Fintech Weekly | Issue 6

Digital insurance agency Glow raises $22.5 million

Glow Insurance Services, a digital insurance agency serving small and medium-sized enterprises in the United States, announced that it has received US$22.5 million in Series A financing, led by Cota Capital. Founded in 2018, Glow Insurance provides workers protection insurance to SMB clients in California, underwritten by Chubb.

 

Information link:

https://www.marketwatch.com/press-release/glow-raises-225-million-to-optimize-insurance-for-small-businesses-2022-11-08

Comment: In the future, Glow will use this financing to increase platform innovation and expand its services to more small businesses in vertical industries in other states in the United States.

 

Enterprise SaaS company MyTraffic receives 30 million euro investment from AXA

French start-up MyTraffic has raised 30 million euros, led by AXA Venture Fund, bringing its total funding to 45 million euros. Founded in 2016, MyTraffic provides geolocation insights to partners in Europe, with clients in France, the UK, Germany, Spain, Italy, Belgium and the Netherlands.

 

Information link:

https://www.mytraffic.io/en/about-us

Comments: Their clients include retailers McDonald's, The Body Shop, real estate companies JLL, Nhood, all use their services to choose the best location to open a store, monitor the performance of real estate assets and negotiate rents.

Anzen Receives $10 Million in Funding

 

Anzen Insurance, a U.S. insurance management service provider, received a $10 million seed round led by Andreesen Horowitz, with participants also including MS&AD Ventures, Tokio Marine, AmTrust Financial and Greenlight Re.

 

Information link:

https://www.anzen.com/

Comments: Anzen means "safety" in Japanese, and the products provided include directors' liability insurance and management liability insurance. Their latest operations management suite includes safety checks that track and automate employee compliance performance.

 

Self-developed nucleic acid drug LNP delivery system, Rongcan Biotech received tens of millions of yuan in Pre-A round of financing

 Nucleic acid technology platform company Rongcan Biology has completed tens of millions of RMB Pre-A round of financing, led by a well-known medical and health professional fund, and Haoyue Capital served as the exclusive financial advisor for this round of financing. This round of financing will be used to accelerate product development and team building, and advance the pipeline into clinical research. Rongcan Bio was founded in June 2020 by a team of senior overseas returnees and domestic experts, focusing on the research and development of mRNA drugs and delivery vector technologies.

 

Information link:

https://www.huxiu.com/moment/261213.html

Comments: It is reported that the founding team of the company has decades of experience in the nucleic acid industry, and has successfully designed and developed LNP carriers with completely independent intellectual property rights, and signed with Professor Robert Langer, and obtained the patent authorization for new cationic lipid carriers in the United States (the founder of Rongcan is first inventor).

PolicyMe Announces New Critical Illness Insurance in Canada

Canadian insurance technology company PolicyMe announced the launch of a new critical illness insurance, covering 44 major diseases, which is 10-15 more than the general insurance coverage provided by Canadian insurance companies. It is underwritten by Premier Life Insurance of Canada.

 

Information link:

https://www.policyme.com/

Comments: Not long ago, they just raised their A round of financing. This product will complement their existing term life insurance products, allowing Canadian consumers to enjoy comprehensive financial protection services in the event of various major events.

 

Allianz becomes the first insurance company in Prague to underwrite new energy vehicles

Allianz Czech has upgraded its auto insurance products for pure electric vehicles and hybrid new energy vehicles, adding battery insurance, charging station insurance and special assistance services.

 

Information link:

https://www.allianz.com/en.html

Comments: Owners of pure electric vehicles and hybrid new energy vehicles can choose from four auto insurance products offered by Allianz, as well as the latest benefits services, such as towing to the nearest charging station, and insurance for batteries, charging cables and other equipment.

 

Insurtech bolttech launches device trade-in program

Insurtech bolttech announces a device trade-in program in Italy with partner WINDTRE. Consumers of WINDTRE can exchange their used mobile phones for depreciation services in the store, and the proceeds will be directly deposited into the bank account.

 

Information link:

https://bolttech.io/news/bolttech-expands-its-partnership-with-windtre-with-smartphone-reload

Comments: Their partnership program also includes smartphone replacement and device upgrade services. Through the diagnostic application, they can determine the discounted price of the smartphone and inform the consumer immediately.

 

Singapore insurtech SingViva partners with Deepblue for cyber insurance

Singaporean insurtech SingViva has partnered with cyber security consulting service company Deepblue Technology Cyber Security Insurance to develop a suite of cyber security products for individual consumers and businesses. First, they will roll out identity management, web services and data theft services to SingViva's existing customers. On the enterprise side, they will launch network risk assessment tools, risk management and tracking of potential network attack activities to help enterprise customers mitigate network and data vulnerability risks.

 

Information link:

https://newszxcv.com/sg-insurtech-singviva-enters-into-strategic-partnership-with-deepblue-technologies-in-cybersecurity-insurance-coverage-insurancenewsnet/

Comments: SingViva is a deep insurance technology company established in 2021. It brings medical science and technology and blockchain technology to the life and health insurance field, helping users and insurance companies interpret health data.

New York Fed and major banks launch 12-week CBDC pilot project

The New York Fed Innovation Center (NYIC) has announced that it will launch a 12-week proof-of-concept pilot for a central bank digital currency (CBDC). In a Nov. 15 announcement, the New York Fed said the plan would explore the establishment of an "interoperable central bank wholesale digital currency and commercial bank digital currency network on a regulated accountability network, on a shared multi-entity distributed ledger." Feasibility of operating on ". Banking giants including BNY Mellon, Citibank, HSBC, Mastercard, PNC Bank, TD Bank, Truist, Bank of America and Wells Fargo will participate in the pilot by issuing tokens and settling transactions through simulated central bank reserves.

 

Information link:

https://www.newyorkfed.org/newsevents/news/financial-services-and-infrastructure/2022/20221115

 

The central banks of Thailand and other five Southeast Asian countries signed a cooperation agreement to promote payment interconnection

On November 14, 2022, on the eve of the G20 leaders' summit, Bank Indonesia (BI), Bank Negara Malaysia (BNM), Bank of the Philippines (BSP), Monetary Authority of Singapore (MAS) and Bank of Thailand (BOT) five The People's Bank of China jointly signed the "Memorandum of Understanding on Regional Payment Interconnection Cooperation", hoping to optimize cross-border payment services in the region through relevant cooperation, and promote cross-border trade, investment, remittance, tourism and other economic activities.

 

Information link:

https://www.bnm.gov.my/-/5centralbanks-regional-payment-connectivity

 

Barclays offers cash incentives of up to £2,000 to home loan customers for energy-efficient home improvements

According to a survey of UK residents, around 75% of homeowners want to retrofit their homes for energy efficiency. But in the face of rising living costs, 57% of the respondents expressed the hope that their mortgage providers would provide help and support in this regard. On November 15, 2022, the British Barclays Bank Group announced that it will respond to this market demand and launch a home energy efficiency improvement plan called "Green Home Award". All new and existing Barclays (UK) home mortgage users can apply online (no need to apply for additional loans).

 

Information link:

https://www.liverpoolecho.co.uk/news/tv/barclays-give-homeowners-2000-new-25526728

 

The New Zealand government announces the introduction of an open banking mechanism in the banking industry

In July 2021, the New Zealand government agreed to establish a Consumer Data Right (CDR) framework, requiring data holders such as banks to ensure that New Zealanders have access to a wider range of products and services to better meet their needs. need. On November 10, 2022, New Zealand Minister of Commerce and Consumer Affairs David Clark announced that the banking industry will be the first sector to implement the mechanism.

 

Information link:

https://www.cdr.gov.au/

MSCI: At the current rate of emissions, listed companies will warm the world by 2.9°C by the end of the century

According to MSCI's latest Net Zero Tracker, listed companies will emit 10.9 billion tonnes of Scope 1 greenhouse gases directly into the atmosphere this year, up 1% from 2021 and down 4.4% from pre-pandemic highs. At the current rate of emissions, listed companies could raise global temperatures by 2.9°C by the end of the century, far short of the goals of the Paris Agreement.

 

Information Links:

https://www.msci.com/our-solutions/climate-investing/implied-temperature-rise

 

HKEX launches Core Climate

Recently, Hong Kong Exchanges and Clearing Limited (HKEX) announced the launch of Core Climate, an international carbon market, dedicated to connecting capital with climate-related products and opportunities in Hong Kong, Chinese mainland, Asia and the world. Core Climate supports the marketplace for trading carbon credit products and instruments, through which participants can access product information, hold, trade, settle and cancel voluntary carbon credit products, and match funds for new climate projects, technologies and business models. Platform participants include Chinese enterprises, Hong Kong-listed and multinational companies, financial institutions, etc.

 

Information Links:

https://www.jiemian.com/article/8285133.html

 

Apple partnered with Tsinghua University to launch a carbon neutrality capability improvement project

Apple recently announced further cooperation with Tsinghua University in cultivating the environmental protection concepts and capabilities of the younger generation, and supported Tsinghua University's "Carbon Neutrality Capability Improvement" project. This program is a postgraduate academic and career development ability improvement program for practitioners of carbon neutrality to enhance innovation and leadership, and through project learning, help students establish carbon neutrality concepts and thinking, systematically understand and master the basic knowledge of carbon neutrality, and improve carbon neutrality technology innovation and management capabilities.

 

Information Links:

http://www.ce.cn/xwzx/gnsz/gdxw/202211/10/t20221110_38221629.shtml

 

PBOC 'Prioritizes' Green Finance Next Steps

"At present, the situation at home and abroad is complex and changeable, and the global response to climate change is facing many challenges. But the global megatrend of adaptation and mitigation of climate change will not change. On November 13, when Xuan Changneng of People's Bank of China Vice President participated in the 2022 annual meeting of the Green Finance Professional Committee of the China Society for Finance and Finance by video speech, he listed the priorities for the next step in promoting green finance.

 

Information Links:

https://baijiahao.baidu.com/s?id=1749495769410567955&wfr=spider&for=pc

Singapore partners with UN Capital Development Fund to develop integrated financial ecosystem for LDCs

The Monetary Authority of Singapore (MAS) and the United Nations Capital Development Fund (UNCDF) signed a memorandum of understanding to jointly develop an integrated digital financial ecosystem for micro, small and medium enterprises in least developed countries. This mechanism will help improve the digital capabilities of the above-mentioned small, medium and micro enterprises, and help them obtain more financing channels through open digital infrastructure. In the initial stage of the project, MAS will cooperate with UNCDF to develop the Pacific Islands Integrated Financial Ecosystem (PIIFE), providing an open digital infrastructure for participating small, medium and micro enterprises.

 

Information link:

https://www.mas.gov.sg/news/media-releases/2022/mas-partners-uncdf-to-develop-integrated-financial-ecosystems-for-least-developed-countries

 

UK Information Commissioner's Office issues guidance on AI and data protection

Recently, the British Information Commissioner's Office (ICO) issued guidance on artificial intelligence and data protection, which aims to help organizations mitigate the special risks arising from data protection, explain how data protection principles apply to artificial intelligence projects, and avoid ignoring this issue. The benefits that class projects can bring. The guidance provides a clear approach to auditing AI applications, including: (1) audit tools and procedures for use in audits and investigations; (2) detailed guidance on AI and data protection; (3) a toolkit , aimed at providing further practical support for organizations auditing the compliance of their own AI systems (coming soon).

 

Information link:

https://ico.org.uk/about-the-ico/what-we-do/our-work-on-artificial-intelligence/#:~:text=Artificial%20intelligence%20%28AI%29%20is% 20a%20priority%20area%20for,this%20space.%20Our%20current%20areas%20of%20focus%20are%3A

 

In response to higher carbon taxes, the Singapore government provides transitional allowances for chemical and semiconductor companies

On November 8, 2022, the Singapore Parliament passed the Carbon Pricing (Amendment) Bill. According to this document, the Singaporean government will provide subsidies to energy-intensive companies facing fierce foreign competition during the transition period to reduce the carbon tax burden on the industry. Fu Haiyan, Minister of Sustainable Development and Environment of Singapore, said that the provision of subsidies will help alleviate the industry's concerns about the short-term decline in competitiveness, support the industry's emission reduction and investment in clean technology, and prevent companies from relocating their business to other countries with looser climate policies. The subsidy will help companies offset some, but not all, of the carbon tax. The amount depends on the performance of the industry in terms of energy conservation and emission reduction plans.

 

Information link:

http://jiashan.gqsoso.com/jiashan/20221114/358291.html

The wealth management "GF Model" meets the financial needs of the whole life cycle

On November 17, Daily Economic News successfully held the "2022 China Capital Market High-quality Development Summit and China Golden Tripod Award Ceremony", at which GF Securities won three awards: "The Most Wealth Management Comprehensive Strength Broker", "The Most Popular APP by Users" and "The Best Bond Fund Service Provider", which fully demonstrated GF Securities' excellent comprehensive wealth management capabilities and the high recognition of its wealth management professional services by the majority of investors.

 

Information Links:

https://baijiahao.baidu.com/s?id=1749682153397634258&wfr=spider&for=pc

 

Soochow Securities undertook the digital wealth management theme exchange event was successfully held

On November 17, the Securities and Futures Industry Digital Transformation Theme Publicity Month Digitalization Helps Wealth Management Theme Exchange Event, guided by the Science and Technology Regulatory Bureau of the China Securities Regulatory Commission and undertaken by Soochow Securities, was successfully held at Suzhou International Expo Center and broadcast live online. This event was strongly supported by Suzhou Fintech Association and China Academy of Information and Communications Technology.

 

Information Links:

https://news.cnstock.com/news,bwkx-202211-4982184.htm

 

Fang Jidong, General Manager of the Wealth Management Department of Shanxi Securities: Three major changes in the customer relationship of securities firms empowered by financial technology

In Fang Jidong's view, this change has three aspects. The first is to dilute the information intermediary function and strengthen the positioning of investment advisers. The development of financial technology has further weakened the information intermediary function of wealth managers, and wealth managers must further extend their functions to meet the higher-level service needs of customers.

 

Information Links:

https://www.nbd.com.cn/articles/2022-11-19/2559270.html

State Farm Sues Amazon

US insurer State Farm has filed a lawsuit in federal court in Delaware accusing Amazon of stealing its proprietary technology. In a lawsuit filed in November 2022, State Farm accused Amazon of copying parts of its Sundial advanced healthcare assistive technology. The insurer explained that Sundial has a "virtual care center" that enables caregivers to connect with seniors. State Farm then noted in its lawsuit that it met with Amazon twice, in 2019 and 2020, to discuss using Sundial for Alexa-enabled devices.

 

Information link:

https://newsroom.statefarm.com/state-farm-files-patent-lawsuit-against-amazon/

 

Plug and Play launches cryptocurrency and digital asset program in Silicon Valley

Recently, the global innovation platform Plug and Play and founding partners Visa, AllianceBlock, INX Digital Company, IGT, Franklin Templeton announced the launch of a new cryptocurrency and digital asset program in Silicon Valley. The program aims to connect international startups with founding partners to experiment with startups' technologies and drive the future of cryptocurrencies and digital assets.

 

Information link:

https://www.plugandplaytechcenter.com/

 

Indian startup Keka raises $57 million in Series A funding to automate key HR functions

On November 13, 2022, Keka, an Indian human resources startup, announced that it had received US$57 million in Series A financing, invested by WestBridge Capital. This round of financing is the largest Series A financing in the Indian enterprise technology field to date. Keka was established in 2015 and is headquartered in Hyderabad. It mainly provides salary management, manpower recruitment, leave attendance, performance management, etc. and human resource needs for target customers (small and medium-sized enterprises with between 50 and 2,000 employees) through its SaaS platform. related solutions.

 

Information link:

https://www.entrepreneur.com/en-in/news-and-trends/keka-raises-57-million-in-series-a-saas-funding/438770

 

The former PayPal CEO started his own business again, and the platform was closed four weeks after its launch

Recently, financial technology company Nirvana Money announced its closure. Launched a month ago by former PayPal and Intuit CEO Bill Harris, the company promises a hybrid credit and debit card in one "to simplify the way people earn, save and spend". The Miami-based start-up has about 50 employees, according to the data. Prior to this, Bill Harris had also started businesses many times, and the digital bank One he founded was eventually acquired by the sales giant Wal-Mart.

 

Information link:

https://www.nirvana.money/

 

Amazon plans to lay off about 10,000 employees starting this week, involving multiple departments such as retail

According to the New York Times, Amazon plans to lay off about 10,000 employees starting this week, accounting for about 1% of Amazon's global workforce. It is reported that this layoff will be the largest layoff since Amazon was founded, mainly affecting Amazon's equipment organization, retail department and human resources department. Affected by the news, Amazon shares fell about 2% at the close of trading on Monday. Amazon has not yet responded to the news.

 

Information link:

https://www.cnbc.com/2022/11/14/amazon-reportedly-plans-to-lay-off-about-10000-employees-starting-this-week.html

 

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