Fintech Weekly | issue 1

Sunshine Insurance Group Approved to List in Hong Kong

Recently, the China Securities Regulatory Commission approved the application of Sunshine Insurance Group Co., Ltd. (hereinafter referred to as "Sunshine Insurance Group") to be listed on the main board of the Hong Kong Stock Exchange, and approved the issuance of no more than 3.968 billion overseas listed foreign shares, with a par value of RMB 1 per share. for common stock. No insurance company has been allowed to go public since PICC listed on the A-share market in November 2018. If Sunshine Insurance Group successfully completes its listing, it will become the first listed insurance company in four years.

Information link: https://finance.eastmoney.com/a/202210172530635177.html

AIG's Corebridge raises $1.68 billion

AIG's life insurance and pensions business, Corebridge, recently raised $1.68 billion in an IPO at a $13.6 billion valuation. AIG reportedly sold 80 million shares at $21 a share, at the low end of an expected listing price range of $21-$24 a share, but still the largest U.S. IPO of the year.

Information link: https://www.marketwatch.com/story/this-aig-spinoff-is-the-biggest-ipo-of-the-year-at-just-1-8-billion-as-2022-deals -dry-up-11663008325

Inclined Technologies closes $15 million Series A financing

American insurance technology Inclined Technologies completed a $15 million Series A financing. Founded in 2020, Inclined supports policyholders to get more value from their whole life insurance investments. Its platform solves existing problems, such as the front-end problems of obtaining raw data from whole life insurance companies and structuring them, and the back-end problems of effectively managing the collateral assets of financial institution partners.

Consultation link: https://www.crunchbase.com/organization/inclined-technologies

Indian company PickMyWork recently raised $1 million in seed funding

India's largest digital distribution Internet company "PickMyWork" recently received $1 million (about 6.99 million yuan) in seed round financing. This round of financing was led by SOSV, with other investment institutions and investors including Soonicorn Ventures, IndiaLends CEO Gaurav Chopra, Zypp Electric CEO, etc.

Information link: https://www.entrepreneur.com/en-in/news-and-trends/pickmywork-raises-1-million-in-seed-funding/435183

Blockchain-based reinsurer Re raises $14 million

Blockchain-based reinsurer Re has raised $14 million to create a decentralized system for investors with access to a large pool of premiums. It is reported that the main application of Re will be built on Avalanche’s network, using the fastest smart contract platform in the industry, providing greater transparency and flexibility. Re has assessed more than $300 million in potential premiums from various insurance programs, and the funding round will be used to expand its reinsurance underwriting capabilities.

Advisory link: https://www.theblock.co/post/173386/karn-saroya-raises-14-million-for-insurance-protocol-re-as-insurtech-platform-cover-is-wound-down

FRISS launches insurance trust automation platform

FRISS, an AI-based commercial insurance fraud, risk and compliance solution provider, has launched an automated platform for insurance trust. Insurance companies can use the platform to improve operational efficiency, increase user satisfaction, achieve fair business processes, and treat customers openly and transparently.

Consultation link: https://www.friss.com/

NEXT launches Next Connect, an embedded insurance solution

NEXT Insurance, the nation's leading SME-focused insurtech company, announced the launch of NEXT Connect, an embedded insurance solution for Intuit QuickBooks, providing customers with seamless digital insurance products within the QuickBooks ecosystem. Founded in 2016, NEXT Insurance is a digital insurance company that specializes in serving small and medium-sized entrepreneurs. Its insurance products are not only easy to apply for, but also allow you to view policies at any time with no additional fees.

Consultation link: https://insurtechdigital.com/insurtech/next-introduces-next-connect-embedded-insurance

Lemonade announces official entry into UK market through partnership with insurer Aviva

American insurtech company Lemonade has announced its official entry into the UK market through a partnership with leading UK insurer Aviva, shortly after launching in France, Germany and the Netherlands. Founded in 2015, Lemonade launched its flagship rental insurance the following year.

Information link: https://www.insurancetimes.co.uk/news/aviva-looking-to-make-the-lemonade-model-the-norm/1428861.article

Insurtech company Cover Whale launches two new technology platforms

Cover Whale, an American commercial truck insurance technology company, has launched two new technology platforms, which are an API for service agents and an interactive application for policyholders. The API system allows agents to seamlessly integrate their systems into Cover Whale's commercial van insurance platform, simplifying the policy quoting and application process for fleet customers.

Consultation link: https://www.coverwhale.com/

RGA and Sompo announce partnership to improve aged care

RGA, a global life and health reinsurer, and Sompo Holdings, a global property and casualty insurer with a leading care business in Japan, announced a new partnership aimed at improving elderly care and promoting healthy ageing.

Information link: https://www.sompo-hd.com/en/

Liberty Specialty Markets partners with REIN to offer drone insurance

Liberty Specialty Markets, a global provider of professional and commercial insurance products, part of Liberty Mutual Insurance's Global Risk Solutions division, is partnering with REIN, developer of the IX platform for embedded products, to provide Sony Electronics with insurance products for Instantly accessible insurance options for drone buyers and operators.

Information link: https://www.libertyspecialtymarkets.com/gb-en/article/Liberty-Specialty-Markets-partners-with-REIN-to-launch-first-insurance-offering-for-Sony-Electronics-Inc

Fintech company NBKC Bank has partnered with InsurTech Mylo

U.S. fintech company NBKC Bank works with embedded InsurTech Mylo on the insurance sales process. Now NBKC Bank will embed Mylo's guided insurance purchase platform to provide customers with real-time home insurance recommendations and product quotes. Home buyers don't need to rush to find a home insurance product at the end of the transaction, while users who need a second loan can also update their current insurance coverage to meet demand.

Consultation link: https://choosemylo.com/article/nbkc-bank-selects-mylo

India's Axis Bank confirmed the acquisition of a 9.94% stake in Go Digit Life Insurance

India's Axis Bank confirmed the acquisition of a 9.94% stake in Indian insurtech company Go Digit Life Insurance. Go Digit Life InsurTech intends to start a life insurance business in India but is awaiting approval from the Indian Insurance Regulatory Commission.

Consultation link: https://www.nasdaq.c

Chairman of the Basel Committee on Banking Supervision: Risks of artificial intelligence and machine learning technologies to the financial industry

Pablo Hernández de Cos, Chairman of the Basel Committee on Banking Supervision and Governor of the Bank of Spain, delivered a keynote speech at the Eurozone Financial Forum 2022. The presentation covered the application of artificial intelligence in banking and the digitization of finance. He stressed that digitalization brings many risks to banks, including: (1) disintermediation; (2) Intensified competition; (3) Loss of customer trust; (4) information technology infrastructure; (5) Regulatory pressure.

Newsletter link: https://www.bde.es/bde/en/secciones/prensa/Agenda/pablo-hernandez-de-cos--sfc-2022-annual-conference.html

Bank of China released the "Digital Struggle" financial technology service plan

Following the creation of the "Smart Hainan" program to support the development of the Hainan Free Trade Port, the Bank of China once again integrated digitalization with the Expo scene, and created a "Digital Expo" with ingenuity, aiming to build a new ecosystem of financial services, empower the development of the Yangtze River Delta to create a new pattern, and create a new model scheme for open cooperation.

The SASAC requires central enterprises to "one enterprise, one policy" to formulate a carbon peak action plan

The State-owned Assets Supervision and Administration Commission of the State Council requires central enterprises to vigorously and orderly promote the key work of carbon peak carbon neutrality, clearly define the action plan for carbon peak "one enterprise and one policy", focus on promoting the transformation and upgrading of industrial structure, adjust and optimize the energy structure, strengthen green and low-carbon scientific and technological innovation and promotion and application, and promote the synergy of pollution reduction and carbon reduction.

Information link: http://www.gov.cn/xinwen/2022-10/07/content_5715977.htm

McKinsey & Company announced the launch of the Global Decarbonization Center and the Sustainable Materials Center

McKinsey & Company, a global management consulting firm, announced the launch of the Global Decarbonization Center and the Sustainable Materials Center to help customers transform and unlock opportunities related to decarbonization in the energy and materials industries. McKinsey said the energy-focused Global Decarbonization Center "is poised to lead the energy transition with green technologies, including hydrogen." Carbon Capture, Utilization and Storage (CCUS); Round plastic and power management. ” 

News link: https://www.mckinsey.com.cn/

Cepsa SA and the Port of Rotterdam said they planned to build a green hydrogen corridor

Spanish oil and gas companies Cepsa SA and the Port of Rotterdam say they plan to build a green hydrogen corridor to help power industries in northern Europe while reducing their carbon footprint. Cesa, an unlisted company, will produce hydrogen from renewable energy near the port of Algeciras in Spain, which will then be shipped by hydrogen transport ship to Rotterdam, Europe's most important energy port.

Information link: https://www.cepsa.com/en

Notice of the State Council on the 2022 Annual Legislative Work Plan clarifies the Regulations on the Administration of Carbon Emissions Trading

Recently, the State Council's 2022 annual legislative work plan notice clarified the 16 administrative regulations to be formulated this year. This includes the drafting of the Regulations on the Administration of Emissions Trading. Bie Tao, director of the Department of Regulations and Standards of the Ministry of Ecology and Environment, introduced that the draft Regulations on the Administration of Carbon Emission Trading have been reported. The Regulations will first clarify the establishment of a basic system for the management of carbon emissions trading.

Information link: http://www.gov.cn/zhengce/content/2022-07/14/content_5700974.htm_21883187.html

Shanghai Banking and Insurance Regulatory Bureau guides the issuance of the "Cyber Security Insurance Service Specification"

Recently, the Shanghai Banking and Insurance Regulatory Bureau guided the Shanghai Insurance Association to issue the first domestic network security insurance service group standard "Cyber Security Insurance Service Specification". The Service Specification was drafted and committed to implementation by PICC Property & Casualty Shanghai Branch, Pacific Property & Casualty Shanghai Branch, Ping An Property & Casualty Shanghai Branch, ZhongAn Insurance, Dadi Property & Casualty Business Department, China Life Property & Casualty Shanghai Branch and China Property & Casualty Shanghai Branch.

Information link: http://www.cbimc.cn/content/2022-10/09/content_469147.html

The United States signed an executive order to enforce the EU-U.S. data privacy framework

On Oct. 7, the White House announced that President Biden had signed an Executive Order On Enhancing Safeguards For United States Signals Intelligence Activity to strengthen U.S. safeguards for signals intelligence activities. The Executive Order directs that the United States will take steps to implement its March 2022 commitments under the EU-US Data Privacy Framework ("EU-US DPF").

Information Links: https://www.whitehouse.gov/briefing-room/presidential-actions/2022/10/07/executive-order-on-enhancing-safeguards-for-united-states-signals-intelligence-activities/

The ICO fined Easylife £1.48 million for its illegal use of personal data and predatory marketing calls

On 6 October 2022, the Office of the UK Information Commissioner ("ICO") issued two penalty notices in which Easylife Ltd was fined £1.35 million and £130,000 respectively for breach of section 5(1)(a) of the UK General Data Protection Regulation ("UK GDPR") and section 21 of the Privacy and Electronic Communications (EC Directive) Regulations 2003 ("PECR") after the ICO conducted an investigation and received several complaints.

News link: https://ico.org.uk/about-the-ico/media-centre/news-and-blogs/2022/10/catalogue-retailer-easylife-fined-148-million/

Nuula adds wealth management to its list of financial products 

Nuula is a fintech company focused on providing small businesses with the tools and funding they need to deliver results. The company announced that it will partner with OneVest to launch integrated wealth management capabilities in the Nuula app, designed to meet the needs of entrepreneurs.  

Information link: https://nuula.com. 

Jinteng Technology Co., Ltd. focuses on the digitalization of deep wealth management services 

Based on the Tencent ecology and equipped with CICC's super asset management strength, Jinteng Technology Co., Ltd. has helped to create a wealth management service platform for high-net-worth individuals - "CICC Wealth Premium Edition" by providing information technology services, which helps high-end users realize their wealth management needs by providing investors with more advantageous buy-side investment advisory services.  

Information link: https://baijiahao.baidu.com/s?id=1746643007081970732&wfr=spider&for=pc

Wang Haobo of CITIC Securities: Build a comprehensive wealth management service ecology and accelerate the removal of homogenized competition 

Wang Haobo said that after years of practice, CITIC Securities has built a standardized, platform-based and refined customer operation system, realized the refined and hierarchical operation of wealth customer groups, and better met the diversified and differentiated needs of customers.  

Information link: https://new.qq.com/rain/a/20221013A07KW700 

Liduo Star Intelligent Investment: Won the Best Wealth Management Innovation Institution of the Year 

Liduo Star Intelligent Investment is a professional institution that obtained the qualification to engage in securities investment consulting services in China, one of the securities investment consulting institutions of the China Securities Regulatory Commission, and a member unit of the Securities Association of China. For 25 years, he has focused on the field of securities investment, providing investors with securities investment consulting services that are "compliance-oriented, value-oriented, and customer experience as the core".  

Information link: https://www.163.com/dy/article/HJ7SBJ4Q05325Q3B.html 

Bairong Yunchuang explores a new model of precision marketing to break the growth bottleneck for bank wealth management 

Bairong Yunchuang experts pointed out that if banks want to become bigger and stronger wealth management business, they must use scientific and technological means to gather sand into a tower to achieve the scale effect of customers, and the starting point for achieving scale effect lies in precision marketing, which is a bridge for banks to interact with customers and build trust. ” 

Information link: https://baijiahao.baidu.com/s?id=1746379422098407892&wfr=spider&for=pc

U.S. auto insurer State Auto announces withdrawal from personal insurance market

State Auto, a regional personal and commercial insurance company in the United States, announced that it will terminate the quotation function of personal insurance business on third-party price comparison platforms from October 8, 2022. All existing State Auto agents can continue to quote and issue policies through their own State Auto Connect portal.

Information link: https://www.ftc.gov/legal-library/browse/cases-proceedings/162-3207-x180041-tates-auto-center

Spain to launch 'digital nomad visa'

Spain plans to introduce a "digital nomad visa" policy to attract people who can use the Internet to work remotely to live and live in the country. Digital nomads are people who do not need to go to work in a fixed location and rely on the Internet to make a living. Those with a "digital nomad visa" can enjoy a preferential tax rate of 15% for the first four years of their residence in Spain, compared to the standard local tax rate of 25%.

Information link: https://www.spainvisa.eu/spain-visa-digital-nomads

Bank of Beijing landed the country's first data asset pledge financing loan

Bank of Beijing landed the country's first data asset pledge financing loan to help build a benchmark city for the global digital economy Serve. With the guidance and help of the Municipal Economic and Information Bureau and the Municipal Big Data Center, Bank of Beijing City Sub-center Branch successfully landed the first 10 million yuan data asset pledge financing loan on October 12.

Information link: http://www.zqrb.cn/jrjg/bank/2022-04-07/A1649306189126.html

The central bank decides to cut the interest rate of the first personal housing provident fund loan

On September 30, the People's Bank of China decided to reduce the loan interest rate of the first personal housing provident fund by 0.15 percentage points from October 1, 2022, and the interest rates for less than 5 years (including 5 years) and more than 5 years were adjusted to 2.6% and 3.1%. The interest rate policy of the second set of personal housing provident fund loans remains unchanged, that is, the interest rates for less than 5 years (including 5 years) and more than 5 years are not lower than 3.025% and 3.575% respectively.

Information link: http://bond.jrj.com.cn/2022/10/01203037035973.shtml

U.S. nonfarm payrolls increased by 263,000 in September, more than expected

The number of non-farm payrolls in the United States increased by 263,000 in September, compared with an expected increase of 250,000; the unemployment rate was 3.5%, lower than the expected 3.7%. The Fed's efforts to slow inflation have had an impact. U.S. stock futures plummeted after the U.S. dollar surged after the jobs data.

Information link: https://finance.sina.com.cn/stock/usstock/c/2022-10-07/doc-imqqsmrp1761071.shtml

The General Office of the Central Committee of the Communist Party of China and the General Office of the State Council issued the "Opinions on Strengthening the Construction of High-skilled Talents in the New Era"

The General Office of the Central Committee of the Communist Party of China and the General Office of the State Council issued the "Opinions on Strengthening the Construction of High-skilled Talents in the New Era", proposing that by the end of the "14th Five-Year Plan" period, skilled personnel should account for more than 30% of employed personnel, and high-skilled personnel should account for skilled personnel. The proportion of talents reaches 1/3.

Information link: http://www.gov.cn/zhengce/2022-10/12/content_5717734.htm

Disclaimer: We hold a neutral stance on the views in this article. This article is for reference and communication purposes only.