Fintech Weekly | Phase 3

PICC Capital led GAC AION's financing of 18.3 billion yuan 

GAC AION New Energy Automobile Co., Ltd. recently completed Series A financing. The financing set a record for the largest single private placement financing in the domestic new energy vehicle industry, with a financing amount of 18.294 billion yuan. This round of financing was led by PICC Capital, with the participation of 53 institutions including ABC Investment, with a post-investment valuation of more than 100 billion yuan.  

Information link:  

https://baijiahao.baidu.com/s?id=1747305965292761839&wfr=spider&for=pc

Comment: Insurance capital actively deploys the new energy industry, the investment in the industry is classified under green investment projects, the direct investment of insurance capital is innovative, from the perspective of investment, the key is that the market-oriented investment direction released is worth paying attention to; In addition, PICC Property & Casualty Insurance occupies one-third of the auto insurance market, and there is huge room for strategic cooperation between new energy vehicle companies and insurance companies after GAC AION's future listing.  

Singapore's InsurTech BoltTech Completes Series B Financing 

Singapore-based InsurTech BoltTech announced the completion of its Series B financing, led by Tokyo Marine Insurance Company. The valuation reached $1.5 billion, and they just closed their Series A round of funding a year ago. Bolltech is an embedded B2B2C insurtech company that connects insurers with distributors and consumers.  

Information link:  

https://www.reinsurancene.ws/bolttech-completes-series-b-round-of-fundraising/

Commentary: BoltTech is a groundbreaking insurance exchange that enables partners to rethink their business models, find new revenue streams, accelerate digital transformation, and deepen customer relationships through different insurance products.  

Qingyan Zhixing has obtained tens of millions of Series A financing to accelerate the implementation of UWB digital key + UWB radar application for smart cars 

Recently, UWB automotive technology solution provider "Qingyan Zhixing" announced the completion of tens of millions of RMB A round of financing, led by TusStar. This round of funds will be mainly used for the investment in the research and development of new generation products and the rapid expansion of the team. Founded at the end of 2020, Qingyan Zhixing was formerly known as the automotive division of Qingyanxunke, the world's leading brand in the UWB industry. 

Information link:  

https://baijiahao.baidu.com/s?id=1747826518754388524&wfr=spider&for=pc

Comments: Qingyan Zhixing has built two major business directions of vehicle end and field end, and launched UWB digital key and UWB radar two products at the front loading end, and the field end business will be based on UWB positioning anchor points in the future, and interact with a limited number of UWB positioning base stations on the field end to achieve high-precision positioning and navigation of vehicles.  

Prenuvo, a developer of AI+ MRI systems, raised $70 million in funding 

Prenuvo Health in the United States, which has developed an MRI device with artificial intelligence technology, has just received $70 million in Series A funding. The funds will be used to recruit AI technology talent, develop radiology tools, and expand the business footprint nationwide. Prenuvo says their whole-body MRI scans and diagnoses more than 500 diseases, including cancer, within an hour. 

Information link:  

https://siliconangle.com/2022/10/18/prenuvo-raises-70m-series-funding-make-preventative-mri-scans-accessible/

Comment: Prenuvo pioneered the use of advanced MRI technology, and the company's radiation-free whole body MRI scans, which are faster, cheaper and smarter than traditional methods, have struggled to roll them out because their MRI scan costs are not included in health insurance.

Singapore's insurtech DocDoc and QBE partner with QBE to offer Asia's first proactive team health insurance 

Singapore's digital health insurance platform DocDoc has announced a partnership with QBE Singapore to launch Team Health Insurance. Starting this month, major companies in Singapore will be able to purchase the product from brokerage firms, and will be launched in other Asian markets later. With DocDoc's artificial intelligence engine, this product can provide members with personalized information for making the most rational judgments. They combine clinical information with artificial intelligence to improve the management efficiency of health services and optimize the user experience. Information link:  

https://insurtechdigital.com/insurtech/docdoc-and-qbe-partner-to-launch-health-insurtech-solution  

Financial services company Bluevine has partnered with Coalition, a cyber-insurtech company

Bluevine, a financial services company for small and medium-sized businesses, has announced a new cyber insurance product in partnership with Coalition, a cyber insurance company. Founded in 2013, Bluevine has been invested by Nationwide to write checks, loans and bill payments, with more than 420,000 self-proclaimed enterprise customers. Since Bluevine launched its insurance partnership, 28% of consumers are willing to click to learn about it, and thousands of users have reached the product quotation stage.  

Information link:  

https://insurtechdigital.com/insurtech/docdoc-and-qbe-partner-to-launch-health-insurtech-solution Torch. 

AI announced the addition of Torch. 

, an insurtech elite insurtech project to U.S. data infrastructure service provider

AI announced its participation in the InsurTech Elite Program launched by property insurance cloud platform service provider Guidewire. Torch.AI will provide data analytics and AI engines to insurers across the value chain. Guidewire's InsurTech Elite Program is a unique solution designed to help insurers access InsurTech and facilitate collaboration. Torch.AI will bring enterprise-grade data infrastructure technology to Guidewire's consumers and partners.  

Information link:  

https://www.prnewswire.com/news-releases/torchai-joins-guidewires-insurtech-vanguards-program-brings-data-infrastructure-ai-to-guidewires-insurance-network-of-nearly-50-partners-301647967.html   

Blink Parametric Announces Partnership with Canadian Travel Insurance Parameters InsurTech Blink Parametric announces an expansion of flight disruption services with Blue Cross, adding Saskatchewan, Canada, to improve travel insurance products for Canadians. Blue Cross in this area will provide policyholders with an information filling service, allowing users to submit flight delay information up to an hour before departure. All users who fill in the information can use the airport lounges, relax at the hotel or receive cash compensation.  

Information link:  

https://blinkparametric.com/blink-parametric-and-canadas-blue-cross-expand-partnership/

The Shanghai Stock Exchange issued a notice on matters related to the adjustment of the securities subject of margin trading

On October 21, in order to promote the healthy and long-term development of margin trading and securities lending, with the approval of the China Securities Regulatory Commission, the Shanghai Stock Exchange decided to expand the scope of the target stocks of the main board margin trading and securities lending, and expand the number of target stocks on the main board from the existing 800 to 1,000. The above adjustments will be implemented from October 24, 2022.

Information link: http://www.sse.com.cn/lawandrules/sselawsrules/trade/specific/margin/c/c_20221021_5710385.shtml

Texas: AG sued Google for unauthorized access to and use of biometric data

Texas Attorney General Ken Paxton announced on October 20, 2022, that he had filed a lawsuit against Google LLC alleging that it obtained and used the biodata of millions of Texans without prior informed consent. The attorney general alleges that obtaining such data violates Texas' Access to or Use of Biometrics Act and Deceptive Trade Practices Act.

Information Links:

https://www.texastribune.org/2022/10/20/ken-paxton-google-lawsuit-biometric-data/

The UK Monetary Authority has recently discussed the competitive impact of tech giants on the financial services industry

Over the years, large technology companies have entered the financial field one after another, and have achieved good market results by innovating products and services and reducing consumer costs. But in the long run, if big tech companies quickly gain market share and fully mobilize market power, it may pose a considerable competitive risk. To this end, the UK's Financial Conduct Authority (FCA) launched a discussion on 25 October 2022 on the competitive impact of tech giants on the financial services industry.

Information Links:

https://finance.stockstar.com/IG2022102800002965.shtml

Dong Feng, President of Zhengda Group: Create a new model of butler-style wealth management

How to sublimate the relationship between institutions and customers and achieve "effective companionship" is a problem that Zhengda has been thinking about. On the basis of extensive research, Zhengda defines the butler-style wealth management service model as: accompanying customers throughout the journey and multiple scenarios, including market companionship, providing customers with information anytime, anywhere, and pushing personalized content; Provide customers with round-the-clock service, according to market changes, timely provide professional advice; Provide matching financial courses according to customer needs to help customers grow. Information Links:

 https://mp.weixin.qq.com/s/4ctMFRRF6IK0Lx-mJPAh_Q

UBS launches digital wealth management platform "Ruifuzhong

UBS Fund Sales (Shenzhen) Co., Ltd. (UBS Fund Sales), a wholly-owned subsidiary of UBS Group, recently announced the official launch of an innovative digital wealth management platform "UBS Fund Sales", aiming to serve China's middle- and high-income people and provide them with international and professional wealth management services. It is reported that as the second foreign-funded institution in China to obtain a fund agency license, UBS Fund Sales is the third wealth management platform of UBS Group in China.

Information Links:

https://www.cebnet.com.cn/20221027/102838347.html

China Renaissance Capital announced a number of major layouts of its Singapore office, continuing to focus on the Southeast Asian market

Recently, China Renaissance Capital Group Singapore Office announced that it has obtained a securities trading license from the Monetary Authority of Singapore, appointed Yan Weiliang, former head of China Renaissance Capital Group's Singapore Office, as the head of Southeast Asia business, and appointed Qin Chuan, head of the corporate services team of China Renaissance Capital Investment Banking Business Unit, as the head of Southeast Asia private equity financing business, continuing to invest in the Southeast Asian market.

Information Links:

https://finance.ifeng.com/c/8KNUzPVSKbI 

Sidley Wealth, a wealth management service provider in Hong Kong, submits a prospectus for listing on NASDAQ

On 25 October 2022, Sidley Wealth filed a prospectus with the U.S. Securities and Exchange Commission (SEC) to list on NASDAQ under the ticker symbol "PWM". The Company plans to issue 2.5 million shares of its common stock at an IPO price of $5.5 to $6.5 per share. Sidley Wealth is a wealth management and asset management service provider headquartered in Hong Kong. Sidley Wealth subsidiaries assist clients in identifying and purchasing matching wealth management products and global asset management products.

Information Links:

https://www.chinaipo.com/news/1181046.html

Sunak was elected leader of the British Conservative Party and will become the new Prime Minister of the United Kingdom

On October 24, the results of the leadership of the British ruling Conservative Party were announced. Former Chancellor of the Exchequer Sunak, the only candidate, was automatically elected as the new leader of the British Conservative Party, and he will replace Truss, who resigned after only 45 days in office, as Prime Minister. It will also be the first Asian prime minister in British history. 

Information link:  

https://m.gmw.cn/baijia/2022-10/25/1303177788.html  

The Bank of Russia said it suffered a record hack that lasted more than 24 hours 

Russian Satellite News Agency reported on the 25th that Stanislav Kuznetsov, vice chairman of the executive board of Sberbank, said that the bank suffered a record cyber attack earlier this month, and hackers attacked the bank through at least 30,000 devices from abroad for 24 hours and 7 minutes.  

Information link:  

https://baijiahao.baidu.com/s?id=1747734077351934877&wfr=spider&for=pc  

Google released the security operating system KataOS and open-source reference implementation Sparrow 

Recently, Google, which has a long history in the data security industry, took the lead in releasing KataOS, an operating system dedicated to protecting embedded smart devices, which is an early exploration of a new embedded security operating system on a common open source chip. The KataOS operating system may not work with desktops or smartphones, but it is well adapted to IoT devices such as smart homes.  

Information link:  

https://www.zdnet.com/article/google-shows-off-kataos-a-secure-operating-system-written-in-rust/  

The ECB raised all three major interest rates by 75 basis points, in line with market expectations

This is the second time in a row that the ECB has raised interest rates by 75 basis points sharply. ECB President Christine Lagarde said that economic activity in the euro area could slow significantly in the third quarter and could slow further in the fourth quarter and the first quarter of next year. Inflation is expected to continue to rise, with rate hikes likely to continue at the next few meetings and a decision in December to curtail key principles of asset purchases. 

Information link:  

https://baijiahao.baidu.com/s?id=1747855021370848663&wfr=spider&for=pc  

The Bank of England postponed the sale of the second tranche of government bonds so as not to collide with the announcement date of the medium-term fiscal plan

The Bank of England confirmed that it will start selling the first tranche of government bonds purchased through quantitative easing on November 1, but the sale of the second tranche of government bonds will be postponed to avoid a conflict with the government's announcement of its medium-term fiscal plan. The Bank of England said it planned to sell £750 million of short-term government bonds at 2:15 p.m. London time (21:15 p.m. Beijing time) on November 1. 

Information link:  

https://baijiahao.baidu.com/s?id=1747891038985391786&wfr=spider&for=pc

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