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Hong Kong central bank studies AI’s impact on banking jobs 

The Hong Kong Monetary Authority (HKMA) has issued a warning about the potential impact of artificial intelligence (AI) on jobs in the banking sector. The central bank highlighted that while AI technologies offer significant benefits for financial institutions, they also pose challenges for the workforce.

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The Hong Kong Monetary Authority (HKMA) has issued a warning about the potential impact of artificial intelligence (AI) on jobs in the banking sector. The central bank highlighted that while AI technologies offer significant benefits for financial institutions, they also pose challenges for the workforce.

In a recent report, the HKMA outlined how AI is transforming various aspects of banking, from customer service and risk management to fraud detection and investment strategies. The integration of AI has led to increased efficiency and enhanced services but has also raised concerns about job displacement and the need for workforce reskilling.

“AI is a double-edged sword for the banking sector,” stated Eddie Yue, Chief Executive of the HKMA. “On one hand, it offers tremendous opportunities for innovation and improved customer experiences. On the other, it necessitates a transformation in the workforce, with some roles becoming obsolete and new skills being required.”

The report urges banks to adopt a proactive approach in managing this transition. It recommends that financial institutions invest in training programs to equip employees with the skills needed to work alongside AI technologies. Additionally, the HKMA calls for the development of ethical guidelines to ensure the responsible use of AI, emphasizing the importance of transparency and accountability.

“Financial institutions must not only embrace AI but also take responsibility for supporting their employees through this technological shift,” Yue added. “This includes providing reskilling opportunities and fostering a culture of continuous learning.”

The HKMA’s warning comes as banks worldwide are increasingly leveraging AI to stay competitive. In Hong Kong, several major banks have already implemented AI-driven solutions, ranging from chatbots to sophisticated data analytics tools. While these innovations are driving growth, they also highlight the urgent need for the banking sector to address the potential human impact.

The report concludes by urging policymakers, industry leaders, and educational institutions to collaborate on strategies that balance technological advancement with workforce sustainability. The HKMA is committed to facilitating this dialogue and supporting the banking sector through the AI-driven transformation.

As AI continues to reshape the banking industry, the HKMA’s insights underscore the critical importance of preparing for a future where technology and human skills must coalesce harmoniously.

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Bitcoin price risks drop to $71K as Trump tariffs hurt US business outlook

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Bitcoin is setting its sights on the $71,000 mark as market conditions shift in response to geopolitical and economic developments, including a new tariff agreement and weakening U.S. business sentiment.

Recent market activity suggests that Bitcoin is benefiting from concerns over traditional economic indicators, with investors turning to digital assets as a hedge against economic uncertainty. A rare slump in U.S. business outlook has fueled speculation that risk assets, including Bitcoin, could see increased inflows.

Additionally, ongoing global trade negotiations and tariff adjustments have contributed to market volatility, prompting investors to seek alternative stores of value. Analysts suggest that if macroeconomic pressures persist, Bitcoin could continue its upward trajectory, potentially testing the $71,000 resistance level.

Despite short-term fluctuations, Bitcoin remains a focal point for investors navigating inflation concerns, regulatory shifts, and global economic trends. The coming weeks will be critical in determining whether Bitcoin can sustain its momentum and break through key price barriers.

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Crypto donations top $1B in 2024, gain traction after Myanmar, Thailand quake

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Changpeng “CZ” Zhao, the former CEO of Binance, has donated 1,000 BNB to aid relief efforts following a powerful earthquake that struck the Thailand-Myanmar border region. The donation, valued at approximately $600,000, aims to support those affected by the disaster and assist in recovery operations.

The earthquake caused significant damage in several areas, displacing residents and impacting local infrastructure. CZ’s contribution highlights the growing role of cryptocurrency in humanitarian aid, providing fast and transparent relief funding.

The donation will be distributed to organizations working on the ground to deliver emergency assistance, including shelter, food, and medical supplies. Crypto-based aid is increasingly being utilized in disaster response efforts due to its efficiency in reaching affected communities without the delays of traditional banking systems.

As the affected regions begin the recovery process, the crypto community continues to demonstrate how blockchain technology can play a meaningful role in global humanitarian initiatives.

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Hackers are selling counterfeit phones with crypto-stealing malware

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Security researchers have uncovered a wave of counterfeit Android devices preloaded with malware designed to steal cryptocurrency, posing a significant threat to users worldwide. The infected devices, which mimic popular smartphone brands, contain malicious software capable of hijacking digital wallets and siphoning funds.

The malware, embedded at the firmware level, allows attackers to gain remote access, intercept sensitive data, and execute unauthorized transactions. Because the malicious code is deeply integrated into the device’s operating system, it is difficult to detect and remove, making it a persistent threat.

Cybersecurity experts warn that unsuspecting buyers may unknowingly expose their crypto holdings to risk by purchasing these compromised devices from unverified sellers. Users are urged to exercise caution by only purchasing smartphones from trusted retailers and manufacturers.

The discovery highlights the growing sophistication of cybercriminals targeting the cryptocurrency sector. As mobile-based crypto transactions become more common, security measures such as hardware wallet usage and multi-factor authentication are increasingly essential to safeguard digital assets from emerging threats.

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