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In today’s newsletter: 

• OneCard, one big problem
• Govt gives itself veto powers in antitrust bill
• Should Devin worry software engineers?

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Forget Tinder, the real swiping left is happening in the world of co-branded credit cards!

On March 13, fintech OneCard found itself in hot water with the Reserve Bank of India (RBI) over co-branded credit card data access.

• Federal Bank and South Indian Bank have already hit pause on all co-branded credit cards. Others, like Bank of Baroda, are likely to follow suit

Regulations state that only the issuing bank (traditionally, that's always been a physical bank) can access customer data. 

• In a co-branded card, the partner's role is simply marketing and customer acquisition. The bank handles everything else

Here's where things get complicated. OneCard wasn't just helping partner banks acquire customers – they were also providing the credit card management software that calculates fees, charges, and rewards. 

• While banks using third-party software is normal, the software gave OneCard access to customer transaction data - a big no-no according to the RBI

Find out more

Picture credit: @GetOneCardIN/X

Have we been here before? 

Just as the Digital Personal Data Protection Act (DPDP) faced criticism for concentrating power in the government's hands, the newly released draft of the Digital Competition Bill seems to be following a similar path.

The draft bill grants the government significant authority.

• Section 38 of the draft bill allows the government to exempt any large enterprise from regulations in the name of national security or international treaties

• While, Section 40 allows the government to bypass the Competition Commission of India (CCI), the country's antitrust regulator, in "extraordinary situations"

While the bill targets Big Tech companies, experts warn of unintended consequences for startups.

• The heavy regulatory burden on larger companies might discourage smaller players from aiming to grow big, fearing similar scrutiny

Devin, an AI software engineer from US-based startup Cognition, is making waves in the tech industry. Hailed as the world's first of its kind, Devin can take a simple prompt and turn it into a fully functional software programme. 

But will this AI assistant replace human programmers altogether?

Industry experts believe that Devin will significantly enhance software creation. 

"Clearly Code Gen technologies will impact software productivity in a significant manner. And hence the very near future all software development is going to be augmented software development,” Rajan Kohli, CEO, CitiusTech said.

However, he said that complex enterprise software will still require human developers to ensure it functions seamlessly.

While Devin's abilities are impressive, some experts point out that similar tools like GitHub Co-pilot and Amazon Code Whisperer already exist.

• However, Devin's key differentiator is its ability to handle the entire software building process, from scratch to launch

While there is much talk about AI replacing humans in many jobs, especially coding jobs, experts have a different view on this new tech.

• Experts believe AI won't eliminate developer jobs

Instead, it will automate repetitive tasks, freeing developers to focus on complex problem-solving and innovation.

• Experts, however, point out that continuous learning and upskilling will be crucial for developers to thrive in this new AI-powered landscape

Find out more

Picture credit: Microsoft Copilot

• OpenAI signed licensing deals with Le Monde and Prisa to bring French and Spanish news content to ChatGPT for training its models.
  
  
• Microsoft is making its AI security product Copilot for Security available globally next month with a pay-as-you-go licensing model.

Imagine a world where machines not only create, but manipulate reality. AI is weaving its way into every aspect of our lives, from art to medicine to warfare. 

But are we in control, or are we the ones being programmed?

In The Age of AI, Henry Kissinger, Eric Schmidt, and Daniel Huttenlocher dissect the present and future of AI. 

• This isn't just a tech manual; it's a roadmap to navigate the uncharted territory of a world reshaped by intelligent machines

Check it out

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