TCS and the US Chamber Foundation Assemble Leaders to Discuss How to Solve Today’s …

Digital innovations and emerging technologies, networks, and services are transforming society—from the way companies do business and engage …

Business, Government and Non-Profit Leaders will Discuss Role of Technologies like Blockchain, AI, IoT to Solve Issues Related to Cyber-Bullying, Healthcare Access, and Smart City Investments, at the Summit Co-organized by Tata Consultancy Services

WASHINGTON and MUMBAI, India, May 10, 2019 /PRNewswire/ — Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS) a leading global IT services, consulting and business solutions organization, in partnership with the U.S. Chamber Foundation, is convening for the second annual Digital Empowers: Accelerating Innovation for Business and Social Good Summit in Washington D.C. This event brings together business leaders, technical experts, and government and community partners that are shaping the future of innovation and social impact.

Tata Consultancy Services.(PRNewsFoto/Tata Consultancy Services) (PRNewsfoto/Tata Consultancy Services)Tata Consultancy Services.(PRNewsFoto/Tata Consultancy Services) (PRNewsfoto/Tata Consultancy Services)
Tata Consultancy Services.(PRNewsFoto/Tata Consultancy Services) (PRNewsfoto/Tata Consultancy Services)

Digital innovations and emerging technologies, networks, and services are transforming society—from the way companies do business and engage their value chains to the way governments and nonprofits reach and empower communities. This year’s Digital Empowers summit will look to increase the understanding of technological innovations, such as blockchain, data analytics, virtual simulations, IoT, and AI in solving societal issues. It will also seek to bring greater awareness to how organizations of all sizes can leverage their capabilities to reshape entire industries and compound social impact within communities around the world.

Societal issues that will be addressed include: The future of work, health, wellness, and accessibility; Supply chain diversity and ethics; Smart cities; Digital citizenship; and Entrepreneurial ecosystems.

More importantly, leaders across diverse industries will be able to openly engage with speakers and thought leaders to gain a better understanding of next generation technologies, best practices for cross-sector partnerships and how sustainable progress is possible through collaboration.

Additionally, at the Summit, the U.S. Chamber Foundation and TCS will release two reports sharing insights and trends from the first two regional forums in Atlanta, GA and Charlotte, NC. The partners will also announce the Digital Empowers Awards that honor partnerships and innovations that harness technology to make a positive social impact.

Next generation community engagement is possible if we build multi-sector partnerships that simultaneously integrate technology,” saidBalaji Ganapathy, Head of Workforce Effectiveness, TCS. “ThroughDigital Empowers, we are raising awareness of new technologies and their role in solving societal issues, exploring the art of the possible through real world examples of technology-led innovations, and providing a common ground to foster cross-sector partnerships at a local, regional and national level.”

We are excited to see this partnership grow and the caliber of leaders coming together to build more inclusive, smart and technologically driven communities,” said Marc DeCourcey, Senior Vice President, U.S. Chamber Foundation. “Human inventions and technologies cannot change the world alone—they require collective knowledge and rethinking, a shared vision, pooling of resources, and collaboration between businesses, nonprofits, and government agencies, and Digital Empowers is creating that platform.”

Programming will include discussions on ways to develop partnerships, funding opportunities and human and technology capital. Featured speakers include Balaji Ganapathy, Head, Workforce Effectiveness, Tata Consultancy Services; Seeta Hariharan, GM and Group Head, Digital Software & Solutions Group, Tata Consultancy Services; Jennifer Smith, Executive Vice President and Chief Information Officer, Zions Bancorp; Abha Kumar, Principal and Head, Global IT, The Vanguard Group, Inc.; Jacqueline Beauchere, Chief Online Safety Officer, Microsoft Corporation; Frank Yianna, Deputy Commissioner, Food Policy and Response, U.S. Food and Drug Administration; Nneka Norville, Senior Director, Corporate Social Responsibility, BET Networks; Althea Erickson, Head of Advocacy and Impact, Etsy; Lauren Culbertson, Public Policy Manager, Twitter Inc.; Tim Day, Senior Vice President, Chamber Technology Engagement Center, U.S. Chamber of Commerce; and more. TCS and the U.S. Chamber Foundation will also publish a report defining the strategies organizations can utilize to benefit from advanced technology.

Last year’s first Digital Empowers: Accelerating Innovation for Business and Social Good Summit was a culmination of curated discussions, where participants learned how organizations in various industries can leverage new technologies and establish innovative collaborations to increase access and equity to individuals and communities worldwide. The summit led to deeper, localized collaboration between TCS and the Chamber Foundation in the form of regional forums taking place across the country aimed to further explore the social and technological challenges affecting local communities. Learn more about last year’s key takeaways, here.

About Tata Consultancy Services Ltd. (TCS)

Tata Consultancy Services is an IT services, consulting and business solutions organization that has been partnering with many of the world’s largest businesses in their transformation journeys for the last fifty years. TCS offers a consulting-led, cognitive powered, integrated portfolio of business, technology and engineering services and solutions. This is delivered through its unique Location Independent Agile delivery model, recognized as a benchmark of excellence in software development.

A part of the Tata group, India’s largest multinational business group, TCS has over 424,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $20.9 billion in the fiscal year ended March 31, 2019, and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange) in India. TCS’ proactive stance on climate change and award winning work with communities across the world have earned it a place in leading sustainability indices such as the Dow Jones Sustainability Index (DJSI), MSCI Global Sustainability Index and the FTSE4Good Emerging Index. For more information, visit us at

To stay up-to-date on TCS news in North America, follow @TCS_NA. For TCS global news, follow @TCS_News.

TCS media contacts:

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Phone: +65 9138 4370

Australia and New Zealand


Phone: +61 422 989 682



Phone: +31 615 903387

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Phone: + 49 172 6615789



Phone : +46723989188



Phone: +91 22 6778 9960



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Yet another cryptocurrency exchange is shutting shop in India

In April 2018, India’s central bank barred all bourses and virtual currency traders from maintaining a bank account or having any business relationship …

Another Indian cryptocurrency exchange is downing its shutters.

Coinome, backed by the online payment gateway Billdesk, announced yesterday (May 09) that it will be halting operations from May 15. However, it remains unclear if the company plans to exit the Indian market completely or has only temporarily shut shop.

Recent regulatory changes introduced by the Reserve Bank of India (RBI), a lack of policy clarity from the government, and a consequent slowdown in trading volumes, are believed to be the reasons behind Coinome’s move.

“India is currently going through uncertainty on crypto guidelines and regulations. The government of India has not yet taken a decision on the regulatory framework for crypto exchanges or wallets. Further, the supreme court is yet to act upon the public interest litigation (PIL) on (the) regulation of cryptoassets,” the exchange informed its customers in an email, a copy of which has been accessed by Quartz.

Coinome is not the only exchange to be stifled by the regulatory environment.

In September 2018, Zebpay, then the biggest cryptoexchange in India, had created shockwaves by announcing the closure of its Indian operations. In March, Coindelta announced its plans to fold its business saying it is no longer viable.


In April 2018, India’s central bank barred all bourses and virtual currency traders from maintaining a bank account or having any business relationship with lenders from July that year. This slammed the brakes on the flourishing virtual currency ecosystem.

Hit by the decision, cryptocurrency firms then dragged the RBI and the Indian government to the country’s top court. The final hearing of the case commenced in September last year but till now there is no resolution in sight.

“A lot of people were expecting that the hearing in March will provide some clarity as the government had been asked to bring about a regulation in four weeks but nothing happened,” said the owner of another struggling virtual currency exchange, under the condition of anonymity. “A lot of players are beginning to lose hope.”

A high-level panel was constituted by the Indian government in 2017 to come up with guidelines for the crypto currency ecosystem. Led by the top bureaucrat Subhash Chandra Garg, it has representatives from the RBI and the market regulator Securities and Exchange Board of India (Sebi).

A recent report, which suggested that this committee is looking at a complete ban of cryptocoins, had spooked the market. Now, it is likely that any clarity will emerge only after the results of India’s ongoing general elections are announced on May 23.

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Facebook wants to test its cryptocurrency in a country that’s trying to ban it altogether

India’s central bank, the Reserve Bank of India (RBI), has clamped down on virtual currencies, banning new investments and future transactions …

  • India is going to be the testing grounds for Facebook’s attempt at building a ‘stable’ cryptocurrency.
  • The tech giant plans to pilot the stablecoin project in India as the country’s market still has room to expand, according to industry insiders.
  • India’s central bank has not been very welcoming to the idea of virtual currencies.

Most crypto currencies are infamous for their volatility but Facebook is trying to change that. And, India might have the front row seats to the social networking giant’s first attempt at building a stablecoin according to Bloomberg.

Insiders say that India has been chosen for pilot testing the virtual currency, as the country’s cryptocurrency market has room to expand.

The ultimate aim is to target the Indian remittances market using the stablecoin via WhatsApp, to facilitate overseas transactions.

India’s indecision

But Facebook might have got the timing wrong. India’s central bank, the Reserve Bank of India (RBI), has clamped down on virtual currencies, banning new investments and future transactions — much to the dismay of its passionate advocates.

The ban came in despite media reports that a government committee had favoured virtual currencies in India, just a few weeks back. A member of the committee had stated, “There is a general consensus that cryptocurrency cannot be dismissed as completely illegal. It needs to be legalized with strong riders.”

The Indian government is looking to make it the ban official with ‘Banning of Cryptocurrencies and Regulation of Official Digital Currencies bill 2019’, a draft bill that is yet to turn into law, under the Prevention of Money Laundering Act (PMLA).

Troubled waters for Facebook

Facebook-owned WhatsApp Pay has been in the beta testing mode, for over a year now with no signs of an official launch in the horizon.

The primary reason for that is RBI’s new data localization policy which requires all financial data of Indian users to stored on local servers — a roadblock Facebook is yet to overcome.

When it comes to stablecoin or what some call ‘Project:Libra’, most of the details are classified. But, insiders say that Facebook’s new cryptocurrency could be either be pegged to the US dollar or a basket of currencies, to keep it stable.

Facebook is expected to make an official announcement about stablecoin in the next quarter but an official launch is still far away.

Perhaps, by the time that it’s ready to go live, India’s digital economy will be more accepting.

SoftBank operating profit up 80%, aided by Flipkart, Oyo

SoftBank operating profit up 80%, aided by Flipkart, Oyo … internet major SoftBank Group report an 80% increase in its operating profit for the financial …
BENGALURU: The exit from online retailer Flipkart and the rising valuation of hospitality major Oyo helped Japanese telecom and internet major SoftBank Group report an 80% increase in its operating profit for the financial year ending March to $22 billion. The billionaire Masayoshi Son-led firm is one of the largest investors in India’s internet space with over $10 billion deployed in the country, fuelled by the $100-billion Vision Fund launched in 2016.

SoftBank said the fair value of its investment in Oyo, which has aggressively expanded into China and Europe over the last year, increased by $1.4 billion during the financial year. The Japanese firm, which reported its results on Thursday, said it realised a gain of $1.33 billion on the sale of its stake in Flipkart to US retail giant Walmart, which bought 77% in the Bengaluru-based e-tailer for $16 billion.

SoftBank operating profit up 80%, aided by Flipkart, Oyo

SoftBank had first invested in Oyo, founded by 25-year-old Ritesh Agarwal, back in 2015 when it was valued at close to $400 million. Since then, the valuation of the company has increased to $5 billion and SoftBank holds about 45% stake in it. The number of rooms that Oyo had under management at the time of SoftBank’s first investment was 13,000, which has now increased to 6,00,000. Recently, Oyo had announced the acquisition of Europe-based vacation rental company @Leisure Group for $415 million in cash.

The value of Vision Fund’s investments in 69 companies had risen to $72.3 billion by end-March from their $60.1-billion acquisition cost, SoftBank said in a statement. Vision Fund’s biggest investment, ride-hailing giant Uber, is heading for an IPO. SoftBank also said the value of the Uber stake increased by $3.7 billion in the year.

The development comes at a time when SoftBank is also planning its second Vision Fund, which may raise another $100 billion. Recent reports have also stated that SoftBank is looking at an initial public offering for the first Vision Fund as well.

SoftBank had started to actively invest in India in 2014, a pace which picked up since the launch of the Vision Fund in 2016. The country continues to remain a focus market for the Vision Fund, which is headed by Rajeev Mishra, an India-origin executive who earlier used to work at Deutsche Bank. SoftBank also recently appointed Sumer Juneja, who used to work at venture capital firm Norwest, as the India head.

SoftBank has been able to build up a significant shareholding in India’s most valued internet and technology companies like mobile payments giant Paytm and ride-hailing major Ola. Its other portfolio companies include online financial services marketplace PolicyBazaar, baby care e-tailer FirstCry and online grocer Grofers.

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Chinese investors turning away from US startups

Chinese investors are increasingly turning away from U.S. tech startups and … investments in U.S. companies in critical and emerging technologies.

Chinese investors are increasingly turning away from U.S. tech startups and diverting money towards companies in Southeast Asia and India in the face of bilateral tensions, according to Edith Yeung, partner at Proof of Capital and advisor to 500 Startups.

Yeung points to heightened scrutiny by the Committee on Foreign Investment in the United States (CFIUS) as a big reason for the investment pullback. The government group tasked with reviewing foreign investments in U.S. companies has blocked multiple acquisition overtures by Chinese companies, including Ant Financial’s attempt to buy MoneyGram and Broadcom’s pursuit of chipmaker Qualcomm, though Broadcom was a Singapore-based company, on national security grounds.

“During the Obama years, 90% of these deals would get passed,” Yeung said. “During the Trump years, only 60%. That includes deals by Baidu, Alibaba, and Tencent. They are all becoming a lot more careful.”

Last year, the Trump administration expanded CFIUS’s powers, allowing the group to not only review takeover deals by foreign companies but also non-controlling investments in U.S. companies in critical and emerging technologies. Just last month CFIUS demanded the Chinese owner of gay dating app Grindr give up control of the company, citing national security concerns.

Shifting focus

Chinese firms invested $3.6 billion in U.S. companies last year, according to research firm Rhodium Group. While that number marked a record for total investment, the number of deals dropped from 300 in 2015 to 270 in 2018. The study reports state-owned Chinese investors had all but disappeared by February of this year.

“In the past, Chinese investors have been very excited about investing in blockchain, AI, and autonomous car related technology,” Yeung said. “But CFIUS is literally naming venture capital (VC) firms that have backing from the Chinese government and blocking them.”

That pushback has forced investors to shift their focus away from sensitive technology areas. Rhodium reports roughly 40% of Chinese VC deals in the U.S. went to biotechnology and pharmaceutical companies. Tech heavyweight Tencent recently announced a $150 million investment in Reddit, though that sparked fears of censorship on the platform.

Chinese investors have also doubled down on Southeast Asian startups and tech companies in India, Yeung says. China’s VC investment in Indian startups increased to $5.6 billion last year, according to data compiled by research and analytics platform Tracxn, a five-fold increase in just 2 years. Those investments have been fueled by the big Chinese tech names Baidu, Alibaba, and Tencent, known as BAT. Last month, Alibaba-backed Ant Financial raised $100 million for its venture fund BAce Capital, targeting early-stage startups in India and Southeast Asia.

“Tencent, Alibaba, Baidu, none of them really took off in the U.S. with their products,” Yeung said. “I’m not saying they’re giving up in the U.S., but they’re definitely not growing their own product.”

Akiko Fujita is an anchor and reporter for Yahoo Finance. Follow her on Twitter at @AkikoFujita

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