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Visa Singapore Innovation Center ushers in a new era of payments

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Visa, a world leader in payments, today announced the opening of its transformed Singapore Innovation Center, a dedicated space for partners, clients and businesses in Asia Pacific. As the payments landscape evolves rapidly, the center enables stakeholders to engage with Visa technologists to co-create payments solutions ahead of demand, deliver scalable innovation, and address the biggest challenges and opportunities in digital payments in the region.
The Visa Singapore Innovation Center represents Visa’s vision of shaping tomorrow’s payments possibilities. Showcasing the transformative power of technologies like artificial intelligence (AI) in retail and payments, and reimagining modern credentials for enhanced security and convenience, it also serves as a springboard for thought leadership in decentralised and embedded finance, offering tailored solutions for businesses and fostering innovative collaborations with startups. The transformed center exemplifies Visa’s commitment and investment to pioneering the future of smarter, more efficient, and inclusive payment systems.
“At Visa, we’re bringing ideas to life in a way that’s truly unique to the Singapore Innovation Center, a dynamic hub where we transform innovative concepts into practical solutions. We’re dedicated to helping businesses discover valuable insights early so they continue to stay ahead in the rapidly digitalising payments landscape. By combining our expertise with cutting-edge technology and solution architecture, we work alongside our partners to materialise solutions that address payment challenges, driving real business value and growth for our clients,” said Stephen Karpin, President, Asia Pacific, Visa.
“The Visa Singapore Innovation Center deepens the longstanding partnership between Visa and Singapore, and enables Visa to tap into our vibrant innovation ecosystem to develop new solutions and create new business opportunities for the global market. We look forward to strengthening and expanding this close partnership with Visa and also hope to encourage more global companies to undertake such activities in Singapore.” said Png Cheong Boon, Chairman, Singapore Economic Development Board.
Payments innovation designed to drive greater business impact
Visa’s Singapore Innovation Center is at the forefront of developing advanced payment technologies, with a sharp focus on delivering significant business benefits. In its role as a pivotal partner in early product development, the center offers essential insights that influence and inform the early stages of product development, helping to identify potential growth opportunities alongside clients.
The center’s strategy for shaping the future of payments encompasses a broad range of business needs and is constantly updated to keep par with the ever evolving payment trends of the region. At launch, the four key highlights include:

Speed and convenience of biometric payments: Pay-by-palm is the next-generation payment technology that uses unique palm signatures for identity verification, a significant leap from the widely used fingerprint and facial recognition systems of today. Visitors to the innovation center can experience hovering their palm over a reader, linking their unique signature to their payment card for a transaction. While still in early adoption stages, it’s already making waves in urban mobility in China and the retail sector in the United States. But it’s not just about convenience. Using Gen AI to analyse anonymised biometric and payment data, businesses can also gain valuable insights for personalised recommendations.
Shop online offline with AR and AI: While many still view augmented reality (AR) as a novelty, this technology has been in use in finance and retail to create immersive shopping experiences that has helped businesses connect with customers. From in-store displays and activations to virtual try-on experiences and navigation, AR and AI can be harnessed together to capture the opportunities that come with the evolution of e-commerce and the growing comfort of consumers with online shopping as well as contactless payments. AR combined with the predictive power of AI, supports a range of use cases, including AR-powered virtual shopping, navigation systems for brick-and-mortar stores, and even virtual fitting rooms, something that can be experienced at the new Visa Singapore Innovation Center.
Modernising business payments flows for growth: Business payments have some catching up to do. With the help of technology and digitisation, Visa is investing in commercial payments solutions that can help businesses to not just have centralised financial management and reporting, but also analyse real-time data for a better understanding of finances and insights that can lead to growth opportunities. The next transformation will see a mass adoption of embedded finance for business payments, and Visa is driving this change with anchor partnerships like SAP as well as working with fintechs and startups through the Visa Accelerator Program.
Unlocking competitive advantage with data: Harnessing data is fundamental in today’s business landscape, as it drives informed decision-making and strategic planning. Valuable insights into customer behaviour, market trends, and business performance can help businesses optimise their processes, improve efficiency, and enhance customer experiences. The Visa Innovation Center is a sandbox, helping businesses harness data assets to anticipate market changes that can allow them to make proactive adjustments to stay ahead of the competition.

From global to local
The Singapore Innovation Center is part of Visa’s network of eight regional innovation centers worldwide[1]. It plays a pivotal role in driving regional payments innovation in Asia, addressing the local market needs of Visa’s Asia Pacific clients, and ultimately driving forward the company’s global mission and strategy to deliver innovative, future-proof and secure payments that enable individuals, businesses and economies to thrive.
The post Visa Singapore Innovation Center ushers in a new era of payments appeared first on HIPTHER Alerts.

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Unveiling the Complex Psychological Implications of Artificial Intelligence

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In today’s world, the realm of artificial intelligence (AI) presents us with fascinating possibilities and unsettling dilemmas. From engaging in nuanced conversations with humanoid robots to grappling with the consequences of deepfake technology, the advancements in AI have far-reaching implications that extend into the realm of human psychology, as noted by Joel Pearson, a cognitive neuroscientist at the University of New South Wales.
While AI holds the promise of simplifying our lives, Pearson emphasizes that these developments can also have profound effects on our mental well-being, challenging our perceptions and emotional responses in ways we may not fully comprehend. Despite our fears of killer robots and rogue self-driving cars, Pearson suggests that the psychological impacts of AI are equally if not more significant, albeit less tangible.
One area of concern highlighted by Pearson is the tendency for humans to anthropomorphize AI entities, attributing human-like qualities to non-human agents such as chatbots. This phenomenon can lead to emotional attachments and vulnerabilities, as evidenced by individuals who develop romantic feelings for AI companions like Replika. Pearson underscores the need for further research into the implications of these human-AI relationships, particularly regarding their impact on interpersonal dynamics and emotional health.
Furthermore, Pearson raises alarm about the proliferation of deepfake technology, which has the potential to distort our perception of reality and erode trust in media. Deepfake images and videos, often used for nefarious purposes like non-consensual pornography, can leave lasting impressions on our psyche, even after their falsity is exposed. Pearson warns of the long-term effects of exposure to such content, particularly on vulnerable populations like teenagers whose developing brains may be more susceptible to manipulation.
In response to these challenges, Pearson calls for a nuanced understanding of AI’s psychological impact and advocates for a proactive approach to addressing its potential harms. He stresses the importance of prioritizing human connection and well-being in the face of technological uncertainty, urging individuals to reflect on their values and embrace activities that foster genuine human interaction.
Ultimately, Pearson’s message serves as a reminder that while AI offers immense potential, we must remain vigilant about its unintended consequences and prioritize our mental and emotional resilience in navigating an increasingly AI-driven world. By acknowledging the psychological implications of AI and engaging in thoughtful dialogue, we can work towards harnessing its benefits while mitigating its risks.
Source: abc.net.au

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US official calls on China and Russia to affirm human, not AI, control over nuclear weapons

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Senior U.S. Official Urges China and Russia to Affirm Human Control Over Nuclear Weapons
In a recent online briefing, Paul Dean, an arms control official from the State Department, called on China and Russia to align their declarations with those of the United States and other nations. He stressed the importance of ensuring that only humans, not artificial intelligence, are responsible for decisions regarding the deployment of nuclear weapons.
Dean highlighted Washington’s firm commitment to maintaining human control over nuclear weapons, a commitment echoed by France and Britain. He expressed the hope that China and Russia would issue similar statements, emphasizing the significance of this norm of responsible behavior, especially within the context of the five permanent members of the United Nations Security Council.
These remarks coincide with efforts by the administration of U.S. President Joe Biden to engage in separate discussions with China on nuclear weapons policy and the development of artificial intelligence.
While the Chinese defense ministry has yet to respond to these comments, discussions on artificial intelligence emerged during recent talks between U.S. Secretary of State Antony Blinken and China’s Foreign Minister Wang Yi in Beijing. Both parties agreed to hold their first bilateral talks on artificial intelligence in the coming weeks, aiming to address concerns about the technology’s risks and safety.
Although U.S. and Chinese officials resumed nuclear weapons discussions in January as part of efforts to normalize military communications, formal arms control negotiations are not expected in the near future. Meanwhile, China, amid its expansion of nuclear capabilities, previously suggested that the largest nuclear powers should prioritize negotiating a no-first-use treaty between each other.
Source: reuters.com

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Enterprise AI Faces Looming Energy Crisis

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The widespread adoption of artificial intelligence (AI) has been remarkable, but it has come at a significant cost.
R K Anand, co-founder and chief product officer at Recogni, highlighted the exponential growth in data and compute power required to train modern AI systems. He emphasized that firms must invest substantial resources, both in terms of time and money, to train some of today’s largest foundational models.
Moreover, the expenditure doesn’t end once the models are trained. Meta, for instance, anticipates spending between $35 billion and $40 billion on AI and metaverse development this fiscal year. This substantial investment underscores the ongoing financial commitment necessary for AI development.
Given these challenges, Anand stressed the importance of developing next-generation AI inference solutions that prioritize performance and power efficiency while minimizing total ownership costs. He emphasized that inference is where the scale and demand of AI will be realized, making efficient technology essential from both a power cost and total cost of operations perspective.
AI inference, which follows AI training, is crucial for real-world applications of AI. Anand explained that while training builds the model, inference involves the AI system producing predictions or conclusions based on existing knowledge.
However, inference also represents a significant ongoing cost in terms of power and computing. To mitigate these expenses, Anand suggested methods such as weight pruning and precision reduction through quantization to design more efficient models.
Since a large portion of an AI model’s lifespan is spent in inference mode, optimizing inference efficiency becomes crucial for lowering the overall cost of AI operations.
Anand highlighted the importance of efficient inference for enterprises, noting that it enables higher productivity and returns on investment. However, he cautioned that without favorable unit economics, the AI industry could face challenges, especially considering the increasing volume of data.
Ultimately, Anand emphasized the need for AI solutions that increase productivity without significantly increasing operating costs. He predicted a shift towards allocating a larger portion of computing resources to inference as AI becomes more integrated into day-to-day work.
Source: pymnts.com

 
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