Saudi MCIT and TONOMUS Announce I.D.E.A. Initiative

The Saudi Ministry of Communications and Information Technology (MCIT) and TONOMUS announced The Immersive Digital Environments and Assets (I.D.E.A.) Initiative. (SPA)
The Saudi Ministry of Communications and Information Technology (MCIT) and TONOMUS announced The Immersive Digital Environments and Assets (I.D.E.A.) Initiative. (SPA)
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Saudi MCIT and TONOMUS Announce I.D.E.A. Initiative

The Saudi Ministry of Communications and Information Technology (MCIT) and TONOMUS announced The Immersive Digital Environments and Assets (I.D.E.A.) Initiative. (SPA)
The Saudi Ministry of Communications and Information Technology (MCIT) and TONOMUS announced The Immersive Digital Environments and Assets (I.D.E.A.) Initiative. (SPA)

The Saudi Ministry of Communications and Information Technology (MCIT) and TONOMUS, the NEOM-born cognitive technology company, announced The Immersive Digital Environments and Assets (I.D.E.A.) Initiative.
The initiative, originally showcased during a keynote presentation at LEAP 2024, is envisioned to propel the Saudi immersive technology sector among the leading nations and fuel the Kingdom’s digital economy ambitions as part of economic diversification, realizing Saudi Arabia’s vision 2030, the Saudi Press Agency said.
Through the initiative, MCIT, TONOMUS, and partners will work closely to activate a national partner network to engage policymakers, researchers, technology providers, and end users in the participatory design of ecosystem interventions.
The initiative will create a unified strategic plan and activation roadmap across public- and private-sector partners to jumpstart immersive tech economy development as well as to develop a comprehensive solution blueprint for national immersive tech developments and establish standards to unite a diverse array of technology stakeholders.
MCIT and TONOMUS have already onboarded more than 15 potential partners across Saudi Arabia’s tech landscape and have issued a call to interested organizations to engage.
I.D.E.A. spans immersive experiences, virtual collaboration spaces, industrial digital twin and metaverse applications enabled by the convergence of several emerging technologies, including mixed reality, artificial intelligence (AI), three-dimensional (3D) modeling, and spatial computing, among others.
“The launch of this initiative is a testament to The Kingdom’s ambition to harness technology in building a thriving digital society and economy,” said MCIT Undersecretary for Technology Mohammed Alrobayan.
“For MCIT, this initiative is directly aligned with our objectives of growing the technology sector and supporting localized technology development. The involvement of TONOMUS and our plan for this partner network reinforces MCIT’s support for collaboration across the public and private sectors. We want to be at the forefront of immersive technology and accelerate a new wave of digital transformation”, he added.
“At the core,” said TONOMUS chief commercial officer Yousef Khalili,” this initiative is an effort to develop a local immersive tech ecosystem by driving technology adoption and supporting next-generation tech solutions. This partnership has been more than a year in the making and is based on a shared vision at the intersection of MCIT’s goal to unlock more value for the Kingdom through technology, and TONOMUS’ ambition to be a home-grown cognitive technology champion. TONOMUS is committed to developing innovative, next-generation technology solutions to propel Saudi organizations into the future”.



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.