The second day of The Times Group presents ET Now Global Business Summit 2024 saw some thought-provoking and insightful conversations by some of the most important thought leaders and decision-makers in the Indian and global business scenario.
Yogi, Mystic and Visionary Sadhguru set the tone for the day’s conversation through his discourse on ‘Wealth & well-being’ where he highlighted the importance of holistic growth not just of self but also of the planet that we live on. He said, “Well-being encompasses anything that contributes to your sense of wellness and can arise from various experiences. While you may accumulate possessions and achievements, they are external to your true self. Once you begin to identify with what you gather, you inevitably attach value to it. It is crucial to grasp that achieving well-being requires adherence to proper procedures. There exists a scientific and systematic methodology for this endeavor. Without following this approach, well-being remains merely an elusive dream.”
This was followed by an invigorating conversation with Amit Shah, Union Home Minister and Minister of Cooperation, Government of India who gave the audience a glimpse of the government’s plans for the future of India. During his conversation, he said, “BJP has its ideology and agenda in the right place. People join and people leave, and it is natural. I believe in family planning, but in politics, it is always about the more the merrier. We consistently strive to reform systems that are both feasible and optimally tailored for the evolving landscape of New India. Our government’s clear policy is to have a robust dialogue with each stakeholder to resolve and address any kind of issue that is prevailing in the country. Our agenda for New India will be – Zero tolerance against corruption, end terrorism for the safety of the country.”
Ashwini Vaishnaw Minister of Railways, Communications, and Electronics & Information Technology shared the transformative plans and upgrades in the railway infrastructure. His account of the speed at which the infrastructure is developing within the country had the audience captivated with a round of applause that lasted for minutes together. He said, “Significant strides have been made to modernize and upgrade the nation’s railway infrastructure, reflecting Prime Minister Modi’s forward-thinking vision spanning the next five decades. Under his leadership, there’s been a remarkable transformation in bureaucratic processes, exemplified by the remarkable progress within the railway sector. Efforts are underway to further enhance and refine the Vande Bharat trains, intending to eventually export these cutting-edge trains to other nations, showcasing India’s prowess in railway technology.”
Shri Raj Kumar Singh, Minister of Power and Minister of New & Renewable Energy, Government of India, said, “In our efforts to revitalise India’s power sector, we’ve encountered significant challenges. We’ve seen incredible progress, with a 60% increase in generation and capacity. Our efforts not only increased the availability of power in rural areas, but also resulted in a 15% reduction in average supply costs last year. As we navigate the post-COVID economy, power demand continues to rise. Challenges persist, ranging from regulatory complexities to geological surprises in hydroelectric projects. As demand continues to outstrip supply, we remain committed to driving India’s progress for decades to come.”
Highlighting the numerous investment opportunities that India presented, Lord Gerry Grimstone, Chairman, Gemcorp Capital Management & former U.K. Minister for Investment, said, “In the last three years, India has provided investment opportunities like never before. The past 20 years, saw a twofold surge in foreign investment. The ease of doing business, tax reforms, economic changes, and a ‘welcoming attitude’ has made India one of the most attractive destinations in the world for foreign investment.”
He also spoke about the progress that the country has made in the 5G rollout. “The rapid rollout of 5G, achieved in just 16 months with domestically produced equipment, is a testament to India’s commitment to staying at the forefront of technological advancements. Moving forward, our technology will rival global standards, positioning India as a competitive player in the most advanced sectors,” he added.
Conversations around diverse topics such as artificial intelligence, financial literacy, investments in emerging startups, and female inclusion dominated the second day of the summit. Emerging technologies and their contribution to every walk of life right from education, healthcare, and businesses at large were discussed. One of the most important points that was highlighted was that businesses need to understand the changes that have been brought about in new India to realize its full potential. The panelists emphasized that the biggest issue that the world is facing is that of climate change and the need for businesses to address this and make it a part of their overall strategy. It was agreed that a seamless collaboration between emerging technologies and human intelligence was the only way towards a better tomorrow.
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IDTechEx Discusses New Trends: Radar Modules and ToF Cameras for In-Cabin Sensing
With the shift towards electric vehicles, end-users are becoming less concerned about traditional differentiators like engine horsepower and are placing greater emphasis on smart interior functions. This trend is compelling automotive OEMs to invest more efforts in enhancing interior features, thereby adding greater value to their products and distinguishing them from other vehicles.
Driven by regulations such as Euro NCAP, driver monitoring systems (DMS) have gained significant traction and have transitioned from a luxury feature to a new norm. As of 2024, most DMS utilize 2D near-infrared (NIR) cameras. Due to their relatively low costs, they are anticipated to be increasingly adopted, emerging as the dominant enabling technology for DMS. For automotive OEMs to further set themselves apart from competitors, advanced features such as gesture control, child presence detection, and seat belt detection are also expected to gain momentum, especially in mid to high-end vehicles. Currently, the 3D time-of-flight camera stands out as the most widely used technology for DMS, while some automotive OEMs, such as Volvo and Tesla, are incorporating in-cabin radar modules.
Radar has played an important role in advanced driver assistance systems (ADAS) for over two decades. Utilizing radio waves with a frequency-modulated continuous wave (FMCW) coding system, radars can accurately measure the distance and relative velocity of objects within their field of view. However, historically, radar modules have predominantly been employed for exterior sensing rather than interior applications.
As of 2023, according to Tesla’s website, the in-cabin radar operates within a frequency range of 60GHz to 64GHz, falling within the license-free ISM band. The detection distance of these radar modules typically ranges from 0.4 meters to 2 meters, effectively covering the interior space. Though unconfirmed officially by Tesla, recent news suggests that their cybertruck is equipped with in-cabin radar modules for occupant monitoring, including functions such as child presence detection and seat belt reminders.
Comparison of radar manufacturers and prices. It is worth noting that NXP’s radar operates at a higher frequency band, and IDTechEx believes that this frequency band is likely used for exterior monitoring instead of interior monitoring. Source: IDTechEx – “In-Cabin Sensing 2024-2034: Technologies, Opportunities and Markets”
Similar to radar modules, 3D Time-of-Flight (ToF) cameras also find application in occupant monitoring. 3D ToF cameras operate by utilizing near-infrared illuminators like LEDs or vertical cavity surface emitting lasers (VSCELS), in conjunction with image sensors. However, privacy concerns surround the use of cameras, even though some suppliers assert that they can address this issue by either blurring people’s faces or storing data solely onboard.
An additional limitation of 3D ToF cameras is that, unlike in-cabin radar modules, they are unable to detect people or objects through obstacles. Furthermore, due to their reliance on computer vision technology, cameras necessitate intricate algorithms and recalibration, introducing technical complexity to their implementation. Despite these drawbacks, some suppliers are actively working to address privacy concerns and improve the overall capabilities of 3D ToF cameras for occupant monitoring in automotive applications.
Benchmark of OMS Technologies. Source: IDTechEx – “In-Cabin Sensing 2024-2034: Technologies, Opportunities and Markets”
As of now, 3D ToF cameras are more well-adopted for OMS and have advanced features compared with radar modules. However, by comparing the costs and functions of radar modules and 3D ToF cameras, IDTechEx believes there are potential opportunities for radar modules. 3D ToF cameras are adopted in Li Auto L9, BMW iX, and the new ARCFOX αS series, whereas radar modules are expecting adoption in Tesla and Volvo.
Cost estimation of ToF Camera Package. Source: IDTechEx – “In-Cabin Sensing 2024-2034: Technologies, Opportunities and Markets”
Author: Yulin Wang, Senior Technology Analyst at IDTechEx
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Hawk AI welcomes new general manager Robin Lee
Hawk AI, a front-runner in AI-driven solutions for fraud and anti-money laundering (AML) surveillance, has recently announced the strategic appointment of Robin Lee as General Manager for the Asia-Pacific (APAC) region.
Tobias Schweiger, CEO of Hawk AI, expressed his enthusiasm about the new addition to their team. “I’m very pleased to welcome Robin Lee to Hawk AI. He brings deep expertise in regulatory compliance and outstanding knowledge of the anti-financial crime sector. He’s also an exceptional leader with an entrepreneurial spirit and infectious energy. We’re excited to have someone of his caliber onboard.”
Lee is also highly engaged in global financial crime fighting initiatives, currently serving as Vice-Chair for the APAC Chapter of the Global Coalition to Fight Financial Crime and as the Global FinTech Liaison for the US Department of Justice’s FinTech Sector Public Dialogue (FSPD), its public-private partnership focusing on FinTechs.
On joining Hawk AI, Lee shared his excitement, “I’m delighted to be joining Hawk AI. The Hawk AI platform is streets ahead of other vendors in the sector, with explainable AI that has been built-in from the ground up and an integrated approach to tackling financial crime that delivers truly extraordinary results for customers.
“I’ve also been deeply impressed by the Hawk AI team. They’re an exceptional group of people, combining world-class technologists and seasoned financial crime-fighters. I’m very proud to be part of their continued growth.”
Since its inception in 2018 by finance industry veterans, Hawk AI has shown remarkable growth. The company now plays a pivotal role in monitoring or screening billions of transactions worldwide. Its unique approach, leveraging explainable AI, has set new industry standards by significantly reducing false positives compared to traditional AML/Counter Financing of Terrorism (CFT) solutions.
Hawk AI’s modular solution offers financial institutions a powerful tool to either enhance or replace legacy systems with AI-powered transaction monitoring, payment screening, pKYC, and fraud prevention capabilities, ensuring greater accuracy and efficiency in real-time.
Source: Fintech Global
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Paris Saint-Germain begins Web3 drive as a new blockchain validator for Chiliz Chain
The French football club aims to explore various avenues in the cryptocurrency sector, starting with becoming an infrastructure provider to Chiliz Chain.
French football giant Paris Saint-Germain (PSG) is set to deepen its Web3 and SportFi involvement by becoming a validator for fan token blockchain Chiliz.
Cointelegraph recently traveled to Paris to speak exclusively to Chiliz founder Alexandre Dreyfus and PSG head of Web3 Pär Helgosson about the evolving partnership between the football club and the blockchain platform.
PSG is the first major football club to become a blockchain protocol validator and is set to reinvest revenue generated as a validator to buy back PSG tokens. The move is touted as a way to create a self-sustaining digital economy for the club and its fan base.
The Chiliz Chain is the infrastructure underpinning Socios, the platform that issues and manages fan tokens for over 150 professional football clubs and sports teams. PSG was an early adopter of the technology and launched its fan token on Chiliz in September 2018.
The club intends to explore opportunities in the broader cryptocurrency, Web3 and SportFi spaces, with Helgosson spearheading the efforts.
Venture capital firm Animoca Brands joined Chiliz Chain as a validator of its proof-of-stake protocol in November 2023 after Chiliz revamped its tokenomics model. Chiliz introduced a new inflation-staking rewards mechanism for CHZ holders and the integration of the transaction fee protocol burning scheme EIP-1559.
PSG gets first shot at token buy-back mechanism
Helgosson told Cointelegraph that PSG will use its accrued revenue as a node validator to carry out PSG fan token buybacks from public marketplaces. The buybacks will be automated and executed by smart contracts through its validator and on decentralized exchanges on the Chiliz Chain.
The program aims to increase revenue from the club’s validator through gas fees and supply inflation that are reinvested into PSG tokens. The club is interested in refreshing its token reserves to create a self-sustaining economy:
“We’re aiming to build a sustainable tokenomics model together where the club, because of our role as a node validator, can use the profits to buy back fan tokens and use them to reinvest back into the fan ecosystem.”
Helgosson says the move is expected to provide rewards, new utilities, functions, products and services that will benefit PSG tokenholders, sponsors and players.
PSG and Chiliz are also planning a blockchain hackathon hosted at the club’s iconic Parc des Princes stadium in the summer. The event aims to attract developers to build decentralized applications and products incorporating PSG tokens on the Chiliz Chain.
An alternative for sports organizations
Dreyfus tells Cointelegraph that PSG’s move to become a validator could be a catalyst for other clubs to follow suit and better understand how the ecosystem’s tokenomics work.
“As for the drawcard, PSG is going to play an active role in the operations of the Chiliz ecosystem, meaning they will help build trust and attract more brands and developers, also by co-hosting hackathons with us at their stadium,” Dreyfus explained.
Chiliz and Socios have been focused on building products and experiences for the broader sports industry. Dreyfus believes that its protocol needs stakeholders from the space to participate in its governance and ongoing operation.
The Chiliz founder says his long-term goal is to have dozens to hundreds of validators comprised of sports organizations, fan-owned nodes and cryptocurrency firms. The hope is that PSG’s move will prompt other major clubs to consider becoming node operators.
“This is a new income source for them, diversification, but also being part of the network effect brings value to everybody involved.”
PSG’s Web3 play
Off-the-record conversations with Helgosson reveal that PSG is ambitiously exploring a multitude of ways to diversify revenues and offerings in the cryptocurrency and blockchain ecosystem.
The club’s investment in becoming an infrastructure operator of Chiliz blockchain marks the start of its moves to actively participate in the Web3 ecosystem. PSG has explored and launched several nonfungible token collections, some of which offer exclusive rewards to holders.
Helgosson would not disclose the details of its investment or capital allocation for the Chiliz node-as-a-service partnership but said the club intends to actively engage and reinvest with its Web3 partners.
He highlighted that being a node validator is a core component in building a sustainable tokenomics model for the Paris Saint-Germain Fan Token ecosystem and Chiliz.
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