Every company today wants to make their purpose stand out, showcasing why they exist and how they benefit society. But it's the 'how' that's the hard part. And that's where technology comes in.
At Nasdaq, we work every day to advance inclusive growth and shared prosperity, and our position at the center of capital markets gives us a unique opportunity to deliver it.
But what drives our journey is technology. The technology we use in our business. The role we play in supporting the tech sector. How innovative new services and technologies can expand access to the markets to those people who need it most.
At Nasdaq, we want to apply technology solutions to some of the biggest obstacles to inclusive growth. These barriers fall along a few fundamental lines:
- Lack of understanding of the systemic barriers preventing greater and more equal participation in the economy/markets.
- A lack of consistency and transparency in the data that is driving corporate and investor behavior.
- A more resilient system that upholds integrity and confidence in the fairness of the system
Here's how we are approaching those issues:
1) Understanding allows us to continuously adapt: Through our research partnership with the Aspen Institute and Commonwealth, we sought to understand and identify the systemic barriers that under-represented communities face in their efforts to generate and sustain wealth. We found that too few of the most innovative tech solutions cater to the needs of those who need it most. We believe that firms should design products to meet the needs and preferences of women of color and financially vulnerable populations as intentionally and carefully as any other market segment.
2) Better data improves risk-based decisions for investors and corporates: As companies respond to investor imperatives to measure and report sustainability, they need access to data and tools to power their programs. We're building the capabilities to help them successfully navigate the complex and fast-maturing ESG landscape. For instance, our OneReport tool helps clients simplify the process of ESG data capture, engagement, oversight and disclosure. With our software, corporations streamline their sustainability reporting and entire data management and disclosure process. Our recent board diversity rule provides a consistent framework for companies to publish and benchmark diversity data and will give us a better overall picture of how the general population is represented across corporate America. Many studies have shown that diversity of experience, gender, race, knowledge and perspective means that a company is more capable of seeing the full picture, assessing risk and overcoming challenges with forward-looking, innovative solutions. Our goal is to provide a transparent framework for Nasdaq-listed companies to present their board composition and diversity philosophy effectively to all stakeholders.
3) Safer systems can improve confidence and participation: A safer financial system helps underpin confidence in the markets and, over time, should lead to greater participation. Each year, an estimated $800 billion to $2 trillion is laundered, according to the United Nations. To address this enormous challenge, a next-generation suite of solutions is needed for the fight against financial crime. Nasdaq recently acquired a cloud-based anti-financial crime platform called Verafin to accelerate its role in meeting the challenge. Verafin's technology helps to detect, investigate and report money laundering and financial fraud for over 2000 financial institutions in North America, which strengthens Nasdaq's existing regulatory technology focused on crime in the capital markets. When markets are operating with utmost integrity, they are best positioned to power confidence, participation and, ultimately, economic progress – all of which can lead to better long-term outcomes for our business and for society.
In our position at the center of the capital markets, technology and data, we know that the call to build a more inclusive economy has never been stronger, nor more urgent, than it is today. Our work to increase understanding, enhance data and protect the system is a direct response to this imperative. We're proud to already count many of the country's leading companies, NGOs and thinkers as partners and friends and are looking forward to making an impact now and in the years to come.
In its latest report, Freedom House President Michael Abramowitz said, "We really see free expression and privacy as under unprecedented strain."
Christopher T. Fong/Protocol
"This year, we've seen a ramp up, for lack of a better term, of the techlash," said Allie Funk, a senior research analyst for technology and democracy at Freedom House. "[Governments] can use the language of digital sovereignty, cyber sovereignty, national security, public health, COVID-19 to go after speech they don't like and personal data they'd like to access."
For the 11th straight year, Freedom House found internet freedom in decline around the world, with 30 countries, including the United States, seeing more restrictive environments for human rights online and just 18 seeing the situation improve. China ranked last for the seventh year in a row. Freedom House assesses internet freedom based on surveys with 80 analysts worldwide, covering everything from government censorship and internet shutdowns to how people are punished or targeted for online expression and what surveillance techniques governments deploy.
In its latest report, Freedom House President Michael Abramowitz said, "We really see free expression and privacy as under unprecedented strain."
The report points to several recently enacted laws concerning content takedowns. In Turkey, large platforms have to remove "offensive" posts within 48 hours or risk fines and other forms of punishment. In Russia, authorities can now block platforms that restrict Russian-owned news outlets. And in India, tech companies face new requirements for responding to law enforcement requests and deploying AI for content moderation. But the law also requires companies' local chief compliance officers to obey court or government-ordered content takedowns or risk prison time. These types of requirements, Funk said, "can incentivize countries to censor that content because they fear for the safety of their local employees."
"In the high-stakes battle between governments and tech companies, human rights are the main casualties," Funk said.
Indeed, just last week, Google and Apple agreed to remove an election-related app linked to Russian dissident Alexei Navalny from their app stores in Russia. According to the Associated Press, Google in particular was responding to threats of criminal prosecution by the Kremlin.
While many of these government actions have targeted the tech industry, the Freedom House researchers also found alarming trends with regard to how governments are targeting their own people. Some 45 countries are deploying some kind of spyware to surveil their own people, according to the report.
The survey also yielded a number of disturbing stories about individuals who have been arrested or attacked for various benign forms of online expression. In Egypt, two female influencers were recently sentenced to prison over their TikTok videos. One had posted a video encouraging her female followers to become influencers. The other posted a video of herself dancing and lip-syncing.
While the United States' standing in the Freedom House ranking fell to 12th place in 2020, it is still one of the countries that the organization categorizes as "free" compared to the rest of the world. Now, the report's authors say, the tech companies that are based in the U.S. need to assess whether their platforms are actually helping promote free expression or enabling authoritarian regimes. "U.S. firms are going to need to take a hard look at whether they should be operating in these repressive environments," Adrian Shahbaz, director of technology and democracy at Freedom House, said. "Companies are going to have to weigh reputational damage and the human rights risks that come from complying with repressive government requests over their business interests."
A MESSAGE FROM ALIBABA
This year, China will become the first country where ecommerce sales will outpace brick-and-mortar transactions. U.S. businesses are using Alibaba's platforms to sell to 900 million digitally savvy consumers in China and untap new opportunities for long-term growth.
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