OpenAI has discussed raising money from Saudi Arabia, Indian investors, The Information reports
June 11 (Reuters) - OpenAI has talked to Saudi's PIF, Indian conglomerate Reliance Industries (RELI.NS), opens new tab and existing shareholder United Arab Emirates' MGX about its $40 billion financing, The Information reported on Wednesday, citing people familiar with the fundraise.
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Finextra
an hour ago
- Finextra
DLocal scores UAE, Turkey and Philippines licenses
DLocal, the leader cross-border payment platform specializing in emerging markets, proudly announces the obtaining of three pivotal licenses and authorizations. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. These strategic approvals from regulatory bodies in the United Arab Emirates, Turkey, and the Philippines ignite a new chapter in dLocal's global expansion, reaffirming our steadfast commitment to navigating and upholding the highest standards of regulatory compliance in diverse markets worldwide. In the United Arab Emirates, dLocal has been granted a Payment Services License. This license enables dLocal to directly operate cross-border flows for both payins and payouts, our two main services, within the country. In Turkey, dLocal has received authorization from the Central Bank of the Republic of Türkiye to operate cross-border payments via Lidio Payment Services Inc (Lidio). We consider Lidio a key player in the local market, and this authorized partnership will help us to ramp up the volume and operations in the Turkish market. In the Philippines, a key market for the inflow of remittances, dLocal has obtained a Money Services Business License, allowing the direct operation of remittance flows in the country. These new licenses join dLocal's growing portfolio of over 30 licenses and registrations worldwide, notably including the FCA (Financial Conduct Authority) license obtained earlier this year in the UK. Operating with this portfolio of licenses provides a compliant framework within local regulatory landscapes, offering a material advantage over competitors and the potential for more efficient direct integrations. "Expanding our licensed footprint in key high-growth markets like the UAE, Turkey, and the Philippines is essential to our mission of unlocking the power of emerging markets and connecting financial underserved populations to the global digital economy. It demonstrates our commitment to operating under the highest standards of trust and compliance, providing our global merchants with the secure and reliable access they need to reach billions of consumers." said Pedro Arnt, CEO. dLocal specializes in solving the unique payment challenges in regions where traditional cards represent only a fraction of transactions, connecting global companies to over 900 local payment methods across 40+ countries through a single integration. By enabling merchants to accept payments via methods like digital wallets, instant payment networks, and bank transfers, dLocal empowers populations who rely on these alternative methods and fosters economic growth.
The Sun
3 hours ago
- The Sun
World's first AI minister to govern in Dubai and oversee ALL state companies in dystopian vision of the future
ARTIFICIAL intelligence is becoming more sophisticated every year, and many people are anxious about robots taking over their jobs. But one Middle Eastern country is taking this to a whole new level, bringing AI right into the heart of its government. 3 3 3 Numerous jobs from customer service to data entry are often seen as at risk to being lost to machines in the near future. Yet even government ministers may soon have to worry about losing their jobs to artificial intelligence. From next year, the United Arab Emirates will bring an AI system into its cabinet. This will mark the first time in world history that artificial intelligence has had a seat at a nation's top table. The National Artificial Intelligence System will serve as an advisory member of the UAE 's cabinet. This system is expected to help oversee all of the oil-rich nation's state companies. Dubai 's ruler Sheikh Mohammed bin Rashid made the stunning announcement on Friday. He began a lengthy X post with some more routine government announcements. These included the establishment of a Ministry of Foreign Trade and a name change to the Ministry of Economy to the Ministry of Economy and Tourism. But then the Dubai ruled shared the jaw-dropping news than an AI system would be brought into the fold. He posted: "We also announce that the National Artificial Intelligence System will be adopted as an advisory member of the Cabinet, the Ministerial Development Council, and all boards of directors of federal entities and government companies, starting in January 2026. "The goal is to support decision-making in these councils, conduct immediate analyses of their decisions, provide technical advice, and enhance the efficiency of government policies adopted by these councils across all sectors. "The world is going through a comprehensive restructuring phase, scientifically, economically, and socially. "And our goal is to prepare today for the coming decades. "Our goal is to ensure continued prosperity and a decent life for future generations." It comes amid a big drive by the UAE to be a top player the field of AI. The country's National Artificial Intelligence Strategy 2031 aims to make the country a global leader in the field by that year. The UAE is not the only country looking to further integrate AI into day-to-day life. A robotic futuristic city in Japan with driverless cars and AI-powered homes is preparing to receive its first residents. Toyota's £8billion 'Woven City' project will be found at the base of the Mount Fuji. "We are building a city where everything, people, buildings, vehicles, is connected through sensors and AI," Akio Toyoda, Chairman of Toyota's Board of Directors, has said previously.
Finextra
3 hours ago
- Finextra
World Bank calls for "radical" restructuring of national debt reporting in new report
The World Bank released a report outlining how countries should redefine how they disclose debt due to more complexity in the current financing environment. 0 This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community. The Radical Debt Transparency report found that private placements, central bank swaps, and collaterised transactions have complicated the reporting process. As a result, while the proportion of low-income countries publishing debt data has increased from under 60% to over 75% since 2020, only 25% have reported loan-level data on newly contracted debt. The report also found that domestically-issued debt is on the rise, but disclosures are not accurate. Furthermore, countries are also using confident debt restructurings with certain creditors which withholds essential data. World Bank's senior managing director Axel van Trotsenburg stated: 'Recent cases of unreported debt have highlighted the vicious cycle that a lack of transparency can set off. When hidden debt surfaces, financing dries up and terms worsen. Countries turn to opaque, collateralized deals. Radical debt transparency, which makes timely and reliable information accessible, is fundamental to break the cycle.' The report urges debtor and creditor countries to reform their transparency practices and issue mandates to ensure transparency in loan contracts and disclosures of lending terms. The report also suggests that there should be more frequent audits and better national oversight, published debt restructuring terms, and full participation from creditors in debt reconciliation processes. The World Bank is currently working to expand their global Debtor Reporting System to ensure that quality data is being shared and utilised. Pablo Saavedra, the World Bank's vice president for prosperity, commented: 'Debt transparency is not just a technical issue—it's a strategic public policy that that builds trust, reduces borrowing costs, and attracts investment. Radical debt transparency not only supports debt sustainability but also unlocks private sector investment to drive job creation.'
