JP Morgan to Launch ChatGPT-Like Investment App. 2 other stories and a trivia

This line-up of stories will help you discover the latest happenings around the tech world, today.

1. JP Morgan to Launch ChatGPT-Like Investment App

JP Morgan is set to launch an investment app similar to ChatGPT, joining the trend of financial institutions embracing Artificial Intelligence (AI) products.

The company made this known in a statement seen by Ripples Nigeria on Monday, June 12, 2023.

According to the company, its team is working on trademarking a product called IndexGPT, which utilizes AI-powered cloud computing software for analyzing and selecting securities tailored to customer needs.

The trademark application also hints at potential applications in advertising, marketing services, and clerical and administrative tasks.

Ripples Nigeria gathered that the success of ChatGPT, which reached 100 million users since its November 2022 launch, has prompted companies to explore ways to improve productivity and efficiency.

JPMorgan Chase CEO Jamie Dimon emphasized the importance of AI in a letter to shareholders, noting its significant value in various areas such as risk assessment, prospecting, marketing, customer experience, and fraud prevention.

The company boasts a strong AI infrastructure, with over 1,000 individuals involved in data management, 900 data scientists, and 600 machine learning engineers.

As the AI race intensifies, concerns about the lack of regulation have emerged as critics argue that governments should act swiftly to establish guidelines for AI implementation.

TECH TRIVIA: What differentiates flash memory from other types of ROM chips?

A. It is faster to read
B. It can be quickly erased and rewritten
C. It has no moving parts
D. It keeps its data even when disconnected from power

Answer: see end of post

2. Canada’s Brookfield to acquire Network International for US$2.76bn

Brookfield Asset Management, a startup based in Canada, has announced plans to acquire payments provider, Network International for a cash sum of $2.76 billion.

Network International, which operates in two segments, stated in a press release, that it aims to expand its payments business in the Middle East and Africa with this deal.

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The startup seeks to leverage its $5 billion in assets under management in the region.

According to sources privy to the deal, the offer of 400 pence per share represents a 64% premium to Network International’s closing price on April 12.

Meanwhile, First Abu Dhabi Bank, the UAE’s largest lender, plans to co-invest with Brookfield in the acquisition.

The financing for the deal will involve an equity investment, with Brookfield Business Partners expecting to contribute up to $150 million.

3. Oman’s byanat closes seed funding round for data analytics solution

Data analytics company, byanat, has closed its seed funding round with contributions from 500 Global, Sanabil Investments, Omantel, Al Jabr MENA, and angel investors including Yaser Alghamdi.

The company’s SaaS solution focuses on scaling and maintaining connected infrastructure through unified connectivity management, device management, and data analytics.

The investment will accelerate product development, provide access to the Saudi market, and support rapid growth.

byanat has been recognized with the Machine Learning Award in Data at Oman’s 2nd Big Data and Analytics Meet and accepted into the 500 Global accelerator program in the MENA region.

The company aims to revolutionize the technology industry with its groundbreaking platform that leverages devices and connectivity data for efficient and sustainable infrastructure.

The investment marks a significant endorsement of Omani startups and reflects the far-sighted vision of Omantel in supporting innovation and technology.

Al Jabr MENA also expresses confidence in byanat’s capabilities and commitment to contributing to their success as they expand operations and enter new markets.

byanat’s forthcoming SaaS analytics platform integrates IoT and connectivity management, addressing the growing complexity of digital infrastructure and delivering value to customers.

Trivia Answer: Flash Memory

Flash memory is a form of computer ROM chip used in computers, mobile devices, digital cameras, and many other electronic devices. It is non-volatile (preserving data even when powered off) and solid-state (with no moving parts).

Flash memory stores firmware instructions for all sorts of electronic devices — computers and smartphones, networking equipment, cars, televisions, and even household appliances. It is also used for general data storage in SSDs, flash drives, SD cards, and embedded disks in mobile devices.

Flash memory is a type of electrically-erasable programmable read-only memory or EEPROM. The name comes from how the memory erases data, clearing a section of memory cells in a single action or “flash.”

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