HKMA Launches DLT Innovation Incubator, Filipino Banks using Hedera for remittances, and MANTRA Tokenizes $1B in Dubai Real Estate!
Welcome to QX Snapshots - a weekly recap of the key news on emerging technologies. In this newsletter, you will get a "digest" of the latest info on Enterprise Blockchain, AI, Quantum Technology, and more.
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[Blockchain] HKMA Launches DLT Innovation Incubator, Filipino Banks using Hedera for remittances, and MANTRA Tokenizes $1B in Dubai Real Estate. The Hong Kong Monetary Authority launched a "Supervisory Incubator for Distributed Ledger Technology" focusing on tokenized deposits and risk management. The platform allows banks to validate their DLT risk controls and conduct optional live trials, with HKMA providing supervisory feedback. This adds to HKMA's existing DLT initiatives, including a stablecoin sandbox, Project Ensemble for wholesale CBDC, and e-HKD+ for tokenized deposits. The incubator aims to foster safe DLT banking innovation while helping banks avoid common design mistakes and tunnel vision in implementation. Meanwhile, several Filipino banks are launching PHPX, a peso stablecoin on the Hedera network, led by UnionBank and startup Just Finance. The initiative aims to improve cross-border payments and remittances, with the Philippines receiving $40 billion in remittances in 2024. The stablecoin will be backed by government bonds held in segregated trust accounts and initially operate on a permissioned network to comply with Basel Committee rules. The system will enable seamless currency exchanges and direct payments for services like school tuition. Launch is expected between May and July, pending central bank approval. Also, MANTRA, a blockchain platform for real-world assets, has signed a $1 billion deal with Dubai developer DAMAC Group to tokenize Middle Eastern assets. The partnership will convert property rights into digital tokens on blockchain for trading. DAMAC, a major Dubai developer with real estate and data center holdings, plans to make its assets available on MANTRA chain early this year. This follows MANTRA's earlier $500 million tokenization deal with MAG Property Development as the UAE is working to become a global digital assets hub.
[AI] Nvidia Unveils $3,000 AI Supercomputer, GeoSpy AI Launches 3D Geolocation Tool, and WEF Warns of AI-Driven Workforce Shifts by 2030. Nvidia unveiled Project Digits, a $3,000 mini AI supercomputer, at CES 2024. CEO Jensen Huang presented the device, which runs on the GB10 chip developed with MediaTek and includes Nvidia's Grace CPU and GPU. The computer targets AI developers, researchers, and universities who need powerful AI capabilities without massive data center costs. Launching in May, it can run the complete Nvidia AI software stack and plugs into a standard outlet. While currently aimed at developers rather than consumers, analysts suggest this could be Nvidia's first step toward entering the $50 billion PC market. Meanwhile, GeoSpy AI has introduced Superbold, a new AI system that can precisely determine the location where social media photos were taken and render them in 3D. GeoSpy Pro, their advanced AI platform, offers street-level photo geolocation with meter-level accuracy through computer vision models, designed for city or country-specific use. The system features a user-friendly interface for easy access to these capabilities. You can try it here : https://superbolt.geospy.ai/. In other news, the '2025 Future of Jobs" World Economic Forum report indicates 41% of companies plan workforce reductions by 2030 due to AI automation. While 77% of surveyed companies aim to reskill existing workers for AI collaboration, the 2025 report no longer considers AI a "net positive" for employment. Jobs like postal clerks, secretaries, and graphic designers face decline, while AI-related roles grow in demand, with 70% of companies planning to hire AI specialists. Though the report suggests AI might augment rather than replace human skills, some tech companies have already conducted AI-related layoffs.
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[Quantum Technology] World’s Smallest QRNG Chip Unveiled, EU-Funded Silicon Spin Qubits Project Launched, and Quantum Computing Track at CES 2025. Elmos Semiconductor and ID Quantique have partnered to develop the world's smallest quantum random number generator (QRNG) chip. The 2mm x 2mm monolithic solution uses quantum in-chip photoemission to generate high-quality randomness, ensuring protection against cyber attacks and environmental variations. The collaboration combines Elmos' semiconductor expertise with ID Quantique's quantum technology leadership. The chip features low power consumption, scalable key rates, and short start-up times, and will be available as a standalone IC or through IP licensing for automotive, IoT, and communication applications. Meanwhile, The EQUSPACE consortium,? has received €3.2 million from the European Innovation Council to develop silicon-based quantum technologies. The four-year project, starting February 2025, brings together five partners from three EU countries to create a quantum platform using silicon spin qubits. The project aims to leverage existing semiconductor infrastructure for quantum computing and sensing applications. Selected from 1,110 applications, EQUSPACE seeks to strengthen Europe's position in the global quantum race, competing with advances in Canada, Australia, China, and the US. Also,? CES 2025 features quantum computing prominently, marking the UN's International Year of Quantum Science and Technology. The event includes a dedicated Quantum Track with three sessions exploring breakthroughs and applications. Major players like Microsoft, IBM, IonQ, and Quantinuum are participating, showcasing recent innovations. Companies like Multiverse Computing will demonstrate practical applications. While still far from consumer applications, quantum computing's presence at CES signals its growing importance in driving technological innovation across industries.
[General technology] EU Commission Fined for Privacy Breach, NonEuclid RAT Raises Alarm with Advanced Evasion, and FunkSec Ransomware Group. The European General Court has fined the European Commission €400 for violating EU privacy laws by transferring a German citizen's personal data to Meta's US servers. The case involved the futureu.europa.eu website's Facebook login option, which transmitted user IP addresses to Meta without adequate data protection safeguards. This marks the first time the Commission has been held liable for breaching EU data privacy regulations. The Court found the violation "sufficiently serious," though claims about Amazon CloudFront data transfers were dismissed. Meanwhile, a new remote access trojan called NonEuclid has emerged, targeting Windows systems with sophisticated evasion techniques. Developed in C# and advertised since late 2024, the malware combines antivirus bypass, privilege escalation, and ransomware capabilities. It evades detection by checking for virtual environments, bypassing Windows AMSI, and configuring Microsoft Defender exclusions. The RAT achieves persistence through scheduled tasks and registry changes, and can encrypt files with the ". NonEuclid" extension. Its widespread promotion on forums and tutorials indicates its growing popularity among cybercriminals. Also, FunkSec emerged as a prominent ransomware group in late 2024, claiming over 85 victims in December alone. Analysis reveals the group likely consists of inexperienced actors using AI-assisted malware development tools. Their ransomware, written in Rust, shows signs of amateur development but rapid iteration through AI assistance. The group straddles hacktivism and cybercrime, often recycling leaked data from previous campaigns. Despite demanding low ransoms (as little as $10,000), their true capabilities may be more modest than their public presence suggests, highlighting how AI enables less skilled actors to appear more sophisticated.