m injection for AI tech in national health bounce back June 16, 2021 The NHS is set to receive a £36m injection to bolster its AI capabilities across 38 new projects designed to make diagnoses faster. While the NHS has been handling the Covid-19 pandemic, concerns over a diagnoses backlog have emerged, with people more hesitant to go to the GP or hospital for check-ups. The new [...]
Lina Khan: How America’s answer to Margrethe Vestager plans to take on Big Tech June 16, 2021 Since taking over as European Commissioner for Competition in 2014, Margrethe Vestager has made her mission clear: to crack down on the ballooning power of Big Tech. The ruthless competition czar has undoubtedly delivered on those ambitions, handing down high-profile fines running into the tens of billions of euros against the likes of Facebook, Apple, [...]
World Wide Web code by London-born Tim Berners-Lee auctioned as NFT June 15, 2021 The World Wide Web’s original source code that was written by its inventor Tim Berners-Lee is up for sale as part of a non-fungible token. With bids beginning at just $1,000 at auctioneers Sotheby’s, the digitally signed Ethereum blockchain non-fungible token (NFT) is a unique digital asset that records ownership. With the rise of cryptocurrencies, [...]
Switzerland vies to become Europe’s AI hub June 15, 2021 | City Talk With approximately 8.6 million people and four official languages (German, French, Italian, and Romansh), Switzerland is uniquely at the heart of Europe but without being a member of the European Union. In global terms, Switzerland does not even enter the top five as an ‘AI leader’. But when it comes to Europe and its place [...]