Daily Archives: April 25, 2021

While India is working hard to be on track to become a $5 trillion economy by 2025, we must understand that reaching there will take more than what we as an economy have been doing so far. With exports amounting to 48 percent and as many as 11 crore job creations (until July 2020), SMEs in India are leading the way to fulfil Indias trillion-dollar economic dream. At this crucial juncture, it is extremely important for us, as a country, to support and strengthen SMEs that form the very backbone of our economy, through accessible credit options.

However, before we explore the great things technology can do to bridge the credit gap between financial institutions and SMEs, it is important to understand what is blocking access to credit for these small businesses.

When it comes to digital maturity, India ranks 9th in the small and medium businesses segment in the Asia-Pacific region (according to the CISCO India SMB Digital Maturity Study 2020). The road to the digitisation of SMEs is far too complex for anyone to tread alone; there are n number of challenges ranging from lack of skills and access to talent, to lack of business-appropriate technologies required for an overhaul.

Most traditional financial institutions struggle as unit economics does not favour penetration in the SME segment. Despite having great unit economics for individuals and corporates, traditional banks struggle to serve SMEs due to lower margins, higher operational, and risk/ underwriting costs. The fact that costs often exceed the revenue generated results in SMEs being underserved as a segment.

For most traditional financial institutions, credit underwriting and identifying SMEs with reliable credit history is a cumbersome process. Underwriting alternative data on trade receivables in the traditional setup is not just expensive, but time-taking as well; which leads banks to shy away from the process. This has led to a strained relationship between banks and SMEs, which, in turn, has created a huge gap in the market.

It is often said that the use of technology is not impressive on its own, it is the experiences you create with it that matters. This is exactly where fintech startups step in to fill that void and create a rather conducive environment for all to survive with utmost comfort.

Fintechs bring convenience and help SMEs get easy access to products like bank accounts, cards, securing working capital, managing cash flow, etc.

By using tools such as AI (Artificial Intelligence), ML (Machine Learning), and big data analytics, fintech startups develop alternative forms of credit risk analysis, which allows them to understand and effectively price credit risk as well as underwrite cases that traditional banks may refuse.

Moreover, fintech startups act as aggregators to access and analyse digitally available GST-linked data, and thus, customise lending solutions to unlock credit supply for the sector and connect customers (SMEs) to suitable lenders. Fintechs also use social media footprint and digital data establishing the quality of the business network for underwriting new to credit segment.

There are millions of SMEs in India with no or low capability to manage cash flows, operational compliances and documentations; fintech startups help provide a structure to their credit flows, enabling them to seek credit faster and maintain financial health to help them grow. They address various pain points like managing online bank accounts, automating finance, assisting the credit-underwriting process, and more.

By using APIs, demographics and business trends, fintech startups look to use Platform as a Service (PaaS) to perform an effective risk analysis to underwrite their own customers. This helps them customise their lending process, starting with small credit lines that can be paid off in a smaller duration, gradually increasing their eligibility, and unlocking more credit over time. Challenging traditional methods of funding through equity finance, P2P lending, etc. Fintech startups are providing bespoke solutions to meet the revenue requirements of SMEs.

Lastly, Fintech startups assist small businesses with several useful DIY tools that help them make a huge difference and achieve a competitive advantage. Be it communication, accounting, bookkeeping, project management to marketing, several fintech startups and neo-banks provide most of these tools all under one roof for SMEs with limited resources to help manage day-to-day operations and monitor administrative tasks with convenience. Technology helps deliver these resources to SMEs at an efficient cost.

(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.)

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How can technology bridge fintech and SMEs to ease the lending process - YourStory

Gene-editing using the groundbreaking CRISPR technology is about to be put to the test in the first-ever clinical trial of the treatment in humans. CRISPR is a protein in bacteria that can be used to manipulate genetic material to,according toJennifer Doudna, who won last years Nobel Prize in Chemistry for the development of CRISPR technology, alter[] DNA sequences in any cell in a precise fashion, in a programmable fashion. This remarkable technology has the potential to eliminate all genetic disorders and is already delivering results that scientists say were unimaginable just a few years ago.

As is observed in the Netflix documentary series Unnatural Selection, we are now doing science fiction science, and have been thrust more quickly than we expected into a new world in which our genetic blueprints can be tweaked and optimized. Many bioethicists see such interventions as a potentially dangerous affront to the natural order, opening a Pandoras Box of potentially disastrous outcomes we cant begin to predict.

Yet, it is not at all obvious what the term natural means or ought to mean, particularly within the context of a human history defined by technological interventions that necessarily restructure natural reality. We may wonder, for example, whether the domestication of grains was natural, whether the use of vaccines to conquer smallpox and polio was natural, whether turning wolves into dogs tens of thousands of years ago was natural, whether using our knowledge of genetics to safely increase the quality and quantity of our crops was natural, whether the very practice of medicine as we know it today is natural, etc.

What is clearer is that this technology will be used by some people; now that the genie is out of the bottle, we can be virtually certain that the rich and the powerful will have access to these mechanisms and will leverage them for their own advantage in ways we probably cannot yet imagine. We already know that the United States military is investing heavily in genetic engineering technologies. Doudnarecalls a dream in which Adolf Hitler asks her to give him the recipe for CRISPR.

The debate about the appropriate use of this technology is bound to last for generations; already, in a response to Chinese scientist He Jiankuis controversial decision to edit the genomes of two human embryos, scientists around the world have called for a worldwide moratorium on the use of this technology in human embryos. Ethical issues also surround the high costs that attend these gene-altering therapies, which can amount to hundreds of thousands of dollars.

A democratic approach to these world-shifting technologies cannot be one that locks them away behind artificial barriers created by partnerships between the state and capital, allowing the pharmaceutical industry (one of the worlds most powerful and profitable industries) to collect rents from a scarcity of their own creation. Here, the champions of the free market and the socialist opponents of Big Business can agree. The libertarian solution is also the socialist one: There should be no patents on any treatment that could alter human genetic material ever.

This knowledge must live permanently in the public domain, or we risk a world in which the powerful sort other people into classes at least partially defined by genetic attributes, a world very much like the one Aldous Huxley famously created in Brave New World. This is not at all to argue that pharmaceutical companies should not be allowed to market, sell and profit from gene-editing therapies, only that they should not be able to establish any kind of exclusive ownership or control of the scientific knowledge itself.

Should we miss the chance to establish this norm now, at the dawn of this new era, we will be faced with a reality were already beginning to see, whereby pharmaceutical companies hold life-saving and life-changing treatments for ransom. The scientific facts that lie underneath such treatments belong to humankind perhaps more accurately, they belong to no one. They are aspects of nature that are not ownable and not properly patentable. The pharmaceutical giants must not be permitted to monopolize the benefits of this astounding scientific breakthrough, which, for better or worse, will change the course of human history forever.

David S. D'Amato is an attorney, a columnist at the Cato Institute's Libertarianism.org and a policy adviser at both the Future of Freedom Foundation and the Heartland Institute.

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The good, the bad and the truly horrifying potential of CRISPR technology | TheHill - The Hill

Rob Cottle's remarkable wildlife photographs demonstrate his love for nature. Rob spoke about how new technology for capturing birds can help photographers starting out in the genre and more experienced photographers too.

Cameras are constantly evolving, and there are some amazing features available now. Rob uses Olympus kit, and there is no denying that their latest models are innovative; innovation has always been a feature of the brand. He spoke about the newest changes in the context of other advancements. He said that we think of technology as being the most recent developments, and we now take for granted features that were new to photography a decade or less ago.

Autofocus, frame rates and low-light focusing and shooting have moved on rapidly.

He highlighted his cameras' frame rates of up to 60 fps, their wildlife-friendly silent mode, the focus points going right to the edge of the frame, all being the more accurate and quicker cross-type, customizable focus arrays, and tuning the autofocus. All these features are relatively new, but he said we forget that because of the constant advancement of technology.

There are sometimes discussions whether technologies might deskill the photographer, but Rob sees the recent advancements as a positive thing, especially for encouraging those starting out in photography.

Pro-capture, Bird AI, andto some extent, Live ND are a natural progression to those advancements and are especially super helpful for those just starting out in wildlife photographyand indeed seasoned photographersto attain images that may have eluded them or in some cases werent even possible before.

If you are unfamiliar with the terminology, with Bird AI Olympus, cameras recognize and focus on birds. Live ND is Olympus' inbuilt digital neutral density filters (up to 5 stops), and Pro-capture stores images to a buffer before the shutter is fully pressed, taking your reaction time out of the equation when shooting action. Rob said that Pro-capture makes it possible to capture images that would otherwise be down to pure luck.

I love the fact that anyone starting out can pick up a camera and capture wildlife instead of feeling the camera is against them and give up too quickly, something I hope will encourage them to carry on enjoying wildlife and as a consequence conserve and love it.

Although he recognizes their importance, Rob says he doesnt use Pro-capture or Bird AI because they aren't necessary for his photography. I suspect this is probably because he is a talented wildlife photographer with years of experience; knowledge and and awareness of subjects' behavior that is essential for his trade. When you get to know an animal or bird, you can anticipate their actions. Consequently, you learn when and where to point the camera.

However, Rob's explanation for not using those features is more modest. He said that he is hopeless at remembering what setting he is using. He likes to keep things as simple as possible and experience the challenge of capturing images on his own terms and in his own way. That notwithstanding, he admits that he couldnt make a lot of his shots without all the other advancements.

I find it hard enough being in the right position and composing a shot without trying to think what is the best setting/feature to use.

Most of us will agree with Rob that it is not practical to alter lots of settings, all at the same time when events are unfolding quickly in front of you. He sets his camera so all changes can be made from the exterior of the camera body without looking. One of the beauties of the OM-D E-M1 range is how customizable the buttons and dials are.

I use the four custom positions on the Olympus dial with my go-to settings, but even then, I tend to use position one on the dial 99% of the time. Sometimes, less is more, not just in composition, but in my head as well!

Rob emphasized that image stabilization is the big game-changer for wildlife photography. In fact, he believes the stabilization of camera systems may be one of the most important and overlooked advances in technologyand that Olympus cameras are at the forefront of this. He said he could achieve astonishingly slow speeds at silly lens ranges.

It allows me to handhold all M.Zuiko telephoto lenses including the 150-400mm, and I know I would not be able to sit in a lake and handhold the equivalent of a 1,200mm lens without it.

(Rob does indeed sit in the lake, and he sometimes jokes about his "Darth Waders" that enable him to keep dry while wading deep into the water.)

He has no doubt his photography would be different if image stabilization wasnt there. He said that the amazing handhold speeds also allow him, maybe surprisingly, to use Live ND for wildlife. Rob likes showing movement in some of his images, and so, the slower shutter values achievable with the inbuilt neutral density filter allow him to quickly achieve that. The Live ND feature has another advantage too.

I tend to limit the gear I carry (often just the camera and lens), so not having to carry or clean filters, along with lugging a tripod around, is a boon.

Rob has that setting on the dial ready to go if the situation warrants it, and being able to simulate what a final image may look like, he says, is an amazing feature. He also finds the ability to handhold a camera with 600mm equivalence for over a second, and without a tripod, opens up many opportunities.

Its purely down to movement of subject that limits (or enhances) its use.

The Micro Four Thirds equipment clearly meets Rob's minimalist approach. He uses both the OMD E-M1X and E-M1 Mark III which, he says, are hugely advanced cameras.

The Olympus 150-400mm M.ZUIKO Digital ED F4.5 TC1.25x IS PRO lens has a built-in 1.25x teleconverter, which givesincredible reach, and it only weighs a little over 4 pounds. Its baby brother, the Olympus M.Zuiko Digital ED 100-400mm f/5-6.3 IS,is lighter still, weighing in at under 2.5 pounds and is probably more affordable for many.

Weight is becoming an ever more important ergonomic factor for photographers, not wanting to suffer sore necks backs from carrying unnecessarily heavy cameras and lenses. Also, carrying heavy equipment on airplanes is becoming increasingly expensive.

Wildlife photography is an important aspect of conservation, raising awareness of the plight of our natural world. Historically, the genre was considered quaint. But things have changed, and it is appreciated now as an important art form. Rob spoke about how technology has allowed wildlife photography to progress from where it once was.

He feels that photography owes a great debt to the advancement of camera technology. Wildlife photography, especially, is moving on quickly because of it. He said that the 50 Years of Wildlife Photographer of the Year book is an eye-opener. He thought it an amazing feat that photographers captured some of those outstanding images with relatively primitive equipment. But the quality of the images themselves pales compared to even the most basic of modern cameras with even hobbyists' models sporting low-noise, high-ISO capabilities.

ISO was only as fast as your film and wasnt something you could change on the fly of course, and now, we are into the thousands, which has altered the way we capture wildlife.

Furthermore, Rob says that, ultimately, a good image still comes from a great composition, a great subject, with a great background, and all in great light.

Field craft, local knowledge and positioning are all super important in wildlife photography. All the technology in the world wont help if you cannot get close enough to your subject or youre standing in the wrong position.

He finished by saying that all these advanced features are fantastic to have at your fingertips. Nevertheless, the reason the advanced photographer or professional uses more expensive cameras is not because the images are better.All cameras now output amazing quality images;its all about control.

All these features help and improve a wildlife photographer's lot.

You can see more of Rob Cottles images at Olympus Image Space; he's an Olympus Mentor. You can also follow him on Instagram.

He is planning workshops and other events with Olympus UK, so please keep an eye open on their Facebook page for further details.

Images used with permission of Rob Cottle.

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How Technology Is Revolutionizing Wildlife Photography - Fstoppers

The EU is known for its hard line against Big Tech, but the FTC has taken a softer approach, at least in recent years. The agency is meant to police unfair and dishonest trade practices. Its remit is narrowit does not have jurisdiction over government agencies, banks, or nonprofits. But it can step in when companies misrepresent the capabilities of a product they are selling, which means firms that claim their facial recognition systems, predictive policing algorithms or healthcare tools are not biased may now be in the line of fire. Where they do have power, they have enormous power, says Calo.

The FTC has not always been willing to wield that power. Following criticism in the 1980s and 90s that it was being too aggressive, it backed off and picked fewer fights, especially against technology companies. This looks to be changing.

In the blog post, the FTC warns vendors that claims about AI must be truthful, non-deceptive, and backed up by evidence.

For example, lets say an AI developer tells clients that its product will provide 100% unbiased hiring decisions, but the algorithm was built with data that lacked racial or gender diversity. The result may be deception, discriminationand an FTC law enforcement action.

The FTC action has bipartisan support in the Senate, where commissioners were asked yesterday what more they could be doing and what they needed to do it. Theres wind behind the sails, says Calo.

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This has just become a big week for AI regulation - MIT Technology Review

SEC Commissioner Hester Peirce believes that the U.S. government cannot ban bitcoin, stating that its very difficult to ban something thats essentially a peer-to-peer technology. The commissioner is hopeful that with the new chairman who has deep knowledge of bitcoin and cryptocurrencies, the SEC can take a fresh look at some of the reasons used to reject bitcoin exchange-traded funds (ETFs).

Hester Peirce, a commissioner at the U.S. Securities and Exchange Commission (SEC) who is also known in the crypto community as crypto mom, was asked whether there is a possibility that the Biden administration could ban bitcoin in an interview with Fox Business Charles Gasparino on Thursday.

With new cryptocurrency regulations in the works, investors are concerned whether the government will ban cryptocurrencies, including bitcoin. Some people have warned that governments can outlaw bitcoin if it becomes a risk to their financial systems. Among them are Bridgewater Associates founder Ray Dalio, The Big Shorts Michael Burry, and Ron Paul.

A bitcoin proponent, Peirce has been advocating for the SEC to approve bitcoin ETFs. Regarding the possibility of banning bitcoin in the U.S., the commissioner opined:

I think its very difficult to ban something thats essentially a peer-to-peer technology. I think the goal, as with any technology, is to prevent people from using it for illicit purposes and only allow them to use it for legal purposes. Thats what I expect to happen.

Commissioner Peirce previously said that the government would be foolish to try to ban bitcoin, likening it to shutting down the internet.

The U.S. government is concerned about cryptocurrencies being used in illicit activities. Treasury Secretary Janet Yellen has said several times that cryptocurrencies are mainly used for illicit financing. She also said previously that the Treasury will work with other regulators to come up with appropriate regulations for the crypto space.

Fox Business recently reported that crypto regulation may start from the Treasury and the SEC is waiting for direction on broad regulatory policies on cryptocurrencies from the Treasury.

The SEC also has a new chairman; Gary Gensler was confirmed to lead the commission last week. He has deep knowledge of bitcoin and cryptocurrencies, having taught classes on the subject at the Massachusetts Institute of Technology (MIT). Gensler is also a former chairman of the Commodity Futures Trading Commission (CFTC). He is expected to impose a fair amount of regulation on cryptocurrencies. Last week the U.S. House of Representatives passed a bill mandating that the SEC and the CFTC establish a working group focused on digital assets.

Regarding the possibility of the SEC approving a bitcoin ETF this year, Peirce said, With the new chairman, we will be able to take a fresh look at some of the reasoning that we used to deny bitcoin exchange-traded products in the past. She added: Frankly, Canada is ahead of us now. Not only they have bitcoin exchange-traded products, but they also have exchange-traded products based on ether.

Do you think the government can ban bitcoin? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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SEC Commissioner on Banning Bitcoin: 'It's Very Difficult to Ban Peer-to-Peer Technology' Regulation Bitcoin News - Bitcoin News

Russia has been making comments recently about the condition of the ISS, which has been in orbit for many years. Russian Deputy Prime Minister Yuri Borisov has gone so far as to say that the condition of the ISS left much to be desired. Recently, Russia announced that it will transform its research and power unit development originally for the ISS into a module for its new national orbital space station.

Roscosmos chief Dmitry Rogozin said that the agency plans to start with the groundwork it has already laid. Work done on the research and power module will be reworked for Russias new space station. The research and power unit will be the basic module for Russias new orbital station, where greater autonomous operation will be required.

With greater autonomous operation required in Russias new space station, it will be incomparable with the modules use aboard the ISS. Russia has previously confirmed that Energia Space Rocket Corporation has been tasked with making the first basic module for the orbital station. Current plans are for the first module to be ready in 2025.

Previously, the research and power unit was planned to be sent to the ISS in 2024. The module is currently under construction. Currently, Russia says that it might quit the ISS program in 2025. Russia says that in order to avoid any accidents, it was necessary to carry out a complete technical inspection of the ISS.

Its unclear at this time what, if any, challenges Russias decision to trend is in a module meant for the ISS to use in its space station will impose on the ISS. Certainly, space station partners were counting on Russias module to keep the ISS functional.

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Russia will rework technology developed for the ISS for its space station - SlashGear