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Monsha’at Signs MoU with Microsoft Arabia to Drive Tech Innovation

The Biban24 Forum, organized by Monsha’at under the theme “A Global Destination for Opportunities,” runs from November 5 to 9 in Riyadh. SPA
The Biban24 Forum, organized by Monsha’at under the theme “A Global Destination for Opportunities,” runs from November 5 to 9 in Riyadh. SPA
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Monsha’at Signs MoU with Microsoft Arabia to Drive Tech Innovation

The Biban24 Forum, organized by Monsha’at under the theme “A Global Destination for Opportunities,” runs from November 5 to 9 in Riyadh. SPA
The Biban24 Forum, organized by Monsha’at under the theme “A Global Destination for Opportunities,” runs from November 5 to 9 in Riyadh. SPA

The Small and Medium Enterprises General Authority (Monsha’at) has signed a memorandum of understanding (MoU) with Microsoft Arabia at the Biban24 Forum.
The MoU was signed by Monsha’at Deputy Governor for Planning and Development Suliman bin Abdulrahman Alturaif and Microsoft Arabia vice president Zainab Alamin.
The agreement aims to strengthen collaboration to support technology startups and exceptional entrepreneurs by providing them access to support, technology, and resources through Microsoft’s Founders Hub program. It also includes information sharing to align objectives and explore capabilities to achieve goals in accordance with Saudi regulations and policies.
The Biban24 Forum, organized by Monsha’at under the theme “A Global Destination for Opportunities,” runs from November 5 to 9 in Riyadh. The event seeks to foster the growth and competitiveness of entrepreneurial projects and promote an entrepreneurial culture, contributing to Vision 2030's goal of increasing SMEs' contribution to the national economy.

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South Korea Fines Meta about $15 Mln over Collection of User Data

A 3D printed Facebook's new rebrand logo Meta is placed on laptop keyboard in this illustration taken on November 2, 2021. (Reuters)
A 3D printed Facebook's new rebrand logo Meta is placed on laptop keyboard in this illustration taken on November 2, 2021. (Reuters)
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South Korea Fines Meta about $15 Mln over Collection of User Data

A 3D printed Facebook's new rebrand logo Meta is placed on laptop keyboard in this illustration taken on November 2, 2021. (Reuters)
A 3D printed Facebook's new rebrand logo Meta is placed on laptop keyboard in this illustration taken on November 2, 2021. (Reuters)

South Korea has ordered Facebook owner Meta Platforms to pay 21.62 billion won ($15.67 million) in fines after finding it had collected sensitive user data and given it to advertisers without a legal basis, Seoul's data protection agency said.

The US tech giant obtained information from about 980,000 South Korean Facebook users on issues such as their religion, political views and sexuality while failing to seek agreement from users, the Personal Information Protection Commission said in a statement on Tuesday.

The information was then used by some 4,000 advertisers, the agency said.

A Meta Korea official declined to comment.

"Specifically, it has been found that (Meta) analyzed user behavior data such as pages they liked and advertisements they clicked on Facebook and created and managed advertising themes related to sensitive information," the commission said.

This included users being categorized for example as being North Korean defectors or following a certain religion, the agency said.

Meta had also unfairly declined a request by users to access personal information and failed to prevent data on about 10 South Koreans from being leaked by hackers, the agency said.