Japan Considers Mild AI Regulations; Goldman Sachs Looks to Exit Apple Partnership

by Hannah Dillon on 3rd Jul 2023 in News

In today's ExchangeWire news digest: Japanese authorities consider a moderate approach to regulating AI; Goldman Sachs may be ending its partnership with Apple; and FTX seeks funding to resurrect its crypto exchange.

Japan deliberates gentle approach to AI regulation

Japan is reportedly contemplating a muted approach to regulating artificial intelligence as it considers the tech’s potential for economic growth. A gentle approach to AI governance may undermine the efforts of EU regulators, who have attempted to establish their rules as a global baseline. Commenting on the EU’s proposed rules – which include obligating firms to declare copyrighted material used to train AI systems – the chair of Japan’s AI strategy council, Professor Yutaka Matsuo, described them as a “little too strict”.

Goldman Sachs to abandon Apple partnership?

Investment banking giant Goldman Sachs is reportedly looking to end its partnership with Apple. The two companies introduced Apple Card, a virtual credit card, back in 2019 and announced a high-yield savings account for Apple Card customers earlier this year. Now, however, Goldman Sachs is said to be in talks with American Express to take over its relationship with Apple, a move that could effectively end the bank’s consumer-lending business.

FTX plans to resurrect crypto exchange

Bitcoin and Cryptocurrency Exchange Trading Market

Bankrupt FTX has announced plans to relaunch its cryptocurrency exchange. On Wednesday, (28th June) CEO John J. Ray III stated the company had "begun the process of soliciting interested parties to the reboot of the FTX.com exchange". FTX’s plans are likely to face significant scrutiny as regulators tighten their oversight of the cryptocurrency industry, a move caused, in part, by the collapse of the crypto exchange last November.