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A report has highlighted America’s embrace of digital transformation as the North American superpower extends its lead over its peers with emerging technology.
The report, written by DLA Piper, examines the progress made by the U.S. in digital signatures and electronic payments. While several countries are moving toward digitization, the U.S. is celebrating the 25th anniversary of its Electronic Signatures in Global and National Commerce Act (ESIGN).
Signed in 2000, the legislation laid the foundation for modern commerce over the internet, triggering the “broader adoption of digital technologies.” The report notes that in the 25 years following the signing of the law, the U.S. has emerged as the global leader for digitization, with several regulatory developments in the last three months.
In May, the U.S. Department proposed that starting September 30, all federal payments disbursed via paper checks will be transferred electronically. The new rule will affect social security benefits, vendor payments, and tax refunds upon final assent.
Furthermore, the U.S. Government Accountability Office (GAO) has released a report to Congress on using artificial intelligence (AI) in financial services. The GAO report highlighted several benefits stemming from applying AI models in financial services but urged credit unions to use a broader variety of models for risk assessment.
Also in May, the Office of the Comptroller of the Currency (OCC) began a campaign to digitize community bank information. The OCC has opened discussions with critical stakeholders to achieve its digitization objectives, with the regulator seeking comments on using third parties, AI, and digitalization costs.
Over the last three months, several U.S. states have been making major regulatory changes to improve digitization metrics. New York has passed a buy-now-pay-later (BNPL) law to regulate the licensing of platforms, with industry players granted a 180-day window to comply with the new provisions.
Illinois has amended its Uniform Electronic Transactions Act (UETA), allowing government agencies to select and specify the format of electronic signatures. Previously, the state’s Department of Innovation and Technology adopted the rules for specifications.
Making a full embrace of digital assets
Keen to become the digital asset capital of the world, the U.S. House of Representatives voted to pass the GENIUS Act last Thursday, marking it as the country’s first significant legislation focused on digital currencies. The following day, U.S. President Donald Trump officially signed it into a law in a ceremony, fulfilling his promise to make America the “crypto capital of the planet.”
Thursday also saw the House passed the CLARITY Act, which will face the Senate before being recognized as law. The passage of the bills could see U.S. digital payments soar past $3.8 trillion in 2025.
SMART Zambia bags national recognition for digital transformation
The e-Government Division of SMART Zambia has earned national recognition for its developmental strides in integrating digital technologies into its internal processes.
SMART Zambia emerged as the runner-up in the Public Sector Transformational Award category, organized by Techtrends Zambia. Dubbed the Liquid Intelligent Technologies Zambia Excellence Awards, the event highlights trailblazers spearheading the country’s march toward digitization.
The award honors public institutions that have made a mark in the integration of emerging technologies into their internal process.
The National Pension Scheme Authority (NAPSA) clinched the award from a pool of nominees that made significant progress in digitization over the last year. SMART Zambia came in second place with the award highlighting its streak of innovation with blockchain and AI.
SMART Zambia, a division of the Office of the President, is responsible for introducing electronic processes for government agencies. Launched in 2022, SMART Zambia is championing the development of a vibrant ICT ecosystem in the country via various initiatives.
The Digital Zambia Acceleration Project has earned plaudits from diverse sectors. The project provided affordable broadband and “last-mile connectivity” while supporting the roll out of secure data platforms and nationwide training programs with emerging technologies.
Over 7 million Zambians have been impacted as a result of SMART Zambia’s raft of digitization initiatives living up to its objectives and mission statement.
SMART Zambia is also playing a key role in the country’s attempt at a national digital identity system. A collaboration with the World Bank has seen SMART Zambia conclude a staff training on the Modular Open-Source Identity Platform (MOSIP), the base for its incoming digital ID push.
Catching up with the continent’s first movers
Despite its late entry in the race for digitization, Zambia has made significant leaps over the last few years. The Southern African country is working with the European Union (EU) for a national AI strategy amid a copper rush in its mines for semiconductors.
Furthermore, the country focuses on digital asset regulation, with the Zambian Securities and Exchange Commission (SEC) and the Bank of Zambia collaborating on a policy direction. The Bank of Zambia also has its sights on a central bank digital currency (CBDC).
Watch: Blockchain is much more than digital assets
English (US) · 