WhatsApp’s new privacy policy is being met with criticism because the social networking app is asking its users to share personal information with its parent company – Facebook – or have their accounts deactivated.
Users are being told about the updated privacy policy through an in-app alert, which directs them to agree to the new conditions. For now, users can opt to ignore the alert. However, that will not be the case after February 8.
"After this date, you'll need to accept these updates to continue using WhatsApp," the alert reads. Users can visit the app's Help Centre if they prefer to have their accounts deleted, it added.
Many have taken to social media to express their worries, especially because WhatsApp previously seemed committed to privacy and security with its encrypted messaging service.
Even Tesla founder Elon Musk, who recently became the world’s richest man, advised people to seek an alternative to the service. “Use Signal,” he tweeted, referring to the cross-platform encrypted messaging service that is run by a non-profit. Others are directing people to use the app Telegram instead.
So do users really need to be cautious regarding WhatsApp’s updated privacy policy? The short answer is: yes.
A deeper look into the app’s new terms include an abstract of how WhatsApp intends to share user information with Facebook.
“As part of the Facebook family of companies, WhatsApp receives information from, and shares information with, this family of companies,” the policy reads.
“We may use the information we receive from them, and they may use the information we share with them, to help operate, provide, improve, understand, customise, support and market our services and their offerings.”
However, it seems that chats within the app will not be shared with Facebook, at least not yet. As the chats are encrypted, neither Facebook nor WhatsApp can view conversations even if they wanted to.
So what kind of information will WhatsApp share with its parent company?
Well, everything from phone numbers, mobile device information and IP addresses, to diagnostic data, profile pictures and names.
The updated policy will also allow the company to also gather information about your phone’s hardware, such as battery level and service status.
We collect device and connection-specific information when you install, access, or use our services
“We collect device and connection-specific information when you install, access, or use our services. This includes information such as hardware model, operating system information, battery level, signal strength, app version, browser information, mobile network, connection information (including phone number, mobile operator or ISP), language and time zone, IP address, device operations information, and identifiers,” WhatsApp said.
The policy will also allow sharing your interactions with a business account on WhatsApp to “several people in that business”. The move is being regarded as a possible monetisation strategy because WhatsApp has more than 50 million business accounts.
The policy states that “businesses might be working with third-party service providers (which may include Facebook) to help manage their communications with their customers”. Users are advised to stop interacting with business accounts if they prefer their information not be shared with them.
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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