The EPAA (European Payments Acceptance Association) has taken a significant step towards enhancing cybersecurity in the financial sector by forming a working group in collaboration with industry giants IBM, HSBC, AP+, and PayPal. This partnership aims to explore the adoption of quantum-safe cryptography, a critical measure to safeguard financial systems against emerging cyber threats posed by quantum computing.

As quantum computing technology advances, traditional cryptographic methods used to secure financial transactions face the risk of being compromised. Quantum computers have the potential to unravel existing encryption algorithms, posing a serious threat to the security of sensitive financial data.

In response to this looming challenge, the EPAA has joined forces with leading technology and financial institutions to investigate quantum-safe cryptography as a proactive security measure. Quantum-safe cryptography utilizes algorithms that are resistant to attacks from both classical and quantum computers, ensuring robust protection for sensitive financial information.

By establishing this collaborative working group, the EPAA aims to drive research and development efforts in quantum-safe cryptography, with the goal of implementing robust security measures across the financial industry. The involvement of key stakeholders such as IBM, HSBC, AP+, and PayPal underscores the importance of addressing cybersecurity challenges proactively and collaboratively.

Through this initiative, the EPAA and its partners are committed to staying ahead of the curve in cybersecurity and ensuring the integrity and confidentiality of financial transactions in an increasingly digitized world. By leveraging the expertise and resources of industry leaders, the working group aims to pave the way for the widespread adoption of quantum-safe cryptography, safeguarding the future of financial systems against emerging threats posed by quantum computing.

Source: fintechfutures.com

Azim Premji’s family office, through its investment arm Premji Invest, is reportedly channeling its resources into Artificial Intelligence ventures, aiming to deploy a staggering $10 billion fund. This ambitious move underscores a strategic pivot towards cutting-edge technologies in the investment portfolio.

With the rapid evolution of AI technologies reshaping industries worldwide, Premji Invest’s significant bet on AI ventures signals a firm belief in the transformative potential of these innovations. By earmarking such a substantial fund for AI initiatives, the family office aims to capture opportunities in this dynamic and rapidly expanding market.

Premji Invest’s commitment to AI ventures aligns with broader trends in the investment landscape, where tech-focused opportunities continue to attract significant capital inflows. As AI permeates diverse sectors, from healthcare and finance to manufacturing and retail, investors are increasingly recognizing its potential to drive growth, innovation, and efficiency.

The move also reflects Azim Premji’s longstanding commitment to driving societal impact through technology and innovation. With a track record of supporting initiatives that leverage technology for social good, Premji Invest’s investment in AI ventures underscores a broader vision to harness innovation for positive change.

Moreover, the sizable investment fund underscores Premji Invest’s confidence in the long-term viability and scalability of AI ventures. Despite the inherent risks and uncertainties associated with emerging technologies, the family office appears bullish on the prospects of AI-driven businesses to deliver significant returns over the coming years.

As Premji Invest positions itself at the forefront of AI investment, it joins a growing cohort of investors seeking to capitalize on the transformative potential of artificial intelligence. By allocating substantial resources to support AI ventures, the family office aims to not only generate financial returns but also to catalyze innovation and drive positive change in the global economy.

Source: livemint.com