Facebook announces it will end use of facial recognition software
November 3, 2021, 6:11 am

Facebook announces it will end use of facial recognition software

Facial recognition/Pixabay

The BBC reported, Facebook has announced it will no longer use facial recognition software to identify faces in photographs and videos.

It said that there have been growing concerns about the ethics of facial recognition technology, with questions raised over privacy, racial bias, and accuracy.

The company said, regulators had not yet provided a clear set of rules over how it should be used.

It has faced a barrage of criticism over its impact on its users.

Until now, users of the social media app could choose to opt in to the feature which would scan their face in pictures and notify them if someone else on the platform had posted a picture of them.

In a blog post, Jerome Pesenti, vice president of artificial intelligence at the firm said: "Amid this ongoing uncertainty, we believe that limiting the use of facial recognition to a narrow set of use cases is appropriate."

In 2019, a US government study suggested facial recognition algorithms were far less accurate at identifying African-American and Asian faces compared to Caucasian faces.

African-American women were even more likely to be misidentified, according to the study conducted by the National Institute of Standards and Technology.

Last year, Facebook also settled a long-running legal dispute about the way it scans and tags photos.

The case has been ongoing since 2015, and it was agreed the firm would pay $550m (£421m) to a group of users in Illinois who argued its facial recognition tool was in violation of the state's privacy laws.

Other tech firms such as Amazon and Microsoft have both suspended facial recognition product sales to police as the uses for the technology have become more controversial.

It is facing increased scrutiny from regulators including the US the Federal Trade Commission, which has filed an antitrust lawsuit alleging anticompetitive practices.

And last month, a former employee accused the company of unethical behaviour. Frances Haugen released a cache of internal documents which she said showed Facebook had put profit before user safety.

Chief Executive Mark Zuckerburg said Ms Haugen's claims were part of a co-ordinated effort to "paint a false picture" of the company.

The firm recently announced a new name, Meta, for the broader parent company following a series of negative stories about Facebook.

Mr Zuckerberg said the existing brand could not "possibly represent everything that we're doing today, let alone in the future" and needed to change.

Source: BBC

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.