Do you still get your news from Facebook? Amidst all the baby photos and memes, the social media network remains one of the most voluminous content aggregators today. Unfortunately, since its launch all those years ago, Facebook’s credibility has consistently been called into question. Can you rely on everything you see on Facebook?
Of course, Facebook’s open framework allows just about anyone to share anything, even it’s untrue. Who remembers the whole debacle with fake news from years ago? Authenticity is still a sensitive issue in today’s social media networks. Inauthentic content can notoriously steer political conversations, especially during elections.
Unfortunately, despite the inherent risk, Facebook itself doesn’t seem to care. The social network’s founder, Mark Zuckerberg, has issued a conclusive statement on his site’s policy regarding content freedom.
For context, the US is on the cusp of its next presidential elections. Incumbent President Donald Trump is awaiting the winner of a heated Democratic race. Currently, the Democratic party includes former Vice President Joe Biden, Senator Elizabeth Warren, and Senator Bernie Sanders.
Earlier this month, Trump’s reelection campaign released a 30-second video ad. The video allegedly depicts Biden bribing Ukraine a total of US$ 1 billion in aid if the latter drops a current investigation against his son. Various news sources, like CNN, have refused to broadcast the “demonstrably false” content. Facebook, however, ran the ad, regardless.
In retaliation, Warren, one of Biden’s competitors, ran a demonstrably false ad of her own: a video proclaiming that Zuckerberg and Facebook support Trump’s reelection. Unlike Trump’s ad, however, Facebook refused to run the ad, showing a blatant contrast in approaches.
Amidst all the controversy, Zuckerberg issued a revealing speech at Georgetown University. In his speech, he doubles down on his website’s allegedly rigid campaign against disinformation. “We’ve found a different strategy works best: focusing on the authenticity of the speaker, rather than the content itself,” he said. “I don’t think it’s right for a private company to censor politicians or the news in a democracy.”
The defensive call to action was unsatisfactory for a lot of people, especially his own coworkers. Soon after the speech, Facebook’s own employees issued an internal letter addressed to the company’s leaders. Instead of dwelling on the value of free speech, the letter focuses the discussion on sponsored content. “Free speech and paid speech are not the same thing,” the letter said.
According to the letter, paid misinformation “increases distrust [on Facebook] by allowing similar paid and organic content to sit side-by-side” and “undoes integrity product work.” The disgruntled employees suggest a more rigorous screening of political ads (like those for corporate ads), louder visual separation from other content, and restricted targeting.
“This is still our company,” the letter concludes.
Years after the brouhaha against fake news, Facebook is still in the same mire. How can we trust Facebook content?
Michael Josh’s One-on-One interview with John Deere’s CEO
The Tech World’s Most Unassuming CEO
But unlike the past videos, MJ traveled to Moline, Illinois for a rare sit-down interview with John Deere’s CEO, John C. May.
In his first major chat assuming the role in 2018, he opens up about he’s ushering in John Deere’s technological revolution, and how he believes as a tech company, John Deere can help solve the world’s food problem.
In this video, let’s meet the Tech World’s Most Unassuming CEO together with Michael Josh!
Nokia seeks to kill OPPO’s sales in some countries
Suing the brand for copyright infringement
OPPO remains one of the most ubiquitous smartphone brands today. Especially in Asia, the Chinese smartphone brand has appealed to users of all segments. However, a new controversy is seeking to cut off the brand’s sales from where it is popular. Nokia is suing OPPO, potentially leading to the brand disappearing in some countries.
According to sources, Nokia is seeking penalties for the smartphone brand for allegedly breaching copyrights on registered technology. The technology in question includes those that cover 4G and 5G connectivity. The two have previously agreed to a deal in 2018, but the agreement expired in 2021.
Initially, Nokia chased after OPPO in Germany for the same infringements back in July. The former won the case. As a result, Germany ordered OPPO to stop selling devices in the country. Now, Nokia is suing the brand in other countries in Europe and Asia. Should the company win in the same fashion as in Germany, OPPO might potentially lose its market in the said countries.
To be clear, Nokia itself is suing the brand, rather than HMD Global, the company normally affiliated with Nokia’s current slate of smartphones. The smartphone company is mostly in charge of bringing the brand’s smartphones to the world.
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Maya cited among 250 promising global fintech firms
The fastest-growing digital bank joins the 2022 CB Insights’ Fintech 250 list
Maya (formerly PayMaya) has just been cited as one of the top 250 promising global fintech firms, according to CB Insights.
The company was named alongside an elite international roster in CB Insight’s fifth-annual Fintech 250 ranking: digital banks Revolut and N26; PayPal-backed payment processor Stripe, merchant platform Pine Labs, and crypto platform Binance.
Maya, through its parent company Voyager Innovations, was recognized due to its strong record of execution, taking the crown as the only platform with an all-in-one money app, leading merchant payment processors, extensive MSME on-ground network, and being the fastest-growing digital bank in the Philippines.
“We are proud to be recognized alongside other trailblazers in the global fintech space. Being on this list validates our thrust of providing an integrated experience to our customers through our comprehensive digital financial ecosystem. It is also a testament to the world-class organization that we’ve built,” said Shailesh Baidwan, Maya Group President and Maya Bank Co-Founder.
One of the 250
Over 12,500 private companies that include applicants and nominees, CB Insights selected Maya as one of the 250 winners. The criteria for winning were chosen based on factors such as R&D activity, proprietary Mosaic scores, market potential, business relationships, investor profile, news sentiment analysis, competitive landscape, team strength, and tech novelty.
“This year’s Fintech 250 winners are shaping the future of financial services, from payments and banking to investing and insurance,” said Brian Lee, SVP of CB Insights’ Intelligence Unit.
“Representing more than 30 countries, these companies are creating safer and more efficient payment methods and transforming how traditional banking, insurance, and investing products are delivered.”
A successful rebrand
After its successful rebranding, the company has expanded beyond payments, introducing game-changing digital banking innovations across its unique ecosystem of 51 million consumers and network of 1.2 million MSMEs.
In just three months after its launch, Maya Bank became the fastest-growing digital bank in the Philippines, smashing records by recording over PHP5 billion in deposit balance and over 650,000 bank customers in just three months after its launch.
Furthermore, Maya Bank is the only digital bank to offer loan products within a quarter from its launch. It was able to scale fast because it leveraged the ready pool of rich transactional data from its payments business.
Moreover, Maya became the second tech unicorn in the Philippines in March 2022. The company was backed by global investors including KKR, Tencent, International Finance Corporation, IFC Emerging Asia Fund, IFC Financial Institutions Growth Fund, SIG Venture Capital, EDBI, First Pacific Company, and PLDT. END
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