OpenAI Bids for Japan Business as It Opens Tokyo Office 

Journalists are silhouetted at OpenAI’s press conference about the opening of its first Asia office in Tokyo, Japan April 15, 2024. (Reuters)
Journalists are silhouetted at OpenAI’s press conference about the opening of its first Asia office in Tokyo, Japan April 15, 2024. (Reuters)
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OpenAI Bids for Japan Business as It Opens Tokyo Office 

Journalists are silhouetted at OpenAI’s press conference about the opening of its first Asia office in Tokyo, Japan April 15, 2024. (Reuters)
Journalists are silhouetted at OpenAI’s press conference about the opening of its first Asia office in Tokyo, Japan April 15, 2024. (Reuters)

Microsoft backed artificial intelligence startup OpenAI made a pitch for business in Japan on Monday as it opened its first Asia office in Tokyo.

"This is just the first step in what I hope will be a long-term partnership with the people of Japan, government leaders, businesses and research institutions," OpenAI CEO Sam Altman said in a video message.

The startup, which has caused excitement among consumers since the launch of its ChatGPT generative AI chatbot in late 2022, is looking to grow new sources of revenue globally.

Altman and Chief Operating Officer Brad Lightcap have hosted hundreds of Fortune 500 company executives in the United States and Britain this month to pitch for business, Reuters has reported.

Last year Altman said he was considering a Japan location after meeting Prime Minister Fumio Kishida. The startup has also opened offices in London and Dublin.

Japan hopes to take advantage of AI as it looks to compete with an increasingly assertive China, accelerate the shift to digital services and alleviate deepening labor shortages.

"We have a backlog of demand," Lightcap told reporters in Tokyo, adding that "we expect a meaningful contribution from Japan over time," without providing details.

OpenAI said it has a custom model optimized for the Japanese language and that Tadao Nagasaki, who was president of Amazon Web Services in Japan, is heading the Japan business.

While the country is seen as a laggard in the technology, local companies including telcos SoftBank and NTT are investing in large language models.

OpenAI's customers in Japan include automaker Toyota Motor, manufacturer Daikin Industries and local government.

Microsoft said last week it would invest $2.9 billion over two years in cloud and AI infrastructure in Japan, part of a wave of investment globally by US tech giants.



Decision on Digital Pound over Two Years Away, Bank of England Says

A view of the Bank of England and the financial district, in London, Britain, September 23, 2024. REUTERS/Mina Kim/File Photo
A view of the Bank of England and the financial district, in London, Britain, September 23, 2024. REUTERS/Mina Kim/File Photo
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Decision on Digital Pound over Two Years Away, Bank of England Says

A view of the Bank of England and the financial district, in London, Britain, September 23, 2024. REUTERS/Mina Kim/File Photo
A view of the Bank of England and the financial district, in London, Britain, September 23, 2024. REUTERS/Mina Kim/File Photo

No decision will be made for at least a couple of years on whether Britain will go ahead with a central bank digital currency for the general public, the Bank of England said on Tuesday, pushing back the timeline for the project.

Former Prime Minister Rishi Sunak championed the idea of a digital currency in 2021 when he was finance minister, but the BoE and the current government have been more reluctant and a public consultation attracted widespread privacy concerns.

Governor Andrew Bailey said in October that a central bank digital currency was "not my preferred option" but might be needed if British banks did not ensure their payment systems were more attractive than those offered by less regulated tech companies, Reuters reported.

The BoE said on Tuesday it was starting work with Britain's finance ministry on a potential design for a digital currency, in line with plans in a previous consultation.

"After completing the design phase over the next couple of years, including taking account of developments in the wider payments landscape, the Bank and government will assess the policy case for a digital pound and determine whether or not to proceed," the BoE said.

In January 2024, the BoE said a decision on whether to go ahead with a digital currency would not be made before 2025 at the earliest.

Britain's government has said a digital pound would be private but not anonymous, unlike physical cash.

As with existing bank accounts and credit card payments, authorities would be able to track transactions they suspect involve money laundering or finance terrorism.

"This legislation would safeguard users' privacy, guaranteeing that neither the Bank nor the government could access users' personal information nor control how households and businesses use their money," the BoE said.