India Central Bank Governor Issues Warning on Rising Digital Frauds, Announces Secure Domain Names

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India’s central bank governor, Sanjay Malhotra, issued a cautionary note on Friday, urging lenders to address the increasing incidence of digital payment frauds. Malhotra highlighted the concern that cyber attacks, data breaches, and other digital threats are on the rise as both Indian banks and consumers adopt newer technologies. He also noted that the Reserve Bank of India (RBI) would soon introduce secure website domain names to counter fraudulent practices.

Fraudsters often exploit subtle differences in domain names to deceive users, tricking them into sharing sensitive information or making fraudulent transactions. In response, the RBI is introducing two exclusive internet domain names. Banks will be allocated the ‘bank.in’ domain, while non-bank financial entities will receive the ‘fin.in’ domain. This initiative aims to enhance online security by establishing a unique identity for each entity, making it easier for consumers to recognize legitimate platforms.

The Institute for Development and Research in Banking Technology (IDRBT) will serve as the exclusive registrar for these domain names, with registration set to begin in April 2025.

 

SingTel Secures $476 Million Green Loan for Data Centre Development

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Singapore Telecommunications (SingTel) announced that it has secured a green loan worth S$643 million ($476.16 million) to fund the development of a new 58-megawatt (MW) data centre in Singapore. The loan, which spans five years, has been provided by a consortium of lenders, including DBS Group, OCBC, Standard Chartered, HSBC, and United Overseas Bank.

Green loans are specifically designated to finance projects that support environmental sustainability, reflecting the increasing focus on aligning data centre growth with climate goals, especially as industries like artificial intelligence (AI) and cloud computing drive rising demand for such facilities. SingTel’s new data centre, located in Tuas, is expected to be operational by 2026 and will feature a high-density environment ideal for handling the growing AI workloads.

Arthur Lang, SingTel’s group chief financial officer, emphasized that this green loan would help the company contribute to Singapore’s digital economy while aligning with its long-term net-zero objectives. SingTel had previously secured a S$535 million green loan in December 2023 to refinance debt and fund the development of two other data centres in Singapore.

 

Oracle Integrates AI Pricing Features into Financial Software

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Oracle has introduced new artificial intelligence (AI) features to its NetSuite corporate finance software, aimed at simplifying common but time-consuming tasks. One of the highlights is a chatbot-driven feature designed to speed up the process of generating price quotes for complex purchases, such as custom bicycles, which require careful configuration.

In contrast to competitors like Microsoft, which focus on general-purpose virtual assistants, Oracle is emphasizing targeted AI tools designed to streamline specific business functions. These tools are meant to make repetitive tasks more efficient, such as entering sales meeting summaries into corporate systems or configuring products to provide accurate pricing to customers.

The new feature within NetSuite allows sales professionals or even consumers in e-commerce businesses to quickly generate quotes by conversing with a chatbot that gathers necessary information about the product, such as parts or configurations. This functionality is particularly useful in industries where customers need to customize products, like bicycles, and will help businesses close deals faster and more efficiently. “If you can configure products for customers more easily, you can do more deals in a day, or each deal costs less,” explained Evan Goldberg, Oracle NetSuite’s executive vice president.

Rather than competing in the race to build massive AI models, Oracle has partnered with Canadian AI startup Cohere to power its AI features. This approach allows the company to deliver functional AI tools without the high costs typically associated with developing large-scale models. Furthermore, Oracle has signaled potential future collaborations with OpenAI, having recently entered an agreement to build significant data centers with the ChatGPT creator. Though no formal announcements have been made, Goldberg confirmed that Oracle is eager to explore opportunities with OpenAI.