Welcome back to this week’s Five Point Friday roundup - This week has been a wild one with the US elections! It's surely been an interesting week with plenty of news around the globe. ??
Let’s dive into the latest in payments, tech, and digital finance that’s shaping the future! Following Trump’s election win, the top 10 billionaires saw a record-breaking wealth surge, with Elon Musk’s fortune alone jumping by $26.5 billion due to Tesla’s stock rise.
Meanwhile,
Google Cloud
is set to enforce multi-factor authentication for all users in 2025, aiming to enhance security amid rising breaches.
瑞银集团
has launched a blockchain-based solution for cross-border payments, offering instant, transparent transfers and programmable conditions, and joining peers like
J.P. 摩根
in blockchain finance innovation.
In publishing, Dutch giant
VBK uitgevers
is testing AI-driven book translations, sparking concern among translators about AI’s impact on literary quality. Lastly,
谷歌
Wallet for kids will debut in 2025, enabling supervised in-store purchases with parental controls to ensure a safe spending experience for young users. Want the full scoop? Let’s run through it! ??
?? Top 10 Billionaires See Record Wealth Surge Following Trump Election Win
- Record Wealth Surge: The 10 richest people in the world saw their combined wealth increase by nearly $64 billion following Donald Trump’s presidential election win, marking the largest single-day gain since
彭博资讯
’s Billionaires Index began in 2012.
- Biggest Gainers: Elon Musk led the surge with a $26.5 billion increase, reaching a fortune of $290 billion, largely due to a jump in Tesla's stock. Jeff Bezos, Larry Ellison, and Warren Buffett were also major beneficiaries, with Bezos adding $7 billion and Ellison nearly $10 billion to their net worths.
- Market Response to Trump Win: Stock market optimism driven by expectations of low-tax and deregulation policies under Trump boosted US stocks, particularly benefiting tech and energy sectors. Bernard Arnault was the only top-10 billionaire to see a loss, with a dip of nearly $3 billion.
?? Google Cloud to Enforce Multi-Factor Authentication for All Users in 2025
- Mandatory MFA Rollout: Starting in 2025, Google Cloud will require all customers to use multi-factor authentication (MFA), gradually enforcing this worldwide for enhanced security against credential theft and breaches. Notifications and prompts will start appearing in the Google Cloud console.
- Phased Deployment: In early 2025, Google will mandate MFA for all password-based users of Google Cloud, followed by federated users (those using third-party authentication) by the end of the year. This aligns with similar security measures already rolled out by
Amazon Web Services (AWS)
and
Microsoft Azure
.
- Enterprise Focus: With a significant rise in data breaches in 2024, Google emphasizes MFA's necessity for enterprise cloud deployments. Although MFA remains optional for regular Google accounts, users accessing Google Cloud resources with personal accounts will need to enable it for added protection.
?? UBS Launches Blockchain-Based Solution for Cross-Border Payments
- Instant Payments with Transparency: UBS is piloting a blockchain solution enabling instant cross-border payments in various currencies, including USD, EUR, CHF, and CNY, for corporate clients. This system improves efficiency, transparency, and control for corporate treasurers by minimizing risks tied to traditional cross-border transactions.
- Programmable Payments: The solution allows payments to be scheduled with conditions, ensuring funds are available where needed, controlling credit charges, and managing liquidity with ease. Companies like
Autoneum
report benefits like faster transactions and seamless traceability in global operations.
- Blockchain-Driven Initiatives: UBS’s blockchain efforts extend to other digital finance projects, such as central bank digital currency (CBDC) trials in Switzerland and the
Bank for International Settlements – BIS
’ Project Agorá. They join industry peers, including
J.P. 摩根
and
花旗
, in exploring tokenized deposits and blockchain-backed payment systems for institutional clients.
?? Dutch Publisher VBK Begins AI-Driven Translation Experiments
- AI-Powered Translations: The Netherlands' largest publisher, VBK, recently acquired by
Simon & Schuster
, has begun using AI to translate select Dutch books into English. These translations include a human editing phase, and authors' consent is required.
- Industry Concerns: The experiment raises concerns among translators. The Translators Association warns that AI's increasing role threatens translators' job security and may compromise literary quality, as AI prioritizes fluency over nuanced accuracy.
- Impact on Translation Industry: AI’s growth in translation, especially within technical fields, has already pushed down rates and led translators to leave the profession. Literary translators fear similar challenges, with rates stagnating as AI tools become more common.
?? Google Wallet for Kids Set to Launch in 2025
- Parental Controls & Supervision: Starting in 2025, under-18s using Android will be able to make in-store contactless payments via Google Wallet with parent-approved debit or credit cards, as long as they are supervised through Google’s Family Link system. All transactions will require PIN or biometric authentication.
- In-Store Use Only: This version of Google Wallet will only work for in-person payments, with no online spending option. Parents can monitor transactions, approve or remove cards, and block passes remotely for added safety.
- Feature Expansion: Besides payments, Google Wallet for kids will support event tickets and gift cards, though ID and health cards won’t be included at launch. Following successful tests with the
Fitbit (now part of Google)
Ace LTE kids tracker, Google plans a cautious, feedback-driven rollout in the US before expanding to other regions.
What did you think of this week's Five Point Friday?
?? Subscribe to become a Fiver
?? Share it for others to join us
?? Like this post to increase our visibility
If you're up for a chat reach out on LinkedIn, I'm always happy to talk!
#fivepointfriday #fintech #payments #tech #newsletter #fiver
Are you looking for a gifted speaker for your event that can talk about Fintech, Payments, Tech or Personal Development?
Let's discuss how we can add some ?? to your event!
#speaker #speakerprofile #speakerneeded #opentospeaking
