Boost becomes first digital financier in Malaysia to get investment-grade rating upgrade to AAA by RAM

First fintech in Malaysia to receive highest possible issue rating
Upgraded rating cements already established market confidence in M’sia, SEA

Boost, the fintech arm of Axiata, recently achieved a milestone by becoming the first digital financier in Malaysia to be upgraded to the highest investment-grade issue rating of AAA by RAM Ratings. The…Continue Reading

Indonesia's eFishery nets US$200m funding, claims to be first aquaculture startup to cross US$1bil valuation

Led by 42XFund from Abu Dhabi, with Malaysia’s KWAP, 500 Global & others
eFishery contributed 1.55% of Indonesian aquaculture sector GDP in 2022

eFishery, an aquaculture company from Indonesia, announced it had raised US$200 million (RM931.6 million) in Series D funding last week to accelerate its target of developing the cultivator community in Indonesia and increasing…Continue Reading

Malaysian Productivity Corp and UiTM introduce productivity module for final semester students

65 students from the elective final year took the course
Is one of the modules for students in the faculty of Mechanical Engineering

The Malaysian Productivity Corporation (MPC) developed a new productivity-related module to strengthen students’ knowledge in achieving the government’s agenda to increase the nation’s productivity.
The new module is a collaboration between…Continue Reading

BNM announced winners of the AML/CFT Hackathon 2023

Participants from regulatory bodies, law enforcement, financial institutions, undergrads​
Calls for relevant stakeholders to explore digital tools prototyped & combat financial crimes

Bank Negara Malaysia (BNM) has announced the winners of the Anti-Money Laundering/Counter Financing of Terrorism Hackathon 2023. The Hackathon was launched in April and attracted over 660 participants from 140 teams, representing more than 20 countries from the…Continue Reading

Kroll: Lack of communication weakens cyber resilience, say 52% of Singapore's senior security decision makers

95% of security decision-makers lack senior leadership trust in protecting firms
Only 20% of security professionals with cyber-mature security ops have cyber insurance

Kroll, the leading independent provider of global risk and financial advisory solutions, announced the release of its report State of Cyber Defense 2023: The False-Positive of Trust. 
In a statement the…Continue Reading

Income of e-commerce transactions in Malaysia rose 10.4% YoY in Q1 of 2023

The first quarter of 2023 recorded a US$62.511 billion growth
Annual e-commerce income for 2022 was US$235.646 billion

Malaysia’s e-commerce income by establishment recorded a notable growth of 10.4% year-on-year in the first quarter of 2023, to reach US$62.511 billion (RM291.7 billion). This growth was primarily driven by Manufacturing and Services sectors. In…Continue Reading

Paywatch, Visa sign MoU to promote financial inclusion among Asia’s workforce

Aims to bridge gap between traditional banking & Asia’s unbanked
Plans to expand across Asia via Visa’s cross-border capabilities, network

Paywatch, an Earned Wage Access (EWA) startup based in Malaysia, announced last week an MoU with Visa to promote financial inclusion among Asia’s workforce. In a statement, the firm said it aims to…Continue Reading

Is there an opportunity for Malaysia in carbon capture?

46 trillion cubic feet of potential carbon storage capacity identified
Tax incentives were announced in Budget 2023 to spur activity

Malaysia has pledged to cut carbon intensity against GDP by 45% by 2030 compared to 2005 levels, in line with its commitment to achieving carbon neutrality by 2050. As previously reported by…Continue Reading

Meta’s Threads in Twitter’s crosshairs

The launch of social media app Threads as a competitor to Twitter is a game-changer.

Meta, which also owns Facebook and Instagram, launched the new platform yesterday, ahead of schedule. Threads was welcomed almost immediately – especially by hordes of Twitter users that have watched in dismay as their beloved platform crumbles in the hands of Elon Musk.

In less than 24 hours, Threads attracted some 30 million users. And with Meta already having more than two billion Instagram users who can directly link their accounts to it, Threads’ user base will grow fast.

Post by @zuck saying 'Wow, 30 million sign ups as of this morning. Feels like the beginning of something special, but we've got a lot of work ahead to build out the app.
Mark Zuckerberg posted on Threads to celebrate its 30 million new users. Threads

With its simple black and white feed, and features that let you reply, love, quote and comment on other people’s “threads”, the similarities between Threads and Twitter are obvious.

The question now is: will Threads be the one that finally unseats Twitter?

We’ve been here before

In October of last year, Twitter users looked on helplessly as Elon Musk became CEO. Mastodon was the first “escape plan.” But many found its decentralized servers difficult and confusing to use, with each one having very different content rules and communities.

Many Twitter fans created “back up” Mastodon accounts in case Twitter crashed, and waited to see what Musk would do next. The wait wasn’t long. Platform instability and outages became common as Musk started laying off Twitter staff (he has now fired about 80% of Twitter’s original workforce).

Shortly after, Musk horrified users and made headlines by upending Twitter’s verification system and forcing “blue tick” holders to pay for the privilege of authentication. This opened the door for account impersonations and the sharing of misinformation at scale. Some large corporate brands left the platform, taking their advertising dollars with them.

Musk also labeled trusted news organizations such as the BBC as “state-owned” media, until public backlash forced him to retreat. More recently, he started limiting how many tweets users can view and announced that TweetDeck (a management tool for scheduling tweets) would be limited to paid accounts.

Twitter users have tried several alternatives, including Spoutible and Post. Bluesky, which came from Twitter co-founder Jack Dorsey, is gaining ground – but its growth has been limited due to its invitation-only registration process.

Nothing had quite captured the imagination of Twitter followers … until now.

Andrews: Everyone right to go? Albanese: Ready over here...
Threads has been joined by a number of popular figures, including Australian Prime Minister Anthony Albanese, Oprah Winfrey, the Dalai Lama, Shakira, Gordon Ramsay and Ellen DeGeneres. Threads

Community is the key to success

Before Musk’s reign, Twitter enjoyed many years of success. It had long been a home for journalists, governments, academics and the public to share information on the key issues of the day. In emergencies, Twitter offered real-time support. During some of the worst disasters, users have shared information and made life-saving decisions.

While not without flaws – such as trolls, bots and online abuse – Twitter’s verification process and the ability to block and report inappropriate content was central to its success in building a thriving community.

This is also what sets Threads apart from competitors. By linking Threads to Instagram, Meta has given itself a significant head-start towards reaching the critical mass of users needed to establish itself as a leading platform (a privilege Mastodon didn’t enjoy).

Not only can Threads users retain their usernames, they can also bring their Instagram followers with them. The ability to retain community in an app that provides a similar experience to Twitter is what makes Threads the biggest threat yet.

My research shows that people crave authority, authenticity and community the most when they engage with online information. In our new book, my co-authors Donald O Case, Rebekah Willson and I explain how users search for information from sources they know and trust.

Twitter fans want an alternative platform with similar functionality, but most importantly they want to quickly find “their people.” They don’t want to have to rebuild their communities. This is likely why so many have stayed on Twitter, even as Musk has done so well to run it into the ground.

Challenges ahead

Of course, Twitter users may also be concerned about jumping from the frying pan into the fire. Signing up to yet another Meta app comes with its own concerns.

New Threads users who read the fine print will note that their information will be used to “personalize ads and other experiences” across both platforms. And users have pointed out you can only delete your Threads account if you delete your Instagram account.

This kind of entrenchment could be off-putting for some.

Moreover, Meta decided to not launch Threads anywhere in the European Union yesterday due to regulatory concerns. The EU’s new Digital Markets Act could raise challenges for Threads.

Shutterstock

For example, the act sets out businesses can’t “track end users outside of [their] core platform service for the purpose of targeted advertising, without effective consent having been granted.” This may be in conflict with Threads’ privacy policy.

Meta has also announced plans to eventually move Threads towards a decentralized infrastructure.

In the app’s “How Threads Works” details, it says “future versions of Threads will work with the fediverse”, enabling “people to follow and interact with each other on different platforms, including Mastodon.”

This means people will be able to view and interact with Threads content from non-Meta accounts, without needing to sign up to Threads. Using the ActivityPub standard (which enables decentralized interoperability between platforms), Threads could then function the same way as WordPress, Mastodon and email servers – wherein users of one server can interact with others.

When and how Threads achieves this plan for decentralized engagement – and how this might impact users’ experience – is unclear.

Did Meta steal ‘trade secrets’?

As for Musk, he’s not going down without a fight. Just hours after Threads’ release, Twitter’s lawyer Alex Spiro released a letter accusing Meta of “systematic” and “unlawful misappropriation” of trade secrets.

The letter alleges former Twitter employees hired by Meta were “deliberately assigned” to “develop, in a matter of months, Meta’s copycat ‘Threads’ app.” Meta has disputed these claims, according to reports, but the rivalry between the two companies seems far from over.

Lisa M Given is Professor of Information Sciences & Director, Social Change Enabling Impact Platform, RMIT University

This article is republished from The Conversation under a Creative Commons license. Read the original article.

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