Governance

Top tech news stories today: May 28, 2024

Sphere Labs introduces a Telegram bank-to-wallet extension, AWS expands in Italy, and China launches a $47.5 billion semiconductor fund.

AuthorSylvia Shen

Reading Time4 min

PublishedMay 28, 2024

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Headline

Sphere Labs introduces a Telegram bank-to-wallet extension, AWS expands in Italy, and China launches a $47.5 billion semiconductor fund.

Context

In finance, blockchain, IT infrastructure, and technology, today’s news highlights advancements and strategic investments. Kiwi reports a surge in UPI credit card transactions, Sphere Labs introduces a bank-to-wallet Telegram extension, AWS negotiates a major data centre expansion in Italy, and China launches a $47.5 billion semiconductor investment fund. Kiwi, a fintech firm, has seen a rise in UPI-based credit card transactions, with users spending over Rs 22,000 monthly. RuPay credit card market share increased to 10% in FY24. Kiwi processes Rs 100 crore in UPI transactions monthly, with significant adoption among young adults and small merchants. ( Economic Times )

Evidence

Pending intelligence enrichment.

Analysis

Sphere Labs, a blockchain developer, has introduced a new bank-to-wallet Telegram extension for stablecoin services. This extension allows users to transfer bank funds directly within the Telegram app, with an initial fee of 0.1% per transaction. ( Cointelegraph ) Amazon’s AWS is negotiating a multi-billion euro expansion of its data centres in Italy, considering Milan for the site. AWS launched its first Italian cloud region in 2020, planning a €2 billion investment by 2029. AWS’ European expansion includes a €15.7 billion investment in Spain and €7.8 billion in Germany. ( Reuters ) China has established its third state-backed semiconductor investment fund with a capital of 344 billion yuan ($47.5 billion) to boost self-sufficiency in semiconductors amid U.S. export controls. ( Reuters ) Nokia is poised to secure a contract to supply 5G radio equipment to Portuguese telecom operator MEO, replacing Huawei as the key supplier. The deal, not yet signed, is expected to be announced next month. ( The Print )