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Weekly Agenda Summary: 02

We are here with compiled and summarized versions of the prominent developments in our main categories of finance, technology, business world, enterprise, future, life and other fields related to these categories between 20 - 26 May. If you are ready, we will start reporting the highlights of the week!

Detailed View

The Australian government announced that it has passed the digital identity bill. The legislation will establish a digital ID system in the country's economy and allow financial institutions and providers to apply and participate in the government's digital ID platform. The most important benefit of this system will be to create a stronger and safer ecosystem for online users. The new legislation will come into force in November 2024 and businesses will be able to join the government's digital identity system by 2026 .

Domestic fintech startup Colendi raised $65 million in the Series B investment round from a group of investors, including Citigroup Inc.'s venture capital, and reached a valuation of $700 million. Migros, Citi Ventures, Sepil Ventures, Re-Pie Asset Management, Finberg and Hedef Holding as well as existing investors also took part in the investment round. The startup plans to be ready for public offering both domestically and abroad by 2026. Colendi, which has 17 million users in Turkey, aims to reach 1 billion users.

United Payment became the first Turkish company to receive an e-money license in Azerbaijan. Thus, the company received the most comprehensive license allowed by the regulation from the Central Bank of Azerbaijan. United Payment, which established its Azerbaijan office in 2020, was registered in 2021 and started its activities in the country in 2023. The local company currently runs Azerbaijan's largest operation in the field of payment systems .

Google Pay has been revamped to let shoppers see their card's benefits, use BNPL on more sites, and use biometrics instead of CVV codes at checkout . Those who use the autofill feature on Chrome or Android during checkout will now be able to autofill all card information with a fingerprint, face scan, or screen lock PIN and will not have to enter a CVV security code.

Türkiye İş Bankası implemented İşGPT, the first Turkish major language model. Developed by İşbankArtificial Intelligence Department, İşGPT can be actively used by all employees in various application areas such as legislation, foreign trade, performance management and content structuring. İşGPT, which has advanced artificial intelligence functions such as text summarization, question answering through content, classification, Named Entity Recognition (NER) and translation, succeeds in providing fast and accurate answers to 91% of the questions asked. With all these features,the bank aims to accelerate customer service processes and further increase the productivity of its employees.

ICQ , one of the oldest messaging applications, is officially shutting down after 28 years. Russia-based VK company has been serving as the owner of ICQ since 2010. The company announced in a message it published recently that ICQ was shutting down. ICQ experienced tremendous growth after it was acquired by AOL in 1998. By 2001, ICQ had 100 million registered users.

JPMorgan decided to provide training in this field to all its new employees as part of its efforts to strengthen its reputation as an artificial intelligence power. This month the bank; announced that it used OpenAI's GPT-4 model for a series of thematic investment baskets, identifying keywords associated with a theme and then putting them into a natural language processing model that scans news articles to identify companies in that field. A study found that JPMorgan increased its share of artificial intelligence research output from 30% to 45% in 2023 compared to 2018.

DeepL , which develops artificial intelligence-supported translation and writing solutions, received an investment of $300 million in the round led by Index Ventures . The valuation of the company reached 2 billion dollars. DeepL aims to strengthen its new investment, artificial intelligence communication and translation tools for corporate businesses; He said he would focus on research and development for its product range. The company also plans to continue its global expansion trend and hiring, including adding more talent in AI research, product, engineering and marketing.

Banking Regulation and Supervision Agency ( BDDK ) approved the establishment of the digital participation bank titled Adil Katılım Bankası AŞ. The new bank, which was established to operate in accordance with the operating principles specified for digital banks in the Digital Banking Regulation, has a founding capital of 3 billion TL. There are currently two banks in the sector that have received operating permits as digital banks: Hayat Finans and TOM Katılım Bankası.

X , formerly known as Twitter, opened an Istanbul-based office in Turkey and appointed a representative. Thus, the company's advertising ban in Turkey was lifted. As a result of the amendments made in the Internet Law No. 5651, Information Technologies and Communication Authority announced that the decision to ban advertising on X was lifted with the notification published in the Official Gazette.

Instagram is testing stories that can be viewed once. Thus, the company plans to bring new stories to the platform, which disappear after being viewed once, with this feature similar to BeReal and Snapchat. New stories will need to be captured instantly from the camera, photos cannot be added from the gallery as in normal stories. Additionally, the photos taken will not be able to be edited or added to filters. Sharing photos as they are, without any modifications, is a trend that has become popular with BeReal. The new feature called “Peek” is currently in the testing phase.

Brief Brief

  • According to research, the closure of bank branches upsets young people.

  • Google is rolling out the password sharing feature for family members.

  • Global venture capital investments declined in the first quarter of 2024.

  • Domestic cyber security initiative SOCRadar received an investment of 25.2 million dollars.

  • Foursquare is laying off 105 employees, reducing its workforce by approximately 25%.

  • Google is preparing to build the first submarine fiber optic cable that will connect Africa to Australia.

  • President Erdoğan will open the 1st AlBaraka Summit.

  • X is preparing to remove the likes tab from profiles.

  • Fintech company Vitesse received an investment of $93 million.

  • Scarlett Johansson is preparing to sue ChatGPT.

  • DogGO received an investment of 10 million TL through crowdfunding.

  • Microsoft announced that Windows 10 updates will not be available soon.


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