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China to Reign in Risky Borrowing and Fraud using Financial Data from Tech Companies

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To combat fraud and risky borrowing, the Chinese government may turn to local tech companies for help.

Anonymous sources told Reuters that companies like JD.com and Tencent (affiliated with Alibaba) may have to give up users’ loan information.

With such a move, China would be exerting even higher levels of control over the internet.

Under the new plan, tech companies would share loan information with Credit agencies under instruction from the People’s Bank of China.

Lenders will then be able to access this information from credit bureaus and use the information to evaluate the risk of lending to individual borrowers. These credit agencies include Baihang Credit and Credit Reference Center.

The policy may work in favor of smaller lenders who take on a higher degree of risk than larger lending companies.

Payment platforms like Alipay and Ant Group have a billion users collectively which means that they possess a wealth of information that smaller lenders can benefit from.

WeBank is a small consumer lender controlled by Tencent and JD Digits is under JD.com.

According to Shanghai-based Fintech entrepreneur Alex Sirakov, China will be making the right choice: “China seems to be making the unpopular, albeit right choice to sacrifice the current closed loop mentality financial paradigm in favor of a broader digital identity framework with potentially better access and greater efficiency in the long run.”

Large tech companies wield so much power in China that the Chinese Communist Party is growing more and more concerned about them.

Ant Group was supposed to debut on the stock market in November, but the $37 billion IPO was cancelled two days before it went live. It was an anticlimax.

The People’s Bank of China demanded that the Ant Group mends its business in order to meet government regulations and make itself more cooperative with the government and transparent in its dealings with micro-lending services.

Chinese government regulating agencies are now investigating ecommerce giant Alibaba. The mere announcement of these investigations led to a significant 9% dip in share prices.

East Asia Economics expert Richard McGregor said this to AFP: “There is an underlying political message that no company and no individual can grow so big in China to the point where they can potentially challenge the authority of the [Chinese Communist Party].” McGregor is based at Sydney’s Lowy Institute.

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Leading the Way to the Workplace of the Future

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Hybrid workplaces are a hot topic nowadays. But what comes after the hybrid workplace?

Cameyo is a company that has been a leader in using cloud desktop technology, which has proved superior to Citrix. Cameyo still emphasizes building a working group to focus on defining the future cloud office and what it will entail.

Even in these early-stage efforts, you can still see what elements are still needed. But we can still flesh out what the future digital workspace will need to work.

The Covid-19 pandemic has brought about a downturn in the market over the last year. And this has brought up the one thing that people will need to navigate the future workplace. They will need to be flexible.

We can now look at how things might look in the future.

8 Parts of an Ecosystem

The Digital Workspace Consortium envisions 8 parts of the ecosystem of the future workplace. The first part is cloud-connected virtual desktops. These devices will resemble small PCs or tiny desktop computers which will be only the front end of a desktop that is cloud-hosted.

Part two is the virtual applications on which the cloud desktops will work. These applications will provide the necessary tools for workers to do their jobs either remotely or on-site.

Part three will be Secure Endpoints to facilitate the greatest integrity and to safeguard companies as well as workers from cyber-attacks both local and remote.

Part four will be innovative tools for collaboration between individuals working both on-site and remotely, keeping them cohesive and connected.

Part five will be about Policy and Management policies that ensure units perform optimally and follow consistent rules across organizations.

Part six will be keeping employee skills up to date and addressing interpersonal problems by using critical analytics, as well as monitoring and testing.

Part seven will be print management, to provide better security of printed materials and keep printers in good condition and functioning.

Part eight will be security in part through secure endpoints. This will entail providing physical as well as electronic security by safeguarding company websites and keeping remote employees safe.

These components may seem all-encompassing, but I believe that there are a few more areas that need to be covered. They include site management, employee monitoring, and consumption management, bolstering employee productivity, boosting work/life balance.

 

These eight components seem pretty complete, though I’d suggest a few more: site management, including auto-provisioning of the workspace; consumption management and reporting (monitoring utility and resource usage to contain costs); employee monitoring; and management efforts to bolster employee productivity and work/life balance. Finally, virtual space management ensures the consistency, compliance (safe workspace), and effectiveness of virtual collaboration spaces as those come online.

What the result looks like to an employee is a remotely managed working experience that is consistent and that allows people to work from any location without disruptions.

Employees working on-site will benefit from a workplace that is provisioned dynamically. Workers can collaborate seamlessly using consistent tools regardless of their location. All employees should have access to the support of their colleagues while working remotely or on-site.

Future houses will be fitted with virtual offices allowing people to work and collaborate with others on projects without having to commute. We doubt this will come earlier than 2030, though.

In conclusion, the future workspace will be more virtual than ever (obviously.) The pandemic has led to more people than ever before taking on remote work.

We already have smart offices equipped with digital technology but we don’t have consistency in the tools we use and how we cooperate in using them.

We believe that the Digital Workspace Consortium should play a leadership role in the conversation about the future workspace. To do this, we will need to address a clear path to market which is the missing link.

The group wants to partner with companies like Dell, Accenture, or Lenovo to lead the way to tackle the challenges of the future workspace.

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Researchers Explore the Future Workplace in an Online Game

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What do video games have in common with the work place? A lot, it turns out.

In a new online game called The Automated Life gamers will get a virtual experience of a futuristic, increasingly automated work place.

Now that algorithms are trading stocks, robots are building cars, and computers are carrying out translations, many professions are being transformed by technology.

Thanks to artificial intelligence and robotics, we are seeing some careers disappear while some new careers emerge.

The Max Plank Institute for Human Development’s Center for Humans and Machines is behind the development of the online game.

How will robots and artificial intelligence shape the work place of the future? How many of our roles will be taken over by automation? What skills and knowledge will people need to find a place the future work force?

What jobs will become obsolete? What new jobs will emerge? These are some of the issues addressed by participants in The Automated Life game.

Alex Rutherford spearheaded the design of the game at the Center for Humans and Machines with these questions in mind.

At the start of the game, every player finds themselves in a career that it at risk of going obsolete thanks to technology.

They face the challenge of saving up to train for new skills in order to secure new jobs. These new jobs come with opportunities to further up skill and improve their career trajectory.

As they progress, automation and new technology continues to eliminate more jobs and players have to constantly make shrewd decisions bearing in mind technological advancements, their own financial situation, and how long they have before they reach retirement.

“We’re seeing time and again how the accelerating pace of automation is causing people a lot of stress and generating a sense of fear about the future. Our aim was to capture this in a game and show how people in low-paid jobs experience automation,” explains Max Planck Institute for Human Development Senior Researcher Alex Rutherford.

Rutherford spearheads a working group that probes the relationship between labor economics, network science, and artificial intelligence as far as the future of the work place is concerned. Rutherford came up with the idea and took charge of the creative process.

Francis Tseng, the game developer draws a parallel between working life and video games. “In computer games, the developers set the rules—players can only make limited decisions. So in fact it’s rather similar to automation in working life,” Tseng quips.

This is not the first time that researchers from the Center for Humans and Machines have come up with an exciting gaming project.

They also created MyGoodness to rate users based on how generously they are willing to donate. The creation of MyGoodness was led by Edmond Awad.

Besides altruism, the team has also experimented with a multiple people controlling one person with the game Social Game. This game was demonstrated at a larger scale during a Halloween party in 2018 when one human being was jointly controlled by a group. The group sent the person on an adventure.

The Automated Life is a game that is meant to gather data from each player anonymously and this data will fuel research in future.

“Automation in the world of work is an issue that affects us all in some way and confronts society with significant challenges. That’s why research is needed that explores the problems and identifies potential solutions,” continued Alex Rutherford, a Senior Research Scientist with the Max Planck Institute for Human Development.

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7 Bitcoin Exchange Platforms available

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Some information about the Bitcoin trading platforms for serious traders.

Why do so many people invest in Bitcoin? How exactly does one invest in Bitcoin? How does one buy and sell Bitcoin? Which is the best Bitcoin exchange platform that offers safe solutions for crypto exchange?

Bitcoin is by far the most common crypto-currency ever. Millions make regular investments in Bitcoin, and even those who haven’t invested in Bitcoin, are talking about it.

One of the best ways to realize a decent return on investments is to buy into Bitcoin through a crypto savings account.

How to Invest In Bitcoin

It is a lot like buying stocks. The major difference is that Bitcoin is more volatile because the value of Bitcoin is more unstable.

We are now going to go over the step-by-step process of investing in Bitcoin.

  1. Open a brokerage account with a financial investment company that provides crypto investment services
  2. Deposit money into your brokerage account
  3. Buy shares with the funds you deposited
  4. Sell your stocks some time, hopefully at a profit

When you get to step 3 you will see the difference because you will be buying Bitcoin and not stocks.

Some platforms even allow buyers to use credit cards to buy Bitcoin. Or even to use bank account transfers to buy Bitcoin. Some of the Bitcoin trading platforms will let users carry out direct deposits of Bitcoin by directly transferring Bitcoin.

The Procedure of Bitcoin Direct Deposit

When you want to directly deposit Bitcoin, you cannot use credit cards or bank funds. You have to deposit Bitcoin directly from a different Bitcoin trading platform.

You will embed the address of the platform’s wallet and into the source exchange together with the quantity of Bitcoin before transferring it to your new Bitcoin trading platform. It sounds a little complicated, but it is really a fast process that takes a couple of minutes.

The Best Bitcoin Trading Platforms

Here are some of the best Bitcoin Trading Platforms available now

Coinbase

Coinbase enjoys the highest ratings and popularity among users for allowing people to buy bitcoin directly in US dollars.

On Coinbase, you can buy Bitcoin, Litecoin, and Ethereum as well as 30 more digital coins and tokens. You can also earn interest on USDT or complete tasks to receive tokens.

Gemini

Gemini is an attractive Bitcoin trading platform because it offers users more security and a more transparent process of investing in Bitcoin. Gemini has a policy of investing more in securing customer’s investments.

BlockFi

BlockFi allows Bitcoin investors to not only buy Bitcoin, but also to lend and make interest on it. When you want to cash in on your Bitcoin, you can either borrow on it or sell it.

Robinhood

Robinhood is a free platform for crypto currency investment and trading. But only a few states have access to this facility which covers Ethereum as well as Bitcoin.

eToro

eToro is huge all over Europe and the UK but still new in the United States. eToro is a Bitcoin Trading platform that offers investors a buffet of digital assets they can invest in.

If you are new to Bitcoin, eToro offers a pretend trading account for users to practice investing and trading in Bitcoin before using real money.

Bitcoin IRA

Here is one unique Bitcoin exchange service. Bitcoin IRA users can exchange currency efficiently and their trade is regulated as well as their gains taxed.

On this platform, you can enjoy the features of a crypto wallet as well as a trading platform.

Coinmama

Coinmama offers a higher degree of versatility. Users can buy Bitcoin using a range of methods, including debit and credit cards, bank transfers, and Apple Pay accounts. The tokens on coinmama are immensely popular.

This list of 7 platforms is by no means exhaustive. There are other platforms like Hitbtc.com, Kraken.com, and Binance.

Once you understand Bitcoin, it is easy to invest because Bitcoin is so similar to stocks. Except that you are not buying stocks.

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