To Deal China, UK Approaches for New 5G Club of 10 Democracies, including India: Report

The British government has approached the US with the prospect of creating a 5G club of 10 democracies, including India, amid growing security concerns related to Chinese telecom giant Huawei, according to a UK media report.

A so-called “D10” club of democratic partners, including G7 countries – UK, US, Italy, Germany, France, Japan and Canada – plus Australia, South Korea and India will aim to create alternative suppliers of 5G equipment and other technologies to avoid relying on China, ‘The Times' reported.

The move to speed up such a club comes as the UK launched an inquiry into Huawei's involvement in the country's mobile network upgrade in the wake of US sanctions against the company.

“We need new entrants to the market. That was the reason we ended up having to go along with Huawei at the time,” the newspaper quoted a UK government source as saying.

Nokia and Ericsson are the only European suppliers of 5G infrastructure and experts say that they cannot provide 5G kit as quickly or as cheaply as Huawei.

Britain has labelled Huawei a “high-risk” vendor and therefore its involvement in the UK's 5G upgrade comes with a 35 per cent market cap, including a ban on its participation in the sensitive “core” of the network.

The review into Huawei, launched last week by the UK”s National Cyber Security Centre, followed the announcement of US sanctions to block the sale of American chips to the company.

UK security officials fear that the ban will prompt China to use cheaper, less secure technologies, instead of verified US versions.

Officials are, meanwhile, examining proposals to curb the installation of Huawei kit in the 5G network from 2023.

According to the newspaper, increasing the partnership of like-minded democracies forms part of the ongoing reappraisal of the Chinese firm's involvement in the UK.

The US in recent months has increased its action against Huawei, China's first global tech brand and a maker of network equipment and smartphones, preventing it from doing business in the US, as it believes the company known for its technological advancement in 5G is being used by the Chinese leadership to serve their interest.

The Trump administration says Huawei is a security risk, which the company denies, and is trying to persuade European and other allies to shun its technology for the next-generation telecom networks.

China has accused the US of raising phony security concerns to hurt a rising competitor to American tech companies.

UK launches £4 Mn Innovation Challenge Fund in India

The UK government has launched 4 million pound (about Rs 37 crore) fund in India to support collaborative research into emerging technologies.

Innovation Challenge Fund will encourage industry and academia to collaborate and develop tech solutions for social, economic and environmental challenges in India, a statement said.

The initiative is focused on two major tech clusters: artificial intelligence/ data in Karnataka and future mobility in Maharashtra.

The successful bidders will likely have international partners, including from the UK, the statement said.

The challenge fund is looking for proposals in areas of safety and convenience, technology leap (energy storage tech, temperature controlled transport, drone mobility), connectivity, and recycling and upgrading apart from smart mobility.

Facebook, eBay Crack Down on Fake Reviews at UK Request

Britain's competition watchdog said Wednesday that Facebook and eBay pledged to crack down on the trade in fake reviews at its request, removing hundreds of accounts, pages and groups involved in the illicit business.

The Competition and Markets Authority said the two US tech companies agreed to step up efforts to detect, investigate and respond to fake and misleading reviews after it ordered them last year to address the problem.

Facebook removed 188 pages and groups and disabled 24 accounts that were involved in the fake review trade, some on its Instagram platform.

Some of the pages and groups were identified by the agency, others were found by Facebook.

Some of the groups offered in online posts to write fake reviews for payment or in exchange for products. Others recruited people to write them on shopping and review sites.

The regulator also said eBay permanently banned 53 users who were selling fake review services on the auction site and temporarily suspended another 176 users.

Facebook agreed to beef up its systems to detect and remove fake review material while eBay refined its existing filters to better identify and block listings for online review services, the CMA said.

"Fake reviews are really damaging to shoppers and businesses alike,” the regulator's chief executive, Andrea Coscelli, said in a statement.

"Millions of people base their shopping decisions on reviews, and if these are misleading or untrue, then shoppers could end up being misled into buying something that isn't right for them - leaving businesses who play by the rules missing out.”

EBay said it has “zero tolerance for fake or misleading reviews and will continue to take action against any seller that breaches our user polices."

Facebook said it has “invested heavily” to stop people offering or trading fake review services on its platforms, but “we know there is more work to do and are working with the CMA to address this issue.” (AP)

UK to Set up Tech Hubs across India to Boost Ties: Envoy

The United Kingdom would set up Tech Hubs in India as part of move to nurture tie-ups with Indian companies and promote bilateral investments between the two countries, a British envoy has said.

British High Commissioner to India, Sir Dominic Asquith said, "What we wanted to do is expand the knowledge of potential partners -- investors or exporters and that is why we will be shortly establishing Tech Hubs across the country."

The Tech Hubs (Technology Hubs) would be set up in New Delhi, Mumbai, Bengaluru and in Hyderabad, he told PTI.

Elaborating on the initiative, he said, the Tech Hubs would look at the strengths and interests of the technology industry in both countries (United Kingdom and India) and would look at areas the companies in two countries can converge together.

To a query about the trade relations between the two countries, he said India was second largest trade market for United Kingdom and the two-way trade was just over USD 20 billion. "Trade has been growing very consistently over the last nine quarters and it is on track", he said.

In order to boost trade exports, he said, one of the things the UK High Commission organised was a roadshow in the United Kingdom in summers.

He said the UK High Commission would alert the companies that opportunities exist in India, which includes Tamil Nadu and build sort of knowledge to overcome some of the preconceptions they may have.

Noting that over 30 British companies participated in the Global Investors Meet conducted by the State government in 2015 and in 2019, he said, "we have companies in health, automotive and fintech (financial technologies)" .

Aske about the the labour unrest witnessed in Tamil Nadu last year, he said UK looks at opportunities which exist. "problems may arise in any commercial relationships. Managing those sensitive issues so that it does throw us off the direction we want to move ahead which is to develop more investment and trading relationships both ways", he said.

It may be recalled that in 2014, when TechHub (different from current announcement), which is a community and workspace for technology entrepreneurs, was launched by the UK government in Bangalore as TechHub Bangalore, with a mission of supporting some 1,000 startups in India over the period of next three years

British PM Theresa May Launches $50 Mn Fast-Track Start-Up Fund for India

British Prime Minister Theresa May on Tuesday announced the creation of a new £40-million pound (~ US $51 Mn) Fast-Track Start-up Fund, focussed on India's emerging technology enterprises as part of the wider UK-India Tech Partnership.

The announcement came as May marked the 'India Day' here.

Describing India and the UK as twin pillars of the Commonwealth built on shared values of democracy and the rule of law, she called on the Indian government to raise its proposed international sovereign bond later this year in the financial hub of London.

“We have opened a GBP (pound) 40 million Fast-Track Start-Up Fund, supported by both the UK and Indian governments, to invest in Indian start-ups focussed on emerging technology," May said in a keynote address.

"When the Indian government raises its first ever international sovereign bond later this year, I hope they do so in the City of London – whose capital markets, with their unrivalled depth and liquidity, are the best in the world,” she said.

As a caretaker Prime Minister, who is in Downing Street until a new leader is elected between Boris Johnson and Jeremy Hunt next week, the outgoing leader said she was "immensely proud" of the work done with Prime Minister Narendra Modi over the past three years in office to strengthen India-UK ties and ensure the "very special relationship" works for everyone.

"Over the past three years, Indian companies have raised GBP 2 billion through green bonds listed on the London Stock Exchange. We are in the midst of an immensely productive period of economic relations between India and the UK," May said.

"I am confident that the business links between our nations will continue to grow stronger and deeper, drawing us together and creating jobs and prosperity from Manipur to Manchester," she said.

India Day, co-hosted by the UK government's Department for International Trade (DIT) and City of London Corporation, is conceived as an avenue to explore new opportunities for India-UK collaboration in the field of financial and professional services.

Piyush Goyal, the minister of railways and commerce and industry, represented the Indian government at the event, where he referred to it as the first of several such events which will help both UK and Indian businesses find ways to create cost competitiveness in the bilateral partnership.

"If we can work together with a focus on three thrust areas of inclusion, investment and innovation, India and the UK together will be a partnership very difficult to compete with," he said.

The day-long event in the historic Mansion House in the heart of London's financial district included keynote addresses and a range of panel discussions around subjects of green infrastructure financing, future of insurance, technology and innovation.

UK Secretary of State for International Trade, Liam Fox, used his address to promote the London Stock Exchange as a port of call for international sovereign bonds, an initiative announced by finance minister Nirmala Sitharaman in the recent Budget statement.

Fox said: "I was delighted to learn in the Budget that India is considering issuing sovereign bonds abroad… and I hope you will consider issuing on the London Stock Exchange. There are over 400 sovereign bonds listed on the exchange, and we are able to offer a low cost, efficient listing process, with access to one of the deepest financial markets in the world.

"The London Stock Exchange is already the world's largest rupee denominated Masala bond centre… It sells more than half of all the rupee denominated bonds issued to overseas buyers globally.”

According to official DIT data, India-UK bilateral trade is valued at more than 20.5 billion pound per year and grew at 14 per cent last year.

The Lord Mayor of London, Peter Estlin, spoke of the strengths of the City of London – known as the Square Mile – as he revealed key India-UK fintech tie-ups, including UK firm R5FX having agreed a partnership with Edelweiss GIA and Indian challenger bank TMW Pay becoming operational in London with an investment of 20 million pound and creating 100 jobs.

"Areas like fintech, which can help drive financial inclusion, contribute to economic growth and provide a chance for us to learn from each other's success. Since 2014, Indian fintech start-ups have seen almost GBP 4.5 billion pounds invested across 660 deals…," Estlin said.

And here in the UK we have the people, the talent and the capital to help create opportunities for Indian fintechs to grow and test their fintech products,” said Estlin. PTI AK

AI-focussed VC Fund pi Ventures Gets $6 Mn from UK Govt.'s CDC Group

The UK Government's development finance institution CDC Group plc has invested USD 6 Mn in pi Ventures, India’s first Applied Artificial Intelligence and IoT focused early stage venture fund. The amount will be used to invest in startups with deep tech capabilities that have the potential to disrupt sectors and facilitate a lasting change in businesses and lives.

CDC Group plc aims to increase capital flows to underdeveloped markets so countries can finance their way out of poverty. Their focus is to find talented teams and cohesively grow great businesses in Africa and South Asia. CDC’s unique structure combines the best of private sector skills with a public-spirited mission. Their focus sectors to invest include financial services, infrastructure, health, manufacturing, food and agriculture, construction and real estate, and education, typically that which will lead to the economic growth of a country.

Alagappan Murugappan, Managing Director, Head of Intermediated Equity, South Asia, CDC Group plc, said, “We are pleased to be supporting pi Ventures for its AI-focused fund. This allows our capital to support early-stage companies that are innovating through technology to provide affordable goods and services at scale in areas such as healthcare among others.”

pi Ventures announced their second close in January this year at $25mn and the fund is expected to announce their final close shortly. Key contributors to the fund include Chairman of Hero Enterprise Sunil Kant Munjal, Electronic Development Fund (managed by Canbank Ventures), SIDBI, prominent family offices from USA, Canada, Singapore & India and leading entrepreneurs like Mohandas Pai, Binny Bansal, Deep Kalra, Sanjeev Bikchandani and Bhupen Shah among others. The fund is co-sponsored by In Color Capital of Canada.

Manish Singhal, Founding Partner, pi Ventures added, “CDC’s confidence fuels our vision to find, fund and support the best teams who are using Artificial Intelligence to solve real world problems. We are very happy to have their support and backing”.

pi Ventures has announced 6 investments so far - invested in SigTuple (revolutionising global healthcare space through data driven intelligence), NIRAMAI (non-invasive, non-touch, non-radiation approach to detect breast cancer), ten3T (medical grade wearable device), Zenatix (data-driven energy efficiency company acquired by Hero Electronix), CustomerSuccessBox (customer success platform which helps B2B SaaS companies reduce, churn and grow their recurring revenue by applying AI and ML) and Locus.sh (logistics optimisation platform).

The 70-year old CDC Group has been investing in India for over 30 years and has already made 595 investments across sectors.

CDC Group plc is the UK’s development finance institution. Wholly owned by the UK Government, it invests in Africa and South Asia with the aim of supporting economic development to create jobs. CDC has net assets of £5.1bn.

In May of last year, International Finance Corporation (IFC), a part of the World Bank Group, had invested $3 million in pi Ventures’ maiden fund.

pi Ventures is India’s first Applied Artificial Intelligence, Machine Learning & IoT focused early stage venture fund, founded by Manish Singhal (Ex Co-founder & CEO, LetsVenture and prominent angel investor) and Umakant Soni (Ex Director India, Science Inc & Co-founder AI BOT company). Backed by some of the leading entrepreneurs globally, pi Ventures brings hands-on product and entrepreneurial experience to the Indian venture investing ecosystem. pi Ventures focuses on healthcare, logistics, retail, fintech and enterprise sectors.

[Top Image - YourStory.com]

UK Govt. Launches TechHub in Bangalore to support 1,000 startups in the next 3 years

TechHub, which is a community and workspace for technology entrepreneurs, was recently launched by the UK government in Bangalore as TechHub Bangalore. It has a mission of supporting some 1,000 startups in India over the period of next three years. The Hub has an aim of developing an environment for technology startups. It plans to do this through an International network of focused and like minded technology entrepreneurs.

TechHub was launched in Bangalore by Nick Clegg, who is the deputy Prime Minister of the United Kingdom.  Speaking at the launch, he said "India is at major crossroads in its economic destiny, and Bangalore is a shining example of how technological enterprise can be harnessed to create a powerhouse for growth. This city is among the top ten preferred locations for entrepreneurs in the world, and home to more startups than any other city in India."

Clegg was accompanied by a strong team of 40 UK delegations to discuss opportunities for further growth in hi-tech, aerospace and manufacturing between UK and India.



Andrew Tibbitts, who is the Global Project Director at TechHub, took to the mike at the launch and said "A part of our mission is to bridge the physical distance between each TechHub and give our startup members and corporate partners access to the brightest minds and ideas in the field. If a company isn't taking advantage of the Indian market, they’re missing out on one of the largest emerging technology markets in the world and the Incredible R&D experience and innovation it offers. Every company should have a position on India, and we’re delighted to foster closer India-UK relationship."

TechHub will work hard to encourage forging of collaborations and an exchange of ideas. It currently functions out of the UK India Business Centre in Bangalore (UKIBC). The UKIBC has signed a Memorandum of Understanding (MoU) with TiE Bangalore to benefit UKIBC’s centre in the city, its membership in the country, UK and TiE’s network and encourage entrepreneurship between the two countries.  The UKIBC has also entered into a MoU with the British Business Group, Bangalore. The UKIBC will try to deliver a wide range of services and policy advice to encourage investment and trade between the UK and southern India.

UK Govt. Launches TechHub in Bangalore to support 1,000 startups in the next 3 years

TechHub, which is a community and workspace for technology entrepreneurs, was recently launched by the UK government in Bangalore as TechHub Bangalore. It has a mission of supporting some 1,000 startups in India over the period of next three years. The Hub has an aim of developing an environment for technology startups. It plans to do this through an International network of focused and like minded technology entrepreneurs.

TechHub was launched in Bangalore by Nick Clegg, who is the deputy Prime Minister of the United Kingdom.  Speaking at the launch, he said "India is at major crossroads in its economic destiny, and Bangalore is a shining example of how technological enterprise can be harnessed to create a powerhouse for growth. This city is among the top ten preferred locations for entrepreneurs in the world, and home to more startups than any other city in India."

Clegg was accompanied by a strong team of 40 UK delegations to discuss opportunities for further growth in hi-tech, aerospace and manufacturing between UK and India.



Andrew Tibbitts, who is the Global Project Director at TechHub, took to the mike at the launch and said "A part of our mission is to bridge the physical distance between each TechHub and give our startup members and corporate partners access to the brightest minds and ideas in the field. If a company isn't taking advantage of the Indian market, they’re missing out on one of the largest emerging technology markets in the world and the Incredible R&D experience and innovation it offers. Every company should have a position on India, and we’re delighted to foster closer India-UK relationship."

TechHub will work hard to encourage forging of collaborations and an exchange of ideas. It currently functions out of the UK India Business Centre in Bangalore (UKIBC). The UKIBC has signed a Memorandum of Understanding (MoU) with TiE Bangalore to benefit UKIBC’s centre in the city, its membership in the country, UK and TiE’s network and encourage entrepreneurship between the two countries.  The UKIBC has also entered into a MoU with the British Business Group, Bangalore. The UKIBC will try to deliver a wide range of services and policy advice to encourage investment and trade between the UK and southern India.