Q3 2023 Busuu: Most Innovative Leader 2023 - UK (Language eLearning) Featuring:
Indeed, in today’s world, technology is an integral component to any business, no matter the sector they hail from. And there’s no denying how fast these smart technologies are advancing, and how they can be utilised to push boundaries and drive growth, success, and change. More and more CEOs are realising how the effective implementation of tech can take a business’s efficiency to the next level and enable it to go far in the world of business. In this issue, we’re excited to be highlighting some of the organisations who make this cutting-edge technology a reality. Join us as we get to know specialists in peer-to-peer edge networking, AI research and deployment in finance, IoT security, and language elearning. Truly revolutionising the world of tech, we feel each are highly deserving of celebration! I hope you find this issue to be insightful and look forward to welcoming you back again soon for our Q4 issue. Rebecca Scotland, Editor www.innovationinbusiness.com Welcome to our Q3 issue of Innovation in Business magazine. Innovation in Business is devoted to offering insight and features from across the global business landscape. This quarterly magazine is committed to bring you updates on the digital world and all that it encompasses in this age of sophisticated technology. Editors Sofi Parry, Senior Editor | Rebecca Scotland, Editor | Izzy Mifsud, Writer | Emily Godbold, Writer | Michelle Strozykowski, Writer Designers Ali Mohammed, Graphic Designer | Lauren Baldwin, Graphic Designer AI Global Media, Ltd. (AI) takes reasonable measures to ensure the quality of the information on this web site. However, AI will not assume any legal liability or responsibility for the accuracy, correctness or completeness of any information that is available through this web site. If errors are brought to our attention, we will try to correct them. The information available through the website and our partner publications is for your general information and use and is not intended to address any particular finance or investment requirements. In particular, the information does not constitute any form of advice or recommendation by us or any of our partner publications and is not intended to be relied upon by users in making or refraining from making any investment or financial decisions. Appropriate independent advice should be obtained before making any such decision. Any arrangement made between you and any third party named in the site is at your sole risk and responsibility.
4. News - Global AI Race: UK to spend £100m to produce AI chips - OpenAI juggles partnership and competition with Microsoft in Generative AI field, observes GlobalData 6. Edge: The Future of the Cloud is Edge 7. ACC-Trading: Extraordinary Technology Delivered Simply 8. Busuu: Most Innovative Leader 2023 - UK (Language eLearning) 9. AI Lawsuits Overshadow the Benefits of Web Intelligence, Says Oxylabs 10. Old vs new: how technology is bridging the intergenerational investment gap 12. Tuya Smart and Amazon Web Services Collaborate to Establish an IoT Security Lab 14. OOCL Logistics selects Stenn as its exclusive partner for embedded trade finance services via its PODIUM® technology platform Contents
NEWS encouraging to see a substantial investment being made in AI, at a time when the technology is set to completely reshape the way businesses operate. However, not enough is being done to support the UK’s home grown tech talent, with far too many ambitious entrepreneurs and innovators struggling to obtain funding, despite producing industryleading products. The reality is that for many AI start-ups, getting the opportunity to secure a credible valuation and attract the attention of investors is an almost impossible task. This needs to change immediately if we want to play a leading role in the AI industry.” An official who was briefed on the plans also added that the £100m is relatively low in comparison to investments compared by the US, EU and China. Global AI Race: UK to spend £100m to produce AI chips The UK Government has announced it will be spending £100m to accelerate its positioning within the global race to produce computer chips that will be used to power artificial intelligence (AI). The funds, sourced through taxpayer money, will be used to build a national AI resource in Britain, and be ordered through major chipmaking companies such as Intel, AMD and Nvidia. It was also revealed that the government is already in advanced stages of an order of up to 5,000 graphics processing units (GPUs) from Nvidia. The GPUs, also known as graphics cards, play a crucial part of a chip’s capacity for processing: vital for performing complex actions such as those required by AI. Steven Mooney, CEO of FundMyPitch, said: “It’s Fears that the Government’s action may prove too little, too late are rising in both industry and Whitehall as the UK currently only accounts for around 0.5 per cent of semiconductor sales globally. In May, Rishi Sunak’s government revealed plans to invest £1bn over the next decade in semiconductor research, design and production, but was a step dwarfed by the US’s $52bn (£41bn) Chips Act, and EU subsidies of €43bn (£37bn). The relatively weak investment could stunt progress and potentially leave the UK exposed amid increasing geopolitical tensions over AI chip tech development. However, Sunak’s focus on regulation has sought to viewing the UK as the potential bridge between US and China following the White House’s ban on US investments in advanced Chinese semiconductors earlier this month. To further strengthen the UK’s stance on AI, the government is set to hold an AI summit this autumn in Bletchley Park to help establish shared standards and regulation. A government spokesperson said: “We are committed to supporting a thriving environment for compute in the UK which maintains our position as a global leader across science, innovation and technology. “The additional money being delivered through UKRI will complement the separate £100m investment to establish the Foundation Model Taskforce. Announcements on the AI Research Resource will follow in due course.”
OpenAI’s strategic collaboration with Microsoft is widely perceived as a remarkable achievement, with the release of ChatGPT last year not only seeing resounding success but also sparking fresh conversations and opportunities around AI. Nonetheless, OpenAI now grapples with the doubleedged sword of its alliance with the industry titan, triggering both favorable outcomes and challenges, according to GlobalData, a leading data and analytics company. GlobalData’s latest report, “In Focus: Generative AI Watch: Large Language Models (LLMs),” reveals that OpenAI’s relationship with Microsoft seems to be hitting a rocky period. Not only is Microsoft Azure locked in as OpenAI’s cloud provider, but Microsoft also plans to sell a new version of data firm Databricks’ software that helps customers make AI apps for their businesses, placing it in direct competition against OpenAI’s offerings. Furthermore, Microsoft’s forthcoming AIdriven collaborative software, Copilot, will also compete with ChatGPT Premium. Beatriz Valle, Technology Analyst at GlobalData, comments: “Microsoft Azure is OpenAI’s exclusive cloud provider, powering workloads across research, products, and API services. This arrangement restricts OpenAI’s ability to partner with other public cloud providers, as its competitors have done. In addition, despite revenue growth from the premium ChatGPT release, substantial operational costs have rendered OpenAI increasingly dependent on financial benefactors.” The potential internal competition is particularly troubling for OpenAI. For example, OpenAI customers currently paying $20 per month for the premium version of ChatGPT may decide to opt for the $30-worth version of Copilot by Microsoft when it is released. Valle continues: “OpenAI has just released a powerful enterprise version of ChatGPT, targeting market expansion. However, Microsoft’s continuous introduction of OpenAI-driven business solutions on Azure, including Bing Chat Enterprise, poses a challenge. Microsoft’s strategy to seamlessly integrate Copilot with Office365 is appealing to its users. The overlap in AI offerings might prompt some of OpenAI’s clientele to consider Microsoft’s integrated alternatives, potentially leading to customer migration.” Despite these challenges, OpenAI has been seeing some growth. Its solutions have been adopted by Duolingo, Morgan Stanley, the government of Iceland, Be My Eyes, Waymark, and Stripe. In addition, OpenAI has made GPT-3.5 Turbo available for businesses to fine tune using their proprietary data and has just released an enterprise version of ChatGPT. Valle concludes: “OpenAI finds itself in an unenviable position, both collaboratingand competing against its powerful backer, Microsoft. However, it is still early days in the generative AI market, and it will take some time to gauge the level of adoption of offerings such as ChatGPT Enterprise. In the meantime, OpenAI remains in a somehow vulnerable position due to revenue imbalances resulting from the massive spend of its cloud computing usage.” OpenAI juggles partnership and competition with Microsoft in Generative AI field, observes GlobalData
May21135 The Future of the Cloud is Edge Edge is the infrastructure of Web3. It is a decentralised, serverless cloud, powered by the blockchain and owned by everyone. Edge networking refers to a distributed computing paradigm that brings data storage and computation as close to the point of need as possible. This means that applications, data, and computing power are pushed away from centralised data centres, reducing the volumes of data that must be moved, the consequent traffic, and the distance the data must travel. Therefore, latency and transmission costs are reduced. Edge comprises of hundreds of nodes, all contributed by individuals and businesses across the world. Designed to provide hyper-local processing and storage capacity for networked applications, Edge enables users to deliver digital services that are more performant than ever before. Based in London, Edge is the world’s first dedicated peer-to-peer edge network, delivering cloud services that are not only faster, cheaper, and more secure than ever before but also kinder to the environment, fairer to people, and better for business. For its pioneering leadership in its field, Edge has been awarded Most Innovative Leader (Edge Storage) in the Most Innovative Leader Awards 2023. Edge’s technology utilises the spare capacity that exists in the devices all around us. For example, set top boxes are turned on 24/7 but are only used for a few hours a day. In isolation, the power provided by a set box is minimal, but when Edge combines the power of 35 billion devices in homes across the UK, they become an extremely powerful resource. Edge’s innovative approach enables smart devices of all kinds to participate in the network, providing storage and connectivity to enable hyper-local cloud services. At the same time, the company works to maintain robust security protocols. There are a number of benefits to using Edge. Firstly, anyone can contribute and benefit from its use, tapping into its network coverage which spans 60 countries and counting. This extensive global reach enables the highest possible performance for users’ apps and content. As well as this, Edge offers improved efficiency and performance, saving users up to 90% compared to traditional cloud services. Edge is also more environmentally friendly, built using spare capacity from devices that are already in the home and office. This reduces the carbon footprint of the internet. Furthermore, Edge provides a number of pioneering products, which are all simple to use, low in cost, and incredibly secure. Firstly, Edge offers high performance content delivery with a built-in image pipeline and just-in-time media processing, which drives users’ content closer to their end users than other content delivery networks. Secondly, Edge offers short-term object caching, which acts like a content delivery network to provide a high-performance delivery solution for the offsetting of load. Cached objects follow user demand in real time, delivering within a user’s local network to provide the fastest possible response. Thirdly, Edge provides long-term object storage, which distributes users’ files across thousands of devices to provide an unmatched level of security and redundancy. Users can access and address these files in their applications. Moreover, Edge offers pioneering Edge Compute Units, which are like virtual machines but hyper-localised. With a containerised application layer on the Edge, users can deploy their applications like never before. Its real-time distribution matrix automatically deploys and scales, based on demand. Furthermore, it enables users to dynamically manage the allocation of machine resources. This means that pricing can be based on the actual number of resources consumed by their app. Lastly, Edge provides a Domain Name System (DNS), which is just like a normal DNS but with a greater level of speed and control. It is not only hyper-distributed, allowing it to operate faster, but also topographically and geographically aware, enabling the direct addressing of the Edge network. Overall, Edge is pioneering a new era of the internet by building a global, decentralised cloud that taps into the spare capacity of devices all around us. As a result of the pioneering technologies it provides, the company has been awarded Most Innovative Leader (Edge Storage) in the Most Innovative Leader Awards 2023. We congratulate Edge on this achievement and wish it the best of luck in the years to come. Contact: Joseph Denne Company: Edge Web Address: edge.network Jul23042
Apr21843 ACC-Trading: Extraordinary Technology Delivered Simply Based in Germany, ACC-Trading is an AI research and deployment company that specialises in designing and developing cutting-edge AI solutions for the financial sector. The company is led by a team of industry experts with extensive experience in business, science, and technology. Thanks to their work, ACC-Trading is continuously innovating, which is why they have been awarded the title of Most Innovative Leadership Team (Software Development) in the Most Innovative Leader Awards 2023. ACC-Trading combines advanced technology with financial expertise to deliver high-impact solutions that enhance clients’ efficiency, accuracy, and strategic decision-making. By harnessing the power of AI, the company aims to help clients remain competitive in the fast-paced, ever-changing financial landscape and achieve business growth. ACC-Trading serves a diverse client base, primarily consisting of institutional investors like banks, asset managers, hedge funds, and insurance companies. It works closely with them, gaining an understanding of their unique challenges and needs to design tailored AI tools that enhance their operations. For example, it can provide them with predictive models that improve investment decisions, risk management tools that leverage AI to monitor and mitigate potential risks, and automation solutions that streamline processes and reduce costs. “We envision a future where AI becomes an indispensable tool in finance, and we are dedicated to making that future a reality,” shares Matthias Bojang, CTO at ACC-Trading. “It’s not just about automating tasks or crunching numbers faster. It’s about empowering these organisations with intelligent tools that can learn, adapt, and deliver insights that weren’t possible before.” The ACC-Trading leadership team are supported by a number of experienced software developers, data scientists, and financial experts, who have not only an impressive breadth and depth of domain knowledge but also a passion for innovation and excellence. To help them reach their full potential, the company’s leaders have cultivated an environment that encourages learning, growth, and collaboration, enabling staff to continually develop their skills and deliver their best work. This is what allows it to provide its clients with unique and highly effective AI solutions. Operating in an ever-evolving industry, ACCTrading’s leaders understand the importance of innovation. Matthias comments, “We are not content to follow trends; we aim to set them. Our team is constantly exploring the latest developments in AI and finance, experimenting with new ideas, and pushing the boundaries of what’s possible. This innovative spirit allows us to anticipate our clients’ future needs and create pioneering solutions that keep them ahead of the curve.” This is especially important in the field of AI and machine learning, where there are always new developments, challenges, and opportunities to consider. As AI systems become more complex, it is crucial to understand why they make certain decisions, particularly with accountability being so important in the financial industry. The ACCTrading leadership team have strategically navigated this issue by investing heavily in the creation of powerful yet transparent AI systems that provide clear explanations for their recommendations. This enables clients to feel more comfortable putting their trust in AI tools. In order to drive the growth of their business, ACCTrading’s leadership team are always seeking strategic partnerships and collaborations with complementary businesses, aiming to tap into new markets, reach new clients, and offer more comprehensive solutions. For example, ACC-Trading has recently collaborated with W&S Portfoliomanagement to launch an AI-guided investment fund. The system analyses vast amounts of financial data in realtime, identifying patterns and trends that would be impossible for humans to discern, allowing for more accurate predictions and smarter investment decisions to be made. This project signifies the intersection of AI and traditional finance, bringing a new level of sophistication to investment strategies. It demonstrates to the public how AI can improve efficiency, accuracy, and investment profitability, amplifying human capabilities rather than replacing them. In recognition of their continued innovation, the leadership team at ACC-Trading have been awarded Most Innovative Leadership Team (Software Development) in the Most Innovative Leader Awards 2023. Moving forward, ACC-Trading looks towards an exciting future, with plans to construct its own data centre. This development will allow the company to manage and control its data in an efficient manner, enhancing its capabilities, improving its services, and strengthening its infrastructure. ACC-Trading will therefore gain a strategic advantage in the highly competitive tech industry. Contact: Matthias Bojang Company: ACC-Trading Web Address: https://acc-trading.de/ Jun23458 Left: Matthias Bojang, CTO ACC-Trading | Middle: Heribert Danner, Managing Partner W&S Portfoliomanagement | Right: Mario Baumgärtner, CEO ACC-Trading
May21135 to new words and phrases. Learners can expand their vocabulary and reinforce their understanding of language nuances through repetition and context. When learning a new language or developing language skills, it is also necessary to be alert to grammatical errors. Understanding grammar rules is fundamental to language learning. Busuu’s grammar lessons break down complex grammatical concepts into manageable segments, helping learners to pick up the rules more effectively. When discussing Busuu’s services, individuals will often look to see if Busuu offers language proficiency certificates upon completion of certain levels of study. These certificates can be valuable to resumes and profiles, showcasing language skills to potential employers or educational institutions. Furthermore, Busuu’s mobile app allows learners to access lessons and practice on the go. This flexibility ensures users can continue their language learning journey anytime, anywhere. Ultimately, Busuu’s dedication to innovation, its wide range of language offerings, and its emphasis on fostering a global learning community have solidified its position as a trailblazer in online language learning. With the honour of being recognised as the Most Innovative Leader 2023 in the UK for Language eLearning, Busuu continues to empower individuals worldwide on their language learning journeys. Company: Busuu Web Address: busuu.com Most Innovative Leader 2023 - UK (Language eLearning) Busuu, a renowned online language learning platform, is a leader in revolutionising how individuals learn languages. With a commitment to providing cutting-edge language learning solutions, Busuu has earned well-deserved recognition as the Most Innovative Leader 2023 in the UK for Language eLearning. Join us as we learn more about the company and the services it offers. May23398 At its core, Busuu offers diverse language courses crafted to cater to learners of all levels, from beginners to advanced speakers. The platform boasts an impressive array of languages to choose from, enabling users to learn in-demand languages like English, Spanish, French, German, and many more. What sets Busuu apart is its immersive and interactive approach to learning, allowing users to not only grasp the intricacies of a language’s grammar and vocabulary but also practice their skills through real-life dialogues and scenarios. One of Busuu’s standout features is its community-driven approach. The platform incorporates a global community of learners who can interact with one another to exchange insights, practice language skills, and receive personalised feedback from native speakers. This enhances the learning experience and fosters a sense of cultural exchange and connection among learners worldwide. The recognition of Busuu as the Most Innovative Leader 2023 - UK (Language eLearning) underscores its dedication to staying at the forefront of technological advancements in education. The platform’s user-friendly interface and its use of artificial intelligence and machine learning technologies ensure that learners receive tailored lessons and exercises, adapting to their progress and needs. Not content with delivering a one-size-fits-all approach, Busuu provides a variety of language courses that cater to learners of all levels, whether you’re a beginner or an advanced learner. The courses cover many languages, including popular choices like English, Spanish, French, German, Italian, Chinese, Japanese, and more. Making it interactive, the platform also offers interactive lessons encompassing various aspects of language learning, including grammar, vocabulary, pronunciation, listening, and reading. These lessons are designed to be engaging and compelling, helping learners grasp language concepts more quickly. Encouraging users to enhance their skills in the real world, Busuu also integrates real-life dialogues and scenarios into its lessons. This practical approach helps learners understand how language is used in everyday conversations, making applying their skills in real-world situations easier. What’s more, there are also writing courses for users to take advantage of. Writing is a crucial aspect of language learning. Busuu provides writing exercises that allow learners to practice constructing sentences, paragraphs, and essays in their chosen language. These exercises are often reviewed by native speakers, providing valuable feedback for improvement. If any users want help to speak and enact their language learning, the platform incorporates speaking exercises that enable learners to practice pronunciation and speaking skills. Interactive activities, such as saying prompts and voice recording exercises, help learners to build confidence in verbal communication. For customers also wanting to expand their vocabulary, Busuu offers a comprehensive vocabulary builder that introduces learners
May21135 of data they plan to fetch and adhere to the terms set. Legitimate scrapers focus on collecting public data that is open to everyone. However, even publicly available data can sometimes entail personal information or content subject to copyright laws. It is vital to encourage anyone gathering web data to consult legal practitioners before scraping.” “On the other hand, ongoing legal cases may bring more clarity to different aspects of online data gathering at scale, which would be beneficial not only to data-as-a-service companies and web intelligence providers but also to further AI research and development,” Grybauskas concluded. AI Lawsuits Overshadow the Benefits of Web Intelligence, Says Oxylabs In the wake of ongoing lawsuits targeting OpenAI, Google, Microsoft, and other leading artificial intelligence (AI) companies, the legality of web scraping has become misconstrued. Gathering web data at scale is in the storm of various legal concerns, with ongoing lawsuits against Google, Midjourney, OpenAI, and other tech giants. Multiplying legal battles have led people to question the legal status of web scraping and strengthened misconceptions surrounding this relatively new industry. According to Oxylabs, this has overshadowed the benefits web scraping can bring to organizations and society. “Many have been quick to pounce on the negativity surrounding web data collection, clouding the good examples of its use. Gathering public web intelligence can benefit many projects, including investigative journalism and scientific research. For example, public data from social media sites and forums has been widely used in different sociology and psychology projects and even helped to predict COVID-19 outbreaks,” explained Denas Grybauskas, Head of Legal at Oxylabs. “Web intelligence is used by travel fare aggregators and price comparison sites that help millions of people make better-informed decisions when shopping online. Web scraping is also vital for cybersecurity companies that monitor the activities of cybercriminals. It wouldn’t be an overstatement to say that without web intelligence, a lot of use cases we rely on daily would be impossible. However, as AI technology continues to evolve, consuming an ever-growing amount of public data, raising awareness about ethical web scraping has become especially important.” To combat illegal data gathering, promote common standards, and share knowhow about ethical practices, leading web intelligence organizations formed the Ethical Web Data Collection Initiative. The consortium aims to build trust around web data collection and educate industry players and the general public about its possibilities. Additionally, Oxylabs is spreading its expertise and ethical practices through such pro bono initiatives as Project 4ß which specifically targets universities and NGOs. “Through 4ß, we aim to transfer technological knowledge and support scientific research on big data”, Grybauskas added. “For example, we partnered with The Communications Regulatory Authority of the Republic of Lithuania to battle against child endangerment by deploying web scraping technology and AI-driven recognition tools that can detect harmful digital content units.” According to Grybauskas, web scraping is a fresh industry, so it naturally has legal grey areas and can be tricky. Due to its complexity, it is often unfairly portrayed, missing the many benefits it brings. “The most frequent mistake people make when scraping is failing to evaluate the nature
Apr21077 Old vs new: how technology is bridging the intergenerational investment gap Private wealth managers are facing one of the most important generational transitions in living memory. As a younger generation comes of age, we are seeing the emergence of two distinct audiences with vastly different needs, expectations, and values: young tech-natives and an older, more traditional audience. As client services businesses, this change matters for wealth managers and retail trading platforms. These two audiences behave very differently and to succeed in the long-term, firms will have to ensure that they are able to service both effectively. The big question is in how they can attract a highly complex but increasingly affluent younger audience, while retaining and remaining accessible to an older generation. Technology for all ages Central to solving this problem is technology – giving firms the power, flexibility, and functionality to simultaneously tap into these highly sought after audiences. However, the extent of intergenerational preferences By Daniel Leis, Director, Institutional Sales, Saxo Markets UK and the speed at which they can change should not be underestimated – pushing managers to think carefully about choosing the right technology and functionality that will enable them to tailor user experience to an increasingly diverse user base. Technology, while ubiquitous in wealth management, needs to provide firms with the tools to deliver the highest level of critical functionality while being able to respond to rapidly changing demand. The need for connectivity, automation of basic processes and easy access to market or portfolio intelligence cut across demographics, but understanding generational nuance and how it can be tailored to better meet demand is essential to long-term success. Having holistic basic functionality is therefore essential – giving firms an extensive toolkit to service any audience. However, tools, features and user experience that deliver these services to individuals need to be carefully crafted. The older generation, for example, is broadly characterised as being more loyal to managers, with typically lower risk appetites and with clearly defined values, according to a recent EY report. Giving this demographic
access to longer-term metrics on performance, advice delivered by humans, robust risk management and through a desktop platform are important considerations for providers. Younger generations’ needs on the other hand are widely seen as more complex. The majority of this audience has been raised on computers or smartphones and therefore expects service providers to offer the efficiency and convenience of mobile technology that they have become accustomed to. In contrast to older generations, EY’s survey revealed that they are more open to switching manager, more interested in digital offerings, more plugged into social trends and more attuned to investing in line with their values. While younger and older generations have distinct preferences, the common denominator will always be technology and performance. Rather than adding technology as preferences evolve, firms are much better placed to fundamentally address legacy systems and processes by modernising their tech stacks to stay ahead of the curve. a A lifetime pursuit Managing individual wealth should not be seen as a short-term pursuit, but a process than can last for decades or even a lifetime. Wealth managers need to have this mindset when approaching their technology – ensuring that they have strong foundations that allow them to stay ahead of the curve and adapt to rapidly changing consumer behaviour over the long-term. To futureproof their businesses, private wealth managers need to ensure that their underlying technology can help their businesses adapt to rapidly changing preferences and behaviours. The tools, automation, and functionality to serve both age groups and the many different subgroups within them already exist. Tech providers exist to arm firms with all of the functionality they will ever need straight out of the box – allowing wealth managers and retail trading platforms to tailor their user experience to best suit their customer’s unique and sometimes diverse needs in a controlled and scalable manner.
May21135 Tuya Smart and Amazon Web Services Collaborate to Establish an IoT Security Lab Tuya Smart a global IoT developer service provider, announced at the re:Inforce China conference to have jointly established a “Collaborative Security Lab” with Amazon Web Services (AWS), the world’s most comprehensive and broadly adopted cloud. This initiative aims to fortify security, compliance capabilities, and technological innovation within the IoT industry, setting new benchmarks for security and compliance standards across the sector. The collaboration will primarily focus on advancing security technology across four key domains: privacy computing, Matter PKI (Public Key Infrastructure), DevSecOps, and international data compliance. Joy Liu, Chief Information Security Officer of Tuya Smart, said, “Since the first day of its establishment, Tuya has regarded security and compliance as the core of our strategy and has always persisted in long-term construction and investment in security. Our close cooperation with AWS for nearly ten years has resulted in a profound integration of our cloud security products. Through this collaboration we will further deepen our cooperation with AWS and work together to contribute more to the security development of the IoT industry.” As of June. 30, 2023, the Tuya IoT Development Platform has accumulated over 846,000 registered developers from over 200 countries and regions. Tuya Smart’s unwavering commitment to fostering an open and neutral IoT developer platform, and building richer and safer interconnected application scenarios, has spurred years of active engagement in IoT security. This commitment is underscored by the establishment of proprietary security and compliance standards. Tuya also maintains close collaboration with industry standardization bodies, actively participating in the formulation of pivotal industry benchmarks. At the same time, Tuya also actively promotes the knowledge and popularization of security standards. In 2018, it released the “Tuya Smart Security White Paper”. In addition, thanks to its emphasis on, and practice of, information security, in the “2022 Global IoT Security White Paper” jointly released by the Research Center for Cyber Governance (RCGCG) and ioXt Alliance (Internet of Secure Things Alliance) in 2022, Tuya Smart was selected as one of the enterprises with the best security practices in the industry. Tuya proactively explores security and compliance, serving as a role model for the industry. The company’s transparent and open information security strategy enhances the involvement of partners and experts, collectively solidifying industry standards. When designing products, Tuya dissects security specifications into tangible actions, ensuring the integration of security measures throughout the lifecycle of product and solution development. Concepts such as Zero Trust Provisioning, continuous monitoring, vulnerability mitigation, over-the-air upgrades, and user-focused privacy solutions collectively contribute to enhanced product security and reliability. Given the surge of application scenarios and the number of devices in the IoT sector, security concerns have grown increasingly complicated. In response, the “Collaborative Security Lab,” a shared endeavor between Tuya Smart and AWS, leverages the strengths of both sides to fortify cooperation and exploration within the IoT domain. This collective endeavor seeks to deliver industry-wide solutions. Looking ahead, Tuya is poised to explore the integration of generative artificial intelligence (AI) into IoT security practices, offering holistic information security to customers and end-users and propelling the IoT industry toward secure and sustainable growth.
Tuya Smart and Amazon Web Services Collaborate to Establish an IoT Security Lab
May21135 • The partnership is a multi-year arrangement and is designed to accommodate OOCL Logistics’ multi-billion dollar annual trade flows through the PODIUM® platform • Suppliers can apply for financing directly via OOCL Logistics’ PODIUM® platform • Facility offers exporting suppliers a host of new benefits including financing of invoices in less than 72 hours Stenn Technologies, the leading digital fintech enabling growth for businesses engaged in international trade, e-commerce and digital services, has partnered with OOCL Logistics, the world-class logistics and supply chain services provider, to power the ‘OOCL Logistics Trade Finance’ program on a fully integrated basis. The innovative logistics and supply chain solutions company is exceptionally well-positioned to serve global markets with an extensive, growing network of more than 150 offices in over 50 countries/regions. Utilizing Stenn’s award-winning risk assessment and financing technology, OOCL Logistics will offer buyers and suppliers access to highly scalable invoice-backed capital and payment services, conveniently accessible through its PODIUM® platform. For suppliers, the partnership offers myriad benefits including allowing them to have invoices paid sooner on a non-recourse basis. Due to Stenn’s unique embedded technology providing direct access to finance, they can get funding within 72 hours of shipment. Meanwhile, buyers are able to access better payment terms from their suppliers, whilst simultaneously helping them to preserve much needed capital, or even add new suppliers. This latest partnership for Stenn is another crucial step in fulfilling the company’s mission to bridge financial gaps by providing funding accessibility across complex global supply chains. Commenting on the partnership, Peter De Souza, VP of Partnerships at Stenn, said: “Today’s partnership announcement with industry leader, OOCL Logistics, comes as a much-needed solution to the most critical issue facing 65 million underserved SMEs globally, their lack of access to affordable working capital. The integration of Stenn’s risk assessment and financing technology into the PODIUM® platform, means together with OOCL Logistics we are bringing virtually seamless access to affordable finance so suppliers and buyers may realize their international trade ambitions and supercharge their growth. Stenn is proud to play its part in closing the US$5 trillion trade finance gap with OOCL Logistics.” Commenting on the partnership, Ken So, Assistant General Manager, Commercial & Business Development at OOCL Logistics, Project Leader of the Trade Finance program said: “Having thoroughly searched the market, we are pleased to be teaming up with Stenn Technologies as our exclusive partner for trade finance. From their leading technology platform to pain-free solution implementation and high-quality training and support, Stenn truly stood out from other eFaaS providers. We look forward to helping our clients improve the resilience of their global supply chains through our OOCL Logistics Trade Finance program, and our innovative partnership with Stenn.” OOCL Logistics selects Stenn as its exclu partner for embedded trade finance serv via its PODIUM® technology platform
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