CXO Magazine – October 2023 – Inspiring CXO of the Year – 2023 by Connecta Innovation

GLOBAL EDITION

INFLUENCE. INSPIRE. IMPACT

FEATURING INSIDE Amit Badlani Product Management Leader, NVIDIA Corporation Dr. Jacques Ludik Founder & CEO, Cortex Logic, Founder & President, Machine Intelligence Institute of Africa

Kevin Korte, President, Univention North America, Inc. Paul Connelly, Former CISO, Technical Advisor, Educator, & Board Member Steve Schroeder, Founder & CEO, Twitter Fundraising

PATRYCJA

WISNIEWSKA C h i e f Op e rat i n g O f f i c e r ( C O O ) , B l a c k s m i t h K Y C

CXO MAGAZINE, OCTOBER 2023

October 2023

DRIVING INNOVATION AND GROWTH IN THE FINTECH INDUSTRY

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October 2023

Vol - 1 Issue - 8

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Sarath Shyam

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CXO Magazine is a digital magazine published by Connecta Innovation Private Limited. All rights reserved. The opinions expressed in the content and pictures provided are those of the authors. They do not purport to reflect the opinions or views of the Connecta Innovation Private Limited or any of its members and we do not assume any responsibility. The publisher does not assume any responsibility for the advertisements, its content, pictures, and all representation of warranties made in such advertisements are those of the advertisers and not of the publisher. CXO Magazine is a Free Subscription digital magazine strictly not for sale and has to be strictly for internal private use only. Publisher does not assume any responsibility arising out of anyone printing copy of this digital magazine in any format and in any country and all matters related to that.

CXO MAGAZINE, OCTOBER 2023

LEADING THE WAY IN

BUSINESS TRANSFORMATION

n the ever-evolving landscape of business leadership, we find ourselves at a juncture where innovation and adaptability reign supreme. Our latest issue of CXO Magazine delves into the forefront of this dynamic transformation, where visionary leaders are shaping the future of their industries. One of the latest trends in business leadership is the art of building a positive culture within remote teams. In a world where remote work has become a norm, leaders are tasked with fostering collaboration, motivation, and employee wellbeing across virtual boundaries. We dissect the strategies and stories of those who have thrived in this new landscape. Change is the only constant, they say, and in the business world, this adage holds more truth than ever. Leaders who adapt, evolve and encourage change find themselves at the helm of innovation. We unravel how some of the most successful leaders have adopted a change mindset, making it a core tenet of their leadership philosophy. At CXO Magazine, we take pride in being your trusted source for stories that matter. Our mission is to bring you closer to the leaders who are shaping the future of business and innovation. We are the bridge between the aspirations of our readers and the wisdom of industry luminaries. In this issue, we shine a spotlight on Patrycja Wisniewska, the Chief Operating Officer of Blacksmith KYC. With over 15 years of experience in digital innovation and transformation within the financial sector, Patrycja's journey embodies the very essence of the trends we discuss. Her contributions to the fintech industry serve as an inspiring example of leadership in the digital age. As we continue to explore the latest trends and stories in business leadership, we invite you to embark on this insightful journey with us. Together, we'll unravel the strategies, challenges, and successes of those who are leading the way, not just in their respective industries but in redefining the very essence of business leadership. Enjoy Reading.

Sarath Shyam

CXO MAGAZINE, OCTOBER 2023

COVER STORY

Contents

PATRYCJA WISNIEWSKA C H I E F O P E R AT I N G O F F I C E R (CO O) , B L A C K S M I T H K Y C

8 4

DRIVING INNOVATION AND GROWTH IN THE FINTECH INDUSTRY

CXO MAGAZINE, OCTOBER 2023

Paul Connelly, Former CISO, Technical Advisor, Educator, & Board Member Developing a Pipeline of Future Cybersecurity Leaders

INTERVIEWS

Dr. Jacques Ludik, Founder & CEO, Cortex Logic and Founder & President of the Machine Intelligence Institute of Africa Creating Transformative Solutions for A Better Future

CXO MAGAZINE, OCTOBER 2023

Contents

Kevin Korte, President, Univention North America, Inc. Top Table: Why Companies Need to Elevate the Role of Their CIO and CISO

OPINIONS

Amit Badlani, Product Management Leader, NVIDIA Corporation Steering the AI Journey: The Importance of Governance and Guardrails

CXO MAGAZINE, OCTOBER 2023

Steve Schroeder, CEO/Founder, Twitter Fundraising The Complete Transformation of Innovative Monetary Technology

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Digital First Magazine CXO MAGAZINE, OCTOBER 2023 August 2021

CXO MAGAZINE, OCTOBER 2023

COVER STORY C O V E R

S T O R Y

PATRYCJA WISNIEWSKA C H I E F O P E R AT I N G O F F I C E R (CO O) , B L A C K S M I T H K Y C

DRIVING INNOVATION AND GROWTH IN THE FINTECH INDUSTRY With over 15 years’ experience in digital innovation and transformation in the financial sector, Patrycja has made significant contributions to the fintech industry. As a leader in strategy, digital banking, and product management, she has driven the development and adoption of innovative solutions such as the mobile banking apps and mobile payments. In 2019, she joined Blacksmith KYC, which quickly became a rising star in the RegTech space. Patrycja is also a mentor and keynote speaker on topics such as digital transformation, personal growth, and tech talent development. Recently, in an exclusive interview with CXO Magazine, Patrycja shared her insights on how AI is transforming the financial services industry, her career trajectory, current roles and responsibilities at Blacksmith KYC, her modern-day hero, future plans., words of wisdom, and much more. The following excerpts are taken from the interview.

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How is AI transforming the Financial Services industry? Artificial Intelligence, especially generative AI trained on Large Language Models (LLA) is a ground-breaking innovation for all businesses. AI is as revolutionary as the email, the internet, and smartphones. Within the Financial Services industry I see 3 immediate applications for AI solutions: customer support, back-office operations, and analytics. At customer support departments, AIpowered chatbots and virtual assistants provide 24/7 assistance, improving response

AI-driven analytics enables banks to collect valuable insights from vast datasets, enhancing risk assessment, fraud prevention, and personalized financial services

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times and resolving queries more efficiently. Customer centre support staff will soon have their own AI assistant who will help them find the right answer to customer’s questions and will also write the call summary for them. In the back office, AI streamlines routine tasks like documents processing and data entry, reducing errors and operational costs. Moreover, AI-driven analytics enables banks to collect valuable insights from vast datasets, enhancing risk assessment, fraud prevention, and personalized financial services. In the next 1-4 years I expect the AI to become indispensable in the modern banking industry. Patrycja, please tell us about your past work experiences, career growth journey, and areas of interest. I was always an entrepreneurial person. Already during my undergraduate studies in Poland, I’ve started an event company, which I run for 3 years before selling it off. After graduating, I joined ING, the largest bank in The Netherlands. As a management trainee, I worked on multiple projects which allowed me to learn about the different aspects of banking. It also helped me discover that I am a generalist with a strong interest in new technologies and organisational change. 12 years ago, I joined the Digital Channels department of ING Belgium. The world was a different place compared to today. My business phone was a BlackBerry. We worked mostly offline with occasional connection to the internet via a modem. But I just felt in my guts that the digital banking services will be the next big thing. This turned up to be true. Our Digital Channels team grew from 20 to 120 people in just 4 years. We released the mobile banking app, which was a

true game changer. What followed next were digital payments and digital services. 4 years ago, I relocated to Singapore with the mission to establish a new fintech startup. Blacksmith KYC, the solution we developed, is now used globally by Financial Institutions to perform Customer Due Diligence of their Institutional and Corporate clients. Brief us about your role as Chief Operating Officer (COO) at Blacksmith KYC. When I joined Blacksmith in 2019, our whole team consisted of just 2 FTE’s and a team of external developers. In the following 4 years our team grew to 30 people. My role as the COO and Head of Product was to develop Blacksmith’s service design, supervise the development of our software and define all business processes. Over time my role evolved towards the development of the Product and the Risk Teams. Today, I spend most of the time interacting with Clients and Partners to further grow our business. Can you tell us about Belgium Luxembourg Chamber of Commerce in Singapore (BLCC Singapore) and your role as its board member? I am Polish from origin. But I’ve spent most of my business and professional life in Belgium. In Singapore, joining the Belgian community allowed me to quickly connect with other ambitious professionals from that part of Europe. After a year as a member, I applied for the position in the Board. I am currently active in the Climate Change, Tech and Women Committees. This volunteering work is very important to me.

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Blacksmith KYC, the solution we developed, is now used globally by Financial Institutions to perform Customer Due Diligence of their Institutional and Corporate clients 12 C X O M A G A Z I N E , O C T O B E R 2 0 2 3

and scalable solutions. On top of that people skills are necessary to explain your vision, set the direction and help empower your team. What has been the driving force to get you where you are today? It is what is called the growth mindset. The growth mindset is about looking for new challenges, learning new skills and staying curious. I read about new technologies, participate in conferences, follow courses, and talk to people outside my core group. I take energy from interacting with other people. This expands my network, helps me understand the world and create business opportunities. What is anything you wish you knew when you first went into this career? Early in my career I was often intimidated by senior executives. I would avoid events with very senior people and choose young professionals networks instead. After 20 years in business, I see that this was a bit silly. Senior managers often seek junior’s opinion. They like to mentor young professionals. I wish I knew that earlier.

In your opinion, what is more important, being technologically fluent or excellent at working with people? You need it all. You must understand customer needs and the market to build great products that people want to buy. And you also must understand the technology so that you can build performant

Who is your modern-day hero and why? Sharon Sandberg, the former COO of Facebook, had a lot of influence on my career. She is a role model for a successful woman in technology. She also wrote a book called LeanIn with great tips for ambitious women who sometimes are limited by their own behaviour. Let me elaborate on why “Career is not a ladder.” Ladders are limiting. We can move only up or down. We don't know where they lead to. And ladders do not accommodate for changes of interest, changing technologies and changing life situations.

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Instead of ladders, Sharon talks about what she calls: "jungle gyms" just like those climbing structures on children’s playgrounds. For her, it is about the creative exploration of what gives you energy and what doesn't. Jungle gyms are much more suited to the many skills required to understand and manage complex technologies. I very much relate to that. What is your biggest goal? Where do you see yourself in 5 years from now? My ambition is to scale Blacksmith KYC internationally as a go-to service provider for Financial Institutions. Further, I would like to give back to the society, especially by helping young women to develop and grow their careers

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in technology. In 5 years from now I see myself as a successful entrepreneur and mentor in technology who brings a positive change to businesses and society. What advice would you give to aspiring fintech professionals? Invest time in developing your transversal skills, the skills that can be used in a wide variety of situations in life and in work. Those skills are clear verbal and written communication, defining your vision and building a roadmap around that, project and time management skills. Those competences were as important 20 years ago as they are today.

CXO MAGAZINE, OCTOBER 2023

O P I N I O N S

Top Table: Why Companies Need to Elevate the Role of Their CIO and CISO Kevin Dominik Korte dedicates himself to inspiring people to take control of their time, data, and dreams in IT, business, and life. As President of Univention North America, startup investor, and board member, he enables individuals and companies to follow their visions and missions without building dependencies. He is a trusted voice for strategic questions, risk management, and technical solutions from the boardroom to the field. He earned his MSc and BSc in Computer Science from Jacobs University in Bremen, Germany, and serves as Treasurer of the Jacobs University Foundation of America.

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Kevin Korte President, Univention North America, Inc.

OM MAAG GA AZ I N E , O C T O B E R 2 0 2 3 CCXXO

igital transformation projects have been a mainstay of our world for the past 20 years. Websites and apps have replaced travel agents and hotlines. Digital scanning apps have replaced insurance adjusters. Word processors have replaced secretaries and typing pools. A flood of generative AI-based apps promise even more and more intelligent task automation. Yet in many organizations, one crucial thing is still missing amid all the tech frenzy to give the digital push some smart guidance and guardrails. The CIO, and even more importantly, the chief information security officer (CISO) often aren't part of the upperlevel management team. Thus, digital transformation and cybersecurity are taking a back seat, confining both their potential and risks to individual departments. The results are all too visible. On top of that, the role of the CISO is constantly shifting between hitting reporting targets and requirements. Technology and IT cannot be just a service. In order for an organization to be resilient and successful, the heads of technology--whether they are the CIO, CTO or CISO--need to be integral parts of the upper echelons of a company. There are at least five reasons why they belong at the top table and should be part of the boardroom. 1. Pass it on: Risk Management Concerns All With the advancement of the new SEC cybersecurity regulation in the US, it should be clear to everyone that boards and upper-

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Showing you can deliver a significant initiative is often an excellent start to ensuring that your name is getting noticed and that your concerns about risks and strategy are heard by the shareholder representatives

level management must actively participate in cybersecurity communication and reporting. Without a direct link, both sides are hampered by incomplete information relayed between the different actors and a third party. Incidents at Block and its CashApp service should serve as a clear warning to anyone in IT and risk management. A former employee breached CashApp's servers back in 2021, yet the company's disclosures and information flow were more than lacking. As a result, Block now faces lawsuits from its customers and investors and is suffering from multiple shortseller reports about its risk management practices and other questionable behavior. This lack of internal and external information flow is problematic, even more so for a technology company. Add in intermediaries who control the flow, and a company might be in for a disaster similar or worse to the one that Block is still dealing with two years later. 2. Change it up: Long-Term Strategies Need CIO Input Digital transformation and the impact of IT on the top line have been hot topics in the consulting world for years. And yet, 40% of CFOs expect to cut IT costs. This cost-cutting reinforces the notion that many digital transformation projects are transformative in name only. Too many times, there is a filter level between the strategy-developing management team and strategy-approving board on the one side and the CIO on the other. The filter prevents an open

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discussion about IT strategy and how it can fundamentally change the business. The extra layer and competing priorities also slow down transformation efforts and prevent honest feedback from reaching the CIO. 3. Communicate If You Are on Board In many companies, tradition and grown hierarchies at the top level are the only things that prevent a CIO from being well integrated. Often, it’s the misunderstanding of technology as a service provider that precludes questioning the hierarchies. I’ve seen several CIOs reinforce this notion by providing overly technical reports. Thus, it falls to the Assistant to the CEO or a board clerk to summarize it and prepare it for the board briefing. Here’s a better approach: It helps to prepare concise and compelling reports that go straight into board documents. Have presentations ready so the board can discuss them without someone summarizing the content again; tone down the technical aspects, and focus on risks and strategies. All of those things can go a long way in getting a CIO or CISO board-ready. Consistency is another crucial aspect. While management and board meetings are the two visible events on the calendar, you shouldn't disappear from sight between those important dates. Important updates should be communicated on all levels, especially strategic changes and risks. Almost all companies have procedures in place for that. It’s just upon the executive to provide the content. Most newly minted CISOs and CIOs will have practiced this with their teams and direct superiors for years. Thus, it’s a good idea to take it one step further. Lastly, getting an experienced mentor can help develop the right tone and confidence to speak the

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correct language. A mentor is beneficial if there is a generational gap between the board and CEO on the one side and CIO or CISO on the other. A mentor can also provide vital insight into whether it’s worth fighting a battle for a project or strategic change or if it’s better to wait it out. 4. Play the Long Game: The Importance of Cross-Department Strategic Initiatives Many of the initiatives on the agenda of board and upper management meetings will be crossdepartmental and involve longer timeframes. In many cases, upper management stays in control of these. With IT and cybersecurity initiatives often being cross-department or company-wide, technology executives should be able to make their mark by taking control of them as well as a CFO or CRO could. Showing you can deliver a significant initiative is often an excellent start to ensuring that your name is getting noticed and that your concerns about risks and strategy are heard by the shareholder representatives. 5. Make Cybersecurity a Key Part of Digital Transformation Technology topics will keep offering strategic opportunities and remain the source of new risks. As Columbia University’s David Rogers emphasizes in his forthcoming book about the The Digital Transformation Roadmap: “ Strategic problems and opportunities are defined at every level.” As long as technology executives are in the second row, companies will struggle to adapt to changing user demands. Whether it’s mobile apps to handle flight changes or compliance in online banking, technology will continue to dominate our changing economic landscape.

CXO MAGAZINE, OCTOBER 2023

I N T E R V I E W S

Developing a Pipeline of Future Cybersecurity Leaders Paul Connelly built the first cybersecurity programs at two of the world’s highest risk organizations – the White House and HCA Healthcare (one of the largest healthcare providers in the U.S.). He led those programs for a combined 28 years in CISO roles, and in-between, he spent six years building a cybersecurity consulting practice at PricewaterhouseCoopers. He is broadly experienced – C-level leader at a Fortune 100 company, partner at a big four public accounting firm, and senior civilian at a DoD agency at the White House supporting three U.S. presidents. Paul is also a developer of people, with thirty-four team members selected for CISO positions, and by now serving as a cybersecurity educator. Recently, in an exclusive interview with CXO Magazine, Paul shared his career trajectory, insights on the key threats in the cybersecurity industry and its future, the essential skills required by a modern CISO, pearls of wisdom, and much more. The following excerpts are taken from the interview.

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Paul Connelly

Former CISO, Technical Advisor, Educator, & Board Member OM MAA G GA AZ I N E , O C T O B E R 2 0 2 3 CCXXO

Paul, we would love to know about your journey into cybersecurity and ultimately how you became a CISO. I’m not sure how the planets aligned this way, but I have bachelor’s and master’s degrees in agriculture, yet somehow landed a job at the U.S. National Security Agency in the early days of information security – 1984. The Internet, mobile phones, and the terms “cybersecurity” and “CISO” did not yet exist – we were primarily focused on cryptography and stopping the Soviet Union from spying on us. In 1987, I was detailed to the White House to build the first information security program to protect the “national security systems” that link the defense, intelligence, and diplomatic communities with the President, Vice President, National Security Council, White House Situation Room, and presidential travel anywhere in the world. In 1989, they named me the first ISO – Information Security Officer and I stayed until 1997, serving under Presidents Ronald Reagan, George H.W. Bush, and Bill Clinton. It was an incredible learning experience and honor – working in the White House, supporting the President, traveling all over the world, and doing a job where I was making a difference. I left in 1997 for the opportunity to start an information security consulting practice at PricewaterhouseCoopers. I worked with multiple Fortune 500 companies’ senior leaders and boards, became a partner, and learned how InfoSec must integrate with business strategy and operations to be successful. I had another opportunity to build a program for a high-risk organization in 2002, when one of my PwC clients, HCA Healthcare,

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asked me to be their first CISO. I stayed in that role for twenty years, transitioning from CISO to Chief Security Officer as Privacy, Data Governance, and Physical Security were brought under my oversight in 2012. I retired from HCA last April. Across my career, I was in the right place at the right time and was surrounded by great people – as evidenced by having 34 members of my teams rising to become CISOs. My hope is to serve on boards of high-risk companies the next step in my CISO evolution. What are the key threats in the cybersecurity industry right now? What are the main challenges CISOs are facing? The threats are relentless and continuously rising – becoming more sophisticated, customized to their targets, and stealthy in their approach. The “Big Four” threat actors continue to be China, Russia, North Korea, and Iran, and their attacks aim for financial gain, military or geopolitical gain, theft of data and Intellectual Property, and/or just creating chaos. Generative AI is making the threat worse by enabling more-refined selection of targets, identification of attack paths, higher quality of attacks, and greater velocity and span of attacks. AI is also lowering the “cost of entry” for criminals to get into hacking. We are already seeing AI used for phishing and other social engineering attacks, and Deep Fakes of voice and video. Defending against these threats is continuously getting harder, too, as companies’ boundaries are blurred by 3rd party dependencies, use of the cloud, M&A,

Across my career, I was in the right place at the right time and was surrounded by great people – as evidenced by having 34 members of my teams rising to become CISOs

and partnerships. Fortunately, Gen AI will also help us improve the identification of threats, vulnerabilities, and response actions. The defender is always trying to find the needle in the haystack, and Gen AI will help. If I were to pick the biggest challenge CISOs face, I’d say it is a lack of connection with the senior leadership and board levels. CISOs need to operate at that level in their organizations, and many do not have the skills or do not have an audience that understands their challenges.

What significant changes do you see occurring within the information security market over the next 3 to 5 years? I think the market will continue to introduce great new capabilities, largely relating to Gen AI, and will (hopefully) see some consolidation among all the single-threaded solutions. The 3-to-5-year window may include the arrival of quantum computing, which will introduce major cybersecurity challenges, but also opportunities for improving defenses.

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I also think this time period represents an inflection point in the evolution of the CISO role, and CISOs need to up their game – not as cybersecurity experts but as business leaders –

The modern CISO not only needs to understand IT and drive cybersecurity strategy and operations, but they also need to be business and culture leaders. Being a worldclass cybersecurity expert is not enough to be a modern CISO

to secure a seat at the senior leadership table and on boards. To make that happen, the modern CISO needs to step up from the SOC and grow to operate as a senior business leader – by developing business strategy

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understanding, communication skills, financial acumen, engagement in strategic programs, and other leadership abilities their C-Level peers demonstrate. The role of the modern CISO is changing. Based on your experience, what are the essential skills a CISO should have now? The modern CISO not only needs to understand IT and drive cybersecurity strategy and operations, but they also need to be business and culture leaders. Being a world-class cybersecurity expert is not enough to be a modern CISO. The role is more important than ever – it is a critical risk at most companies, and to be effective, CISOs must operate at the senior leadership and board level. Being a cybersecurity expert is not enough to earn a seat there – CISOs need to be trusted partners of business leaders, great communicators to all levels, engaged with the workforce and operations, contributors to business strategies and the financial situation, and well-rounded executives who engage in other areas, like employee culture and governance. What can organizations do to create a positive experience for applicants? It is all about culture. When cybersecurity is integrated into operations, viewed as a business enabler, placed in the right position in the organization, and everyone shares a sense of ownership you have a great culture that creates a positive experience, attracts talent, and retains good people.

What do you think about when you hear integrity? Particularly system integrity. How important is that in security, compliance, or just operations? Integrity is the most overlooked part of the security triad of Confidentiality, Integrity, and Availability, because most cyber-attacks go after data theft or availability. However, integrity attacks, e.g., the manipulation of data, could be extremely damaging and another way for cyber criminals to leverage financial returns. In research, healthcare, financial statements, etc. – integrity is crucial. Cybersecurity is all about integrity and trust, and that is foundational to compliance and organizational success. What do future information security careers look like? Any strategies you would like to tell us about to futureproof a career in this industry? It is a great career option – huge demand and short supply. One point is – you do not have to be super technical. Some of the best members of my teams have been psychology, journalism, business, and philosophy majors. I studied agriculture! What matters is the desire to learn and work – that inner drive, not the training or major. Degrees and certifications are great, but nothing tops hands-on experience. In my last role we would bring in summer interns as soon as their freshman year in college – I highly recommend getting real-world experience over certifications. One of the shifts for CISOs is that our “soft skills” are critically important going forward

– as I said earlier, being a technical expert is not enough – the ability to communicate well, building trust with business leaders and the workforce, and being a culture builder have become a key part of the role. I used to say fifty percent of my CISO role was being an evangelist for cybersecurity. Last point – CISOs need to develop the future generations of cyber leaders to be both cyber experts and business leaders. It should start early in the colleague’s career – getting them broad training and exposure. If a member of your team wants to go for a master’s degree – point them toward an MBA instead of a technical degree. Give them experiences in external areas such as community service and governance to broaden their perspectives. What takes a CISO from good to great? Going from a technical cybersecurity leader to business leader. How do you stay up to date on emerging trends and threats in cyber? It is a daily part of the job – I do daily reading from multiple news sources and white papers, listening to podcasts, and attending conferences when I can. Teaching others also forces me to stay current. What advice would you give other CISOs or hope-to-be CISOs? Build broad cybersecurity skills as the foundation, develop complementary skills like communications and business understanding, and then seek experiences that will make you a wellrounded business leader and trusted partner.

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I N T E R V I E W S

Creating Transformative Solutions for A Better Future Dr Jacques Ludik is a Smart Tech Entrepreneur, PhD in AI, Author, International Speaker, and Global AI Ambassador. He founded multiple AI companies. One of them, CSense Systems, was Africa's first AI company that was sold to a multinational, General Electric, in 2011. He is the Author of "Democratizing Artificial Intelligence to Benefit Everyone" and "Neural Networks and Psychopathology". Dr Ludik is Founder & CEO of Cortex Group & Cortex Logic, Vive Teens and Journey Wellness, and Founder & President of Machine Intelligence Institute of Africa and Sustainable Technology Venture Capital. He was previously an executive at General Electric and Jumo, and also academic at Stellenbosch University. He also received Africa’s AI Leader of the Year Award in 2019. Recently, in an exclusive interview with CXO Magazine, Dr. Ludik shared his professional journey, the boundless potential of AI, the inspiration behind establishing Cortex Logic, the major takeaways from his latest book, personal life mantra, words of wisdom, and much more. The following excerpts are taken from the interview.

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Dr. Jacques Ludik

Founder & CEO, Cortex Logic and Founder & President of the Machine Intelligence Institute of Africa OM MAA G GA AZ I N E , O C T O B E R 2 0 2 3 CCXXO

Dr. Ludik, please tell us about your background and areas of interest. My journey began with a deep-rooted curiosity about the workings of intelligence, both human and artificial. With a Ph.D. in Artificial Intelligence from Stellenbosch University, I ventured into the realm of smart technology entrepreneurship, establishing several AI companies over the past two and a half decades. From founding Africa's first AI company, CSense Systems, and selling it to General Electric, to my later endeavours at JUMO.WORLD and the companies I have subsequently founded such as Cortex Logic, Cortex AI Group, Vive Teen Wellness, Journey Wellness and the Machine Intelligence Institute of Africa, as well as my investment in educational platforms like The Student Hub, it’s evident that my journey is fuelled by a combination of intellectual curiosity, a business acumen, and a deep-seated desire to foster positive change through technology. Across the diverse roles I've held, from being an academic to leading AI-based companies and engaging in global AI initiatives, the common thread has been my passion for AI and its transformative potential, and building AI-based companies with data rich platforms that leverages AI technologies to unlock business, customer and societal value at scale. My endeavours have always been driven by the desire to harness AI for the betterment of business, society, and individuals at scale, solving complex problems and making a positive impact in the world as also communicated in my latest book "Democratising Artificial Intelligence to Benefit Everyone: Shaping a better future in the Smart Technology Era (jacquesludik.com). I have also introduced an massive transformation purposes (MTP) for humanity and its associated goals (that complement the United Nations' sustainable development goals) to help shape a beneficial human-

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centric future and founded Sapiens.Network as a decentralized, human-centric, user-controlled AI-driven super platform. I have recently cofounded Sustainable Technology Venture Capital (STVC) Fund of Funds with its own AI-driven investment automation platform and am also currently pushing for establishing a global AI Leader and pushing AI Innovation to amongst others develop state-of-the-art personalized AI and intelligent agents on trustworthy AI guardrails for a decentralized world.

The boundless potential of Artificial Intelligence captivates me. Its ability to mimic human intelligence, learn from data, and automate complex tasks holds the promise of solving some of humanity's most pressing challenges, from healthcare and education to climate change

Which disruptive technology are you fascinated by and why? The boundless potential of Artificial Intelligence captivates me. Its ability to mimic human intelligence, learn from data, and automate complex tasks holds the promise of solving some of humanity's most pressing challenges, from healthcare and education to climate change. Moreover, the convergence of AI with other technologies like blockchain and IoT is creating a foundation for an innovative, decentralized, and human-centric digital future. The realm of Generative AI, particularly its ability to create new content and solutions, truly fascinates me. It's like opening up a universe of possibilities that were previously unimagined or unreachable. This technology has the potential to revolutionize numerous industries by fostering creativity, innovation, and efficiency, which is incredibly inspiring. What was the inspiration behind establishing Cortex Logic? Tell us about its key offerings. Although the original vision for Cortex Logic was a combination of building scalable AIdriven platforms (which was eventually build in

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the especially the wellness space with solutions such as Vive Teen Wellness (viveyou.com) and Journey Wellness (journeywellness.co.za)) and solving intelligence (similar to Deepmind), the focus initially shifted to providing an AI engine for business and delivering AI-driven enterprise solutions aligned with key business value drivers and assisting enterprises on their AI-driven digital transformation journey. Our key offerings revolve around providing AI-powered solutions that drive operational efficiencies, improve customer experiences, and create new revenue streams. Whether it’s healthcare, finance, or retail, our aim is to leverage AI to solve critical problems and deliver tangible value.

We envision a future where everyone has access to Personalized AI that can help them to live better lives and operates in a decentralized, human-centric, usercontrolled, private, trustworthy and explainable fashion

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How do you envision the next phase of Cortex? As we consolidate the current Cortex Logic business activities and transition to Cortex AI, we envision establishing a global AI leader in emerging markets to develop state-of-theart personalized AI and intelligent agents on trustworthy AI guardrails for a decentralized world. Cortex AI's focus is aligned with my own massive transformative purpose around pushing AI innovation, the creation of a personal AI that operates in a decentralized, human-centric, usercontrolled, private, trustworthy and explainable fashion, and shaping a better future in the Smart Technology Era (see also my book on "Democratizing AI to Benefit Everyone: Shaping a Better Future in the Smart Technology Era (jacquesludik.com)). We envision a future where everyone has access to Personalized AI that can help them to live better lives and operates in a decentralized, human-centric, user-controlled, private, trustworthy and explainable fashion. We believe

that AI has the potential to revolutionize the way we interact with the world through Intelligent Agents that are operating on trustworthy AI guardrails in a decentralized world that empowers people and optimizes quality of life in accordance with a Massive Transformative Purpose for Humanity that complements the United Nations' Sustainable Development Goals. We envision a decentralized human-centric user-controlled AI-driven Super Platform with personalized AI agents that not only empower individuals and monetizes their data and services, but can also be extended to families, virtual groups, companies, communities, cities, city-states, digital nations and beyond (sapiens.network). We envision an “ecosystems of intelligence” where collectives of intelligent agents, both human and synthetic, collaborate in harmony and work together to create a better and smarter world. How do you intend to pushing AI innovation to build better personalized AI and intelligent agents on trustworthy AI guardrails? Although we need to build on the current stateof-the-art Generative AI stack and address the current limitations of large language models (LLMs) and related deep learning models, I believe that there are also other complementary important building blocks that should be in the smart technology toolbox for the development of personalized AI and Intelligent Agents: (1) Active Inference AI based on the Free energy principle for distributed intelligence and development of autonomous intelligent agents; (2) Energy-based Self-supervised Learning AI for development of autonomous intelligent agents We need to build trustworthy personalized AI and intelligent agents that learn reliable world

models, learn and adapt to new situations, reason, predict, and plan complex action sequences at multiple time horizons. We need to address the lack of Sympathetic AI that can understand and respond to the emotions and needs of people and other AIs. There is also a lack of Shared AI that can work together with humans, other agents and physical systems to solve complex problems and achieve goals. You are the Founder & President at Machine Intelligence Institute of Africa. Can you please tell us about this nonprofit organization and its vision? MIIA (miiafrica.org) is a testament to my belief in the transformative power of AI for Africa. This non-profit initiative aims at building a strong, innovative, and collaborative AI and Data Science community across the continent. Through MIIA, we envision fostering innovation and leveraging AI to address African challenges, thus playing a part in the continent's transformation. MIIA has also assisted and collaborated with other AI and Data Science organization on the African continent such as Data Science Nigeria, Artificial Centre of Excellence in Kenya, and Zindi that connects organisations with a global community of data scientists. Your latest book is titled "Democratizing Artificial Intelligence to Benefit Everyone". Can you share the major takeaways from this book? My latest book, Democratizing Artificial Intelligence to Benefit Everyone, takes us on a holistic sense-making journey and lays a foundation to synthesize a more balanced view and better understanding of AI, its applications, its benefits, its risks, its limitations, its progress, and

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its likely future paths. The book also synthesizes, assimilates, and acts as a filter on a wide spectrum of thought leadership, information, ideas, and research to enable as many people as possible to not only interpret and make sense of this, but also participate in helping shape a better future for ourselves, our children and humanity going forward. It helps us to more accurately understand where we are heading given the current dynamics on a global and national economic and political level as well as across ideologies and industries. Specific solutions are also shared to address AI’s potential negative impacts, designing AI for social good and beneficial outcomes, building humancompatible AI that is ethical and trustworthy, addressing bias and discrimination, and the skills

and competencies needed for a human-centric AI-driven workplace. I specifically argue for a more decentralized beneficial human-centric future where AI and its benefits can be democratized to as many people as possible. It further examines what it means to be human and living meaningful in the 21st century and share some ideas for reshaping our civilization for beneficial outcomes as well as various potential outcomes for the future of civilization. The book also proposes a Massive Transformative Purpose for Humanity and associated goals that complement the United Nations’ 2030 vision and sustainable development goals to help shape a beneficial human-centric future in a decentralized hyperconnected

he impact that AI can have on humanity and the exciting challenges that lie ahead keep me motivated

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world. As a practical step towards a building block in support of this purpose and goals, this initiative has been introduced and an invitation extended to people around globe to participate in the development, deployment and use of a decentralized, human-centric, and user-controlled AI-driven super platform called Sapiens. To help shape this better future we need a collective, integrated, and comprehensive response that involves all stakeholders of the global system of governing, from the private and public sectors to civil society and academia. Career-defining moment: What has been your most career-defining moment that you are proud of? The establishment and subsequent acquisition of Africa's first AI company, CSense Systems, by General Electric in 2011, was a pivotal moment in my career. It not only validated the potential of AI but also opened doors for me to drive significant AI initiatives on a global scale. What’s the best advice you have received in your career? The best advice I received was to continually learn and adapt as well as always remain curious and open to learning. The field of AI is ever-evolving, and staying abreast of new developments while being open to new perspectives has been instrumental in my journey. This advice has kept me on a path of continuous learning and exploration. How do you motivate yourself and stay motivated? The impact that AI can have on humanity and the exciting challenges that lie ahead keep me motivated. Every day is an opportunity to learn,

innovate, and contribute towards a better future. My motivation stems from the potential of AI to significantly improve lives and create a more equitable world. The thought of contributing to a larger purpose keeps me motivated. Moreover, surrounding myself with a community of likeminded individuals who are equally passionate about making a positive impact through technology, fuels my enthusiasm and drive. What mantra do you live by? My mantra is "Innovation with Purpose, Collaborate, and Transform." It reflects my belief in the power of innovation, the importance of collaborative efforts, and the ultimate goal of creating transformative solutions for a better future. I believe that technological advancements should always aim at creating positive societal impact. It's not about what we can achieve with AI, but what we should achieve to build a better future. What advice would you offer others looking to build their career in technology? I would encourage individuals to remain curious, be willing to learn continuously, and be adaptable to new technologies and methodologies. Engaging with communities, collaborating on projects, and building a network within the tech ecosystem can significantly accelerate learning and open doors to exciting opportunities. The tech landscape is fast-evolving, and continuous learning is crucial. Secondly, find your niche - a domain that truly resonates with you, and strive to make a meaningful impact within that sphere. Lastly, build a strong network within the tech community. Collaboration and knowledge-sharing are the bedrocks of innovation in our field.

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O P I N I O N S

Steering the AI Journey: The Importance of Governance and Guardrails Amit Badlani, a product management leader at NVIDIA Corporation, has been instrumental in advancing accelerated computing platforms across multiple domains including autonomous driving, industrial robotics, and healthcare. At NVIDIA, he spearheads the development of trailblazing platforms like NVIDIA DRIVE, IGX, and Holoscan, leveraging the NVDIA’s Orin System on Chips (SoCs) to amass data from diverse modalities, including cameras, LiDARs, radars, and various medical imaging technologies. These platforms have precipitated transformative progress across several sectors, enhancing safety and efficiency. Prior to NVIDIA, Amit excelled at Ericsson, where he innovated in the IoT and connected cars sphere. His integration of Ericsson's network technologies with his foundational AI/ML expertise paved the way for significant advancements in connected technologies.

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Amit Badlani Product Management Leader, NVIDIA Corporation

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rtificial Intelligence (AI) has grown from a theoretical construct to an integral part of our everyday lives, driving significant changes in myriad sectors, from healthcare to industrial robotics and autonomous driving. Given the pivotal role AI plays, the concept of AI Governance and Guardrails becomes increasingly crucial. As a Senior Product Management Leader at NVIDIA Corporation, I've been at the forefront

of harnessing the potential of AI, navigating its use across a diverse array of sectors while safeguarding data privacy and security. But the landscape of AI safety is not without its challenges, and it's this terrain that I'd like to shed light on. AI Governance and the Need for Guardrails Artificial Intelligence, particularly generative AI, is rapidly maturing. With it comes a proliferation

By incorporating feedback loops that allow for continuous improvement and periodic reassessment of the governance structure, we can stay abreast of the latest developments and potential risks in the rapidly evolving AI landscape

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of large language models (LLMs) designed to answer customer queries, summarize documents, and even write software. These models have become the silent heroes of the digital age. However, their expansive scope and capabilities underscore the importance of a well-defined AI governance framework. AI governance involves laying out guidelines and regulations for developing and deploying AI technologies. It encompasses data privacy, security, fairness, transparency, and accountability, aiming to mitigate the risks and misuse associated with AI applications. AI guardrails form a significant aspect of this governance structure. The Impact of Foundational Models and Guardrails At NVIDIA, we've been keenly focusing on advancing AI guardrails, particularly through tools like NeMo Guardrails. This open-source tool empowers developers to build AI applications atop LLMs that are not just robust and accurate but also safe and secure. NeMo Guardrails is effectively an invisible shield, directing these AI applications, ensuring that they operate within predefined ethical and functional parameters. By providing diagnostic tools to quantify potential biases in the training data and model outputs, NeMo Guardrails helps developers ensure their AI applications conform to ethical standards and do not perpetuate harmful biases. Challenges in AI Governance Despite advancements in AI governance, there are multiple challenges to be addressed. Firstly, the pace of AI technology innovation

often outstrips that of regulatory development, making it hard for governance to keep up. Secondly, the diversity of AI applications, each with their unique use-cases and associated risks, necessitates specific regulatory measures, adding complexity to governance efforts. Moreover, the international scope of AI technology deployment and the differing ethical standards across countries further complicate the regulation process. Harmonizing these varying perspectives into a coherent AI governance structure that ensures fairness and safety is a significant task. The Road Ahead Despite these challenges, we've made notable strides in AI governance, and it's a journey that continues to evolve. By incorporating feedback loops that allow for continuous improvement and periodic reassessment of the governance structure, we can stay abreast of the latest developments and potential risks in the rapidly evolving AI landscape. Indeed, the need for AI governance is a shared responsibility, not just for tech companies but also for regulators, academia, and society at large. Collaborative efforts, informed by diverse perspectives, will be instrumental in shaping robust AI governance frameworks. In conclusion, AI governance and guardrails are not just a nice-to-have; they are an absolute necessity for the safe and responsible development and deployment of AI technologies. Tools like NeMo Guardrails offer us a glimpse into the future of responsible AI development. As we chart the course forward, let's strive to make this journey one marked by shared responsibility, ongoing dialogue, and relentless innovation.

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O P I N I O N S

The Complete Transformation of Innovative Monetary Technology Steve Schroeder is the founder and CEO of Twitter Fundraising, Smart Community Technologies, DeCoy (Decentralized Customer Loyalty) and FAAST (Fundraising as a Service Technologies). All companies are focused on expanding the bitcoin ecosystem around the world. Steve has been in the customer loyalty space for over 20 years. Long before Bitcoin, Steve was devising a custom currency in the form of USD rather than points, miles or stars but after learning about Bitcoin the asset in 2019 and then spending considerable study on the subject over the past 3 years, Steve’s passion is helping others and using his past experience to create a fun, easy, and lucrative way for people to secure their own digital asset and learn how to hold property rights for their families which can’t be confiscated or inflated away.

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Steve Schroeder CEO/Founder, Twitter Fundraising

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n a groundbreaking turn of events, major institutions such as BlackRock and Fidelity, managing trillions of dollars in assets, have made significant strides to understand and incorporate Bitcoin into their investment strategies. Despite temporary delays in the approval of Bitcoin spot ETFs, numerous

The halving event, occurring approximately every four years, stands as a defining feature of the Bitcoin protocol

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institutions are eagerly awaiting their chance to enter the market. This article delves into the remarkable transformation taking place within the financial landscape, highlighting the reasons behind this sudden change and its implications for families and investments. 1. The Swift Change of Mind: Examining the seemingly swift change in institutional attitudes towards Bitcoin raises intriguing questions. Is the shift truly sudden, or has it been an evolution in understanding and recognition of Bitcoin's unique features? By delving into the motivations behind this transformation, we can uncover a more nuanced perspective. 2. Central Bank Digital Currencies (CBDCs): Across the globe, approximately 120 countries are exploring the implementation of CBDCs. This section explores the implications and potential impact of CBDCs on the financial system, shedding light on why this development is closely tied to discussions on Bitcoin. Differentiating Bitcoin from CBDCs helps elucidate their distinct roles and functionalities. 3. Bitcoin's Distinctiveness: Bitcoin stands apart from other cryptocurrencies and technologies in several crucial ways. This section highlights the fundamental differences that big institutions are now recognizing. Exploring these distinctions reveals why Bitcoin has captured their attention and why it has the potential to redefine the financial landscape.

4. The Immutable Bitcoin Supply: Bitcoin's design is unique in that it has a fixed supply of 21 million coins, with no possibility of creating additional Bitcoins. Understanding the reasons behind this limitation and the implications for its value and scarcity is essential. This section delves into the immutable nature of Bitcoin and its significance within the broader context of money and asset production. 5. The Halving Event: The halving event, occurring approximately every four years, is a crucial aspect of the Bitcoin protocol. This section explores the concept of the halving and its historical significance, shedding light on its potential impact on Bitcoin's price dynamics. Additionally, it reveals the approximate timing of the next halving event, offering insight into its implications for Bitcoin's future. 6. Securing Bitcoin: Cold Storage and Protection: As the importance of safeguarding Bitcoin and personal information from online threats becomes increasingly apparent, this section discusses the concept of cold storage. Exploring methods to secure Bitcoin offline and protect against hacking and cyber risks provides essential guidance for individuals seeking to preserve their assets. The current transformation in institutional attitudes towards Bitcoin brings forth profound questions about its unique features and implications for the future of finance. As we continue to unravel the intricacies of Bitcoin, future articles will delve further into these profound topics. By gradually addressing these

important questions, we can gain a deeper understanding of the implications for families, investments, and the broader adoption of Bitcoin as a revolutionary technology. Decoding the Halving Phenomenon: A Catalyst for Institutional Action In the quest to understand the swift change of mindset among major institutions with trillions of dollars under management, the concept of the halving phenomenon emerges as a potential catalyst. This article aims to delve into the intricacies of the halving events and their implications, examining whether institutions have explored this key aspect of Bitcoin's design and recognized the urgency to act. By investigating the halving phenomenon, we can shed light on its significance and lay the foundation for exploring other crucial topics in future articles. 1. Unveiling the Halving Event: The halving event, occurring approximately every four years, stands as a defining feature of the Bitcoin protocol. Understanding the mechanics behind this event and its impact on the supply of new Bitcoins is essential. Exploring how this process is ingrained in Bitcoin's code and its historical context provides a deeper understanding of its significance. 2. Scarcity and Value Appreciation: The halving event holds profound implications for Bitcoin's scarcity and subsequent price appreciation. By reducing the rate at which new Bitcoins enter circulation, the halving contributes to a long-term reduction in the supply of available coins. This section explores

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The scarcity-driven price appreciation and the fixed supply of 21 million Bitcoins create a unique investment proposition

the economic principles of scarcity and its influence on asset value, demonstrating why the halving event could serve as a catalyst for institutional action. 3. Halving Historical Perspectives: Analyzing the previous halving events and their impact on Bitcoin's price provides valuable insights into its potential future trajectory. This section explores the price patterns observed before and after past halving events, unveiling the remarkable price appreciation that has historically followed each halving. By understanding these historical precedents, we can speculate on potential future price movements.

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4. Institutional Implications: The profound implications of the halving event for institutional investors cannot be understated. The scarcity-driven price appreciation and the fixed supply of 21 million Bitcoins create a unique investment proposition. This section investigates the potential motivations behind institutions' exploration of the halving phenomenon and the urgency they may feel to act swiftly. The halving phenomenon, with its profound implications for Bitcoin's scarcity and price appreciation, emerges as a potential catalyst for the swift change in institutional attitudes towards Bitcoin. By understanding the mechanics and historical context of the

halving events, we can grasp the motivations behind institutions' actions and decisions. The exploration of this pivotal aspect of Bitcoin's design serves as a stepping stone for future articles, where we will continue to delve into other crucial topics shaping the landscape of finance and technology. Unveiling the Bitcoin Halving Phenomenon: Scarcity and Price Impact In the world of Bitcoin, a fascinating phenomenon known as the halving occurs approximately every four years, resulting in a reduction of the Bitcoin supply. This article aims to demystify the halving phenomenon, shedding light on its significance and its implications for Bitcoin's price. By understanding the interplay between scarcity and demand, we can grasp the potential impact on the value of this revolutionary digital asset. 1. The Fixed Supply of Bitcoin: Unlike traditional currencies or assets, Bitcoin operates on a predetermined protocol that is not subject to human manipulation or intervention. The supply of Bitcoin is capped at 21 million coins, with the final Bitcoin expected to be mined in the year 2140. Already, 19 million Bitcoins have been produced since Bitcoin's launch in 2009. 2. The Halving Process: The halving is a key feature of the Bitcoin protocol, occurring approximately every 210,000 blocks. With blocks being generated roughly every 10 minutes, this equates to a halving event occurring every four years. During a halving, the mining reward for each

block is reduced by half, leading to a gradual reduction in the rate at which new Bitcoins enter circulation. 3. Scarcity and Value: Scarcity plays a pivotal role in determining the value of assets, and Bitcoin's scarcity is unlike anything witnessed in human history. While traditional commodities like gold can be produced in response to increased demand, Bitcoin's supply cannot be influenced by market dynamics. This fixed supply, coupled with the inherent scarcity resulting from the halving process, creates a unique environment for price appreciation. 4. Technology and Difficulty Adjustment: Bitcoin mining is subject to an automatic "difficulty adjustment" mechanism built into its algorithm. This feature ensures that the mining process becomes easier or more challenging based on the overall network's computational power. Unlike traditional assets, which can witness increased production due to technological advancements, Bitcoin's supply remains constant and unaffected by such innovations. 5. Bitcoin's Protection against Manipulation: Bitcoin's decentralized nature and secure protocol protect it against potential manipulations that plague other assets like gold. "Paper gold" and vulnerabilities associated with centralized entities, such as banks and exchanges, highlight the importance of secure ownership. Bitcoin offers individuals ownership and control over their funds, reducing dependence on third-party risks.

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6. Historical Price Performance: Examining the previous halving events provides insights into Bitcoin's price behavior. After the first halving in November 2012, the price surged from $12 to a peak of $1,150 within a year. Similarly, following the second halving in July 2016, the price soared from $650 to an all-time high of $20,000 within approximately a year. The most recent halving in May 2020 saw the price rise from $8,500 to a peak of $64,000 within a year.

Bitcoin's decentralized nature and secure protocol protect it against potential manipulations that plague other assets like gold

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7. Future Implications: While past performance is not indicative of future outcomes, observing historical patterns offers some potential insights. As the next halving approaches in 2024, the market anticipates significant price movement in the subsequent months. If history is any indication, Bitcoin's price could experience substantial appreciation, potentially ranging from $100,000 to $300,000, before witnessing a subsequent correction of 50% to 60% before the next halving event in 2028. Conclusion The Bitcoin halving phenomenon represents a unique interplay between scarcity and demand, shaping the asset's value over time. Understanding the dynamics of the halving process provides valuable insights into Bitcoin's potential price appreciation and its revolutionary role in the technology of money. As we navigate this ever-evolving landscape, monitoring future halving events and their implications will continue to be of utmost importance for investors and enthusiasts alike.

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