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AI & Enterprise

Nvidia to buy Kumo AI for over $400 million to secure AI models for structured data

Nvidia has agreed to acquire enterprise predictive AI software startup Kumo AI for more than $400 million, The Information reported on Tuesday. An Nvidia executive first disclosed the deal in a LinkedIn post, the report said. Nvidia will expand its portfolio of AI models optimized for its hardware and broaden a base for companies to further customize its models. Kumo builds AI models to answer predictive questions using structured enterprise data such as customer information and payment data.

Telecommunications & Media

South Korea to press ahead with facial authentication for mobile phone activation, distributors still burdened

South Korea is set to introduce facial authentication for mobile phone activations in July, a month away, but market unease remains. The Ministry of Science and ICT extended pilot operations to June 30 after industry pushback and has tested alternative methods such as PIN verification in a mobile ID app, video calls and fingerprint or iris checks. The National Human Rights Commission and the Personal Information Protection Commission have urged improvements, while distributors warn of delays, complaints and unclear accountability.

Finance

Credit loans post biggest rise in about five years as rate hikes add to borrowers' burden

South Korean credit loans rose by the most in about five years in May, led by increases in overdraft-style minus-account borrowing, as higher lending rates raise concerns over the interest burden for borrowers investing with debt. Market expectations of a policy rate hike have grown after Bank of Korea Governor Shin Hyun-song publicly cited the need to raise rates at an appropriate time. Bank bond yields that influence loan pricing have climbed, pushing credit loan rates above 6 percent.