Digital
Milestone Systems’ revenue zooms as video tech takes a giant leap forward
MUMBAI: Milestone Systems is making waves, and it’s not just because of its video tech, it’s also because of the numbers that are stacking up! The company, known for turning video footage into powerful data, has just delivered a standout 2024, outpacing the market with an impressive 18.7 per cent growth in net revenue, which hit a cool DKK 2 billion.
If that sounds impressive it’s because it is, Milestone has doubled its revenue since 2020. And the growth doesn’t stop there. Earnings (EBIT) for 2024 reached DKK 106.8 million, confirming that Milestone is more than just a tech player, it’s a tech titan on the rise.
Milestone chief financial officer Lars Larsen was understandably pleased. “This is a very satisfying result, underscoring the resilience and strength of our business,” he said, no doubt relishing the company’s ability to thrive despite global turbulence.
But Milestone didn’t just grow financially 2024 was also a year of major technological expansion. By acquiring Briefcam, a leader in video analytics, and Arcules, a cloud-based platform, the company strengthened its product offerings, preparing for the next frontier in video technology. These acquisitions are expected to bring even more flexibility and power to Milestone’s solutions, allowing customers to turn video into actionable insights like never before.
The company’s commitment to innovation didn’t stop there. A massive 23 per cent of Milestone’s revenue, DKK 478 million, was poured into research and development, an increase of 34 per cent compared to 2023. This is no mere token effort; it’s a clear signal that Milestone is doubling down on its technological edge.
Looking ahead to 2025, Milestone has big plans to expand even further. “Our priorities are clear,” says Milestone Systems CEO Thomas Jensen. “We’ll integrate Briefcam and Arcules seamlessly, expand our market presence, and continue to lead the charge in responsible innovation.”
One of the key milestones in this journey? Project HAFNIA. Launched just last month, it’s a collaboration with Nvidia to create a privacy-compliant data platform. This new platform will provide access to data and help train AI models, all while ensuring that the data is ethically sourced and anonymised. The ultimate aim? To build the world’s first anonymised and annotated visual data library platform, creating a future-proof solution for AI training.
Digital
RBI proposes Rs 25,000 compensation cap for small digital fraud losses
RBI, customer bank and beneficiary bank will share payouts
NATIONAL: The Reserve Bank of India has proposed a new compensation framework for small-value fraudulent electronic banking transactions, requiring the central bank, the customer’s bank and the beneficiary’s bank to share payouts to affected customers.
Under draft rules released on Friday, compensation will be capped at the lower of 85 per cent of the net loss amount or Rs 25,000 in cases where the gross loss from a fraudulent electronic transaction is up to Rs 50,000.
The proposal comes as regulators step up efforts to strengthen customer protection amid a rise in digital banking frauds.
RBI governor Sanjay Malhotra had indicated during last month’s monetary policy announcement that the central bank planned to introduce a compensation framework for small-value digital frauds, allowing affected customers to claim relief once during their lifetime.
According to the draft guidelines, when the loss is below Rs 29,412, compensation of 85 per cent of the loss will be paid. Of this amount, 65 per cent will be borne by the RBI, while the customer’s bank and the beneficiary bank will contribute 10 per cent each.
For losses of Rs 29,412 or more but up to Rs 50,000, the compensation will be capped at Rs 25,000. In such cases, the RBI will contribute Rs 19,118, while the customer’s bank and the beneficiary bank will each contribute Rs 2,941.
If funds are later recovered after compensation has been paid, the customer’s bank must recalculate the payout based on the revised net loss and adjust the recovered amount accordingly.
Customers will be eligible for compensation only if they report the fraudulent transaction within five calendar days of its occurrence.
Complaints must be lodged both with the bank and through the National Cyber Crime reporting portal or the National Cyber Crime helpline. Banks must also confirm that the loss is bona fide under their internal processes.
Once a complaint is received, banks must compensate the customer within five calendar days, the draft rules state.
In joint accounts, only one account holder may submit a compensation claim.
The central bank has also proposed tightening transaction alerts by mandating instant SMS notifications for all electronic banking transactions above Rs 500. For transactions of up to Rs 500, banks may decide whether to send alerts based on internal policies.
Banks will not be allowed to charge customers for SMS messages sent to meet regulatory requirements or those used for promotional, marketing or customer awareness purposes.
The draft framework also calls for stronger oversight by requiring banks to periodically report complaints related to fraudulent electronic transactions to their boards or board-level committees. These reports must detail the number and value of cases across categories including card-present transactions, card-not-present transactions, internet banking, mobile banking and ATM transactions.
The RBI has invited public comments on the draft guidelines until 6 April, 2026. The rules are expected to take effect on 1 July, 2026 once finalised.
Banking officials say the proposed sharing of compensation between the RBI, the customer’s bank and the beneficiary bank is intended to increase vigilance across the digital payments ecosystem.
