US-based financial institution JP Morgan has announced the decision to restrict its employees from using the artificial intelligence program ChatGPT . The choice was made to accord with the limits and regulations on third-party software due to compliance concerns, and not because of a particular issue.

The ChatGPT service was released in November of 2022 by Open AI, an artificial intelligence research company. Since then, the tool had increased in popularity among many industries, covering areas such as art, design, academics, and gaming. Although some companies and organisations encourage their employees to incorporate it into their daily routine, others, such as public schools, universities, or other businesses, expressed their concern about the risks that might occur while working with it.

J. P. Morgan’s development strategy In December of 2022, the bank decided to acquire 48,5 % of Greece-based fintech startup Viva Wallet.

The acquisition was for USD 800+ million after a lengthy procedure that lasted for months. The first news about the deal was made public at the end of January 2022, when the Sales and Purchase agreement was signed by both companies. At the time, no mention of the amount of money involved was made.

The Greek regulatory authorities approved the acquisition in September of 2022. Viva Wallet, which at that moment was identified as an entirely could-based neobank, became a Greek private startup company with a value of over USD 1 billion (a term used in the industry as a unicorn company). Around the same time, J.

P. Morgan announced its investment in India-based In-Solutions Global (ISG), a payment provider. Through this partnership, the bank aimed to accelerate the ability to capture additional payment methods in APAC, a region that accounted for the company’s largest retail ecommerce sales around the world.

J. P. Morgan also announced that was expanding its trader-acquiring capabilities in APAC in the same period, as well as the decision to become live in seven markets by the end of the year.

Earlier in the same month, J. P. Morgan signed a collaboration with Trovata in order to help joint clients tap into Morgan Money’s solutions.

This focused on enabling customers to access higher yields on corporate investing. Through this partnership, Trovata hosted the Morgan Money corporate investing and trading solution as a third-party application on its platform. Joint users were able to determine their liquidity needs while using Trovata, then take action to invest using the services provided by Morgan Money.

AI’s incorporation into the industry In February 2023, Shopify announced its decision to fiddle with artificial intelligence by introducing a new product description tool. This was designed to capitalise on the buzz surrounding this growing technology service. The new product is called `Shopify Magic` and is aimed to be part of the company's ecommerce platform.

During this time, Microsoft planned to shut down one of its groups dedicated to the development and promotion of the Industrial Metaverse group. The software company terminated reportedly its whole industrial metaverse core group, which was composed of 100 employees. In China, the ecommerce platform JD.

com introduced its decision to launch an industrial version of ChatGPT dubbed ChatJD, found on JD Cloud’s artificial intelligence application platform Yanxi. .