Facebook, Instagram, Twitter and other social media platforms may soon have Nordic competition.

In response to calls for a stop to online abuse, racism and hate speech in social media, Mobile FutureWorks Group, a global social media group founded by former Nokia executive Thomas Zilliacus, yesterday announced the formation of a new social media company, Nordic Values Media Group or novaM.

novaM will directly challenge established social media brands by launching new social media platforms built on respect, gender and racial equality, humanity and dignity, an official statement, issued in Helsinki, from the company said.

“Leading social media brands have gone from being platforms where people share positive thoughts and friendly messages to a dark environment increasingly dominated by hate speech, aggression, racism and abuse” the statement quoted Thomas Zilliacus as saying.

“Commercial giants from the US and China dominate the landscape. They are driven purely by profit maximization, and take no responsibility for the messages that users post on their platforms,” he added.

The platforms built by novaM will challenge leading social media platforms including Facebook, Twitter and Instagram.

“We plan to launch the first platforms by early 2022,” Zilliacus added, “In developing the platforms we will work closely with leading social media influencers, including global superstars in sports and entertainment, who like us demand a stop to the hate speech, abuse and aggression that leading social media companies continue to allow on their platforms. We will develop a model that will eliminate this.”

According to Zilliacus, social media companies must take responsibility for what is said on their platforms, and must actively promote racial and gender equality, democracy, social justice, respect and dignity. “Maximizing profits can no longer be the only driver for social media,” he concluded.

Companies controlled by MFW have operations and offices in more than 20 countries in Asia, Africa and Europe, where it owns a controlling stake in more than 150 businesses. The businesses controlled by MFW have a combined market value of more than USD 3 billion.