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.
Fintech
1. RuPay credit card transactions on UPI surging, says fintech Kiwi
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)
Crypto
2. Blockchain dev Sphere introduces bank-to-wallet Telegram extension
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)
IT infrastructure
3. Amazon in talks with Italy to invest billions of euros in cloud plan, sources say
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)
4. China sets up third fund with $47.5 bln to boost semiconductor sector
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)
Tech trends
5. Nokia to supply 5G radio equipment to Portugal’s MEO, sources say
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)
6. Zimbabwe approves licencing of Musk’s Starlink internet service
Zimbabwe has licensed Elon Musk’s Starlink to provide satellite internet services, becoming the eighth African country to do so. The service will be offered through IMC Communications, owned by Wicknell Chivayo, an associate of President Emmerson Mnangagwa. (News24)
7. Brazil surpasses Belgium as top export market for Chinese EVs, hybrids, data shows
Brazil is now the largest export market for Chinese new energy vehicles, with exports reaching 40,163 units in April, a 13-fold increase year-on-year. Chinese automakers are increasing investments in local production in Brazil. (Reuters)
8. Windows will soon let you grab text from your Android photos
Microsoft Phone Link’s upcoming version allows users to select and copy text from images synced from Android phones. This feature is now available in Release Preview Insider builds and will roll out soon. (The Verge)
9. South Korea targets Moon and Mars landings after launching unified space agency
South Korea has launched its first unified space agency, KASA, in Sacheon. The agency consolidates space efforts previously handled by KARI and KASSI. KASA will support private sector space development, pursue joint projects with NASA and JAXA, and aims for a lunar landing by 2032 and Mars exploration by 2043. (The Register)
Product
10. Samsung Galaxy S25 Ultra rumored to get a big camera upgrade
The Samsung Galaxy S25 Ultra, due in January 2025, is rumored to feature a significant camera upgrade, including a 200MP primary camera and three 50MP cameras for super-telephoto, telephoto, and ultrawide shots. (Tech Radar)
11. Doly lets you generate 3D product videos from your iPhone
AniML’s new app, Doly, simplifies 3D capture for e-commerce, allowing users to create professional product videos with their phones. Using AI and Gaussian splatting, Doly generates realistic 3D models from 2D images. (Tech Crunch)
AI
12. Elon Musk’s xAI valued at $24 bln after fresh funding
Elon Musk’s AI startup xAI raised $6 billion in Series B funding, reaching a post-money valuation of $24 billion. Investors like Andreessen Horowitz and Sequoia Capital backed the round. (Reuters)
13. Apple’s WWDC may include AI-generated emoji and an OpenAI partnership
iOS 18 will enhance the iPhone experience with AI-generated emojis, personalised in real-time based on user texts. Apple plans to introduce more customisation options for app icons and home screens. (Mashable)
14. Google scrambles to manually remove weird AI answers in search
Google’s new AI Overview product is facing backlash for producing bizarre suggestions like putting glue on pizza and eating rocks. Despite a year of testing, the messy rollout has led to Google manVually disabling problematic AI Overviews. (The Verge)
Sustainability
15. EU clears law to increase domestic green tech production
The EU has approved the Net Zero Industry Act (NZIA) to ensure 40% of its solar panels, wind turbines, and other clean tech equipment are produced within the bloc by 2030. The act, effective next month, aims to reduce reliance on China and counter U.S. green subsidies, boosting EU manufacturing and sustainability. (Reuters)
