Fintech Weekly | Issue 10

Vic.ai, an artificial intelligence accounting company, raised $52 million in Series C funding

Recently, Vic.ai, an artificial intelligence accounting service company, announced that it has received US$52 million in Series C financing. The financing was led by GGV Capital and ICONIQ Growth, with participation from Cowboy Ventures and Costanoa Ventures. Founded in 2017, Vic.ai is headquartered in New York and Oslo. It mainly provides bill automation processing services and data insight services for enterprises. At present, the total financing amount has reached 115 million US dollars.

 

Information link:

https://www.vic.ai/resources/vic-ai-secures-52m-in-series-c-funding-to-expand-suite-of-ai-enterprise-fintech-offerings

Comments: In the future, Vic.ai plans to use this funding to launch new features including corporate credit cards, purchase orders, and bill payments.

 

 

French credit service provider Younited receives 60 million euros in financing, Goldman Sachs participates

Recently, Younited, a European credit service provider, announced that it has received 60 million euros in financing, with a platform valuation of 1.1 billion euros. This financing was participated by several institutions including Eurazeo, Crédit Mutuel Arkéa, Goldman Sachs and Bpifrance. Younited was established in 2019 and is headquartered in Paris, France. It provides users with credit services of up to 50,000 euros with a term of up to 84 months. Its services cover France, Italy, Spain, Portugal and Germany.

 

Information link:

https://fintechmagazine.com/articles/youunited-raises-60mn-to-expand-its-instant-credit-offering

Comment: Among other things, Younited provides credit and payments Software-as-a-Service (SaaS) solutions to financial institutions, and its clients include N26, Wizink and HSBC France.

 

 

Provides data analysis tools for B2B sales, Dreamdata receives 6.2 million euros in financing

On December 7, 2022, Dreamdata, a B2B revenue attribution SaaS platform located in Copenhagen, Denmark, announced that it has received 6.2 million euros in Series A financing. The round was led by SignalsVC, with participation from InReach Ventures, Crowberry Capital, Seedcamp, Futuristic.vc and Preseed Ventures. Using Dreamdata can help B2B leaders connect what they spend with the revenue they generate, and by drilling down into each channel, campaigns that effectively drive revenue can be built and scaled.

 

Information link:

https://saasindustry.com/news/dreamdata-raises-6-2-million-in-series-a

Comments: The solution provided by Dreamdata provides real data that is very close to the market, and helps B2B companies to effectively allocate existing resources and promote predictable revenue growth.

 

 

NIO acquires another insurance brokerage company to expand its insurance coverage

On December 15, Tianyancha information showed that Huiding Insurance Brokers Co., Ltd. underwent industrial and commercial changes, the original shareholder Anhui Shengda Blasting Engineering Technology Co., Ltd. withdrew, and "Anhui Weilai Data Technology Co., Ltd." was added as a shareholder and wholly-owned The new shareholder is 80% held by Li Bin, the founder and chairman of Weilai Automobile.

 

Information link:

https://www.sohu.com/a/618809723_115433

Comment: This is not the only insurance brokerage company under Weilai. In the list of foreign investment of Weilai Holdings Co., Ltd., there is also a "Nio Insurance Brokerage Co., Ltd.", which was established on January 19 this year. The representative is also Qu Yu, with a registered capital of 50 million yuan.

NEXT Insurance Launches Restaurant Employment Practices Liability Insurance, Expands General Liability Coverage

NEXT Insurance, a leading digital insurtech company transforming small business insurance, recently announced its renewed commitment to small business restaurateurs through the expansion of Employment Practice Liability Insurance (EPLI), now available in 28 U.S. states and Washington, D.C. responsibility. NEXT's EPLI coverage continues its mission of helping entrepreneurs thrive by innovating and enhancing their products, offering business owners additional protection from lawsuits involving discrimination, sexual harassment, wrongful termination and more.

 

Information link:

https://www.nextinsurance.com/

Comment: With the launch of EPLI insurance for restaurants, NEXT is offering new and existing customers $25,000 of EPLI coverage as part of their Pro package and $50,000 of EPLI coverage as part of their Pro+ package.

 

 

Walmart's fintech platform plans to launch "buy now, pay later" products

Recently, Walmart's financial technology platform One plans to launch a "buy now, pay later" product next year to meet Walmart customers' online and offline installment payment needs. Digital platform One, formerly known as Hazel, is an independent fintech arm formed under the leadership of former Goldman Sachs consumer banking chief Omer Ismail. Earlier this year, Wal-Mart acquired the digital bank One and the salary prepayment platform Even, and integrated them into a new digital financial services platform One, which currently has more than 200 employees and more than $250 million in cash on its balance sheet .

 

Information link:

https://www.cnbc.com/2021/03/01/goldmans-consumer-banking-head-omer-ismail-joins-walmarts-fintech-venture.html

Comment: Walmart is planning to test digital checking accounts with thousands of employees and some customers on its online platform, with loans and investment products expected to follow.

 

 

Bupa adopts CoverGo platform to simplify its health insurance ecosystem

Health insurance specialist Bupa (Asia ) Limited and CoverGo, the world's leading no-code insurance SaaS platform for health, property and life insurance, have teamed up to simplify Bupa's health insurance ecosystem in Hong Kong. CoverGo's no-code product builder enables Bupa to create different types of individual and group health insurance products in hours and make them instantly accessible through CoverGo's open insurance API.

 

Information link:

https://www.prnewswire.com/news-releases/bupa-adopts-the-covergo-platform-to-streamline-its-health-insurance-ecosystem-301700253.html

Comments: Products can be tailored to each client's specific needs and offered through agent, broker and partner channels for new business and renewals.

 

 

Insurtech Obie partners with Belong on landlord insurance

Obie, a property insurtech company, and Belong, a housing management company, will collaborate on a landlord insurance product. Belong is a full-service, end-to-end home management company that provides property management services to homeowners, taking the hassle out of renting out homes, including moving, cleaning and even renovations.

 

Information link:

https://www.obierisk.com/blog/obie-announces-belong-home-partnership

Comments: According to the cooperation between the two parties, it can help consumers understand the differences between homeowner insurance and landlord insurance, and the risks that exist in it. It provides preferential and direct house rental insurance, and eliminates one of the troubles in the renting process.

General Manager, Bank for International Settlements: The RMB cross-border payment system is an important complement to SWIFT

Recently, Agustin Carstens, general manager of the Bank for International Settlements, said in an interview with the South China Morning Post that since the renminbi is currently the fifth most commonly used payment currency in the world, the clearing system of the People's Bank of China plays an important supplementary role in the global payment system. He pointed out that China's clearing and settlement service system, the RMB Cross-border Payment System (CIPS), is not a replacement for the Global Interbank Financial Communications Association (SWIFT) global payment system. SWIFT covers certain forms of payments initiated by different types of intermediaries, while other systems can cover other forms.

 

Information Links:

https://baijiahao.baidu.com/s?id=1751707844153928632&wfr=spider&for=pc.

 

Brazil plans to launch a central bank digital currency by 2024

On December 13, 2022, the governor of the Central Bank of Brazil, Roberto Campos Neto, said at a conference hosted by the Brazilian news website Poder360 that the central bank plans to launch a central bank digital currency (CBDC) by 2024. Campos Neto said that before starting wider use of CBDCs, a digital currency issued by central banks, the bank will work with a number of financial institutions on pilot programs.

 

Information Links:

https://inftnews.com/80749/

 

The Central Bank of Kazakhstan proposes a phased rollout of CBDCs between 2023-25

According to reports, the Central Bank of Kazakhstan proposes to launch an internal CBDC as early as 2023 and expand its functionality and put it into commercial operation in phases by the end of 2025. The main motivation for the country's research on CBDCs is to test their potential to improve financial inclusion, promote competition and innovation in the payments industry, and improve the country's global competitiveness.

 

Information Links:

https://4g.stockstar.com/detail/IG2022121900000496

The EU agreed to introduce the world's first carbon border tax

EU lawmakers have agreed to introduce the world's first carbon border tax to raise global environmental standards and protect EU industries, despite concerns that the plan could violate World Trade Organization rules and spark trade disputes. After 10 hours of negotiations between MEPs and representatives of EU member states, the agreement was reached in the early hours of Tuesday. This means that importers will have to buy carbon permits at the same price that EU producers pay under the EU ETS.

 

Information Links:

http://www.eeo.com.cn/2022/1214/570883.shtml

 

The EU will introduce laws to block the sale of products related to deforestation

Recently, Reuters reported that the European Commission is drafting laws that require companies selling goods in the EU market to conduct strict due diligence to ensure that their products have not contributed to deforestation and forest degradation anywhere in the world. The regulations focus on products such as palm oil, beef, soy and coffee, which are seen as major factors in deforestation. Companies will need to prove that their products are not linked to deforestation or face penalties. Once the new law comes into effect, large companies will have 18 months to prove that their products have not contributed to deforestation after 2020, while smaller companies will have a longer adaptation period.

 

Information Links:

https://www.timbertradeportal.com/zh/news/18/the-european-commission-has-published-its-draft-regulation-to-fight-against-imported-deforestation

 

Supreme People's Court of the People's Republic of China: Judicial Protection of Biodiversity in China

The Supreme People's Court issued the Judicial Protection of Biodiversity in China, issuing or updating judicial interpretations in various fields related to biodiversity conservation, and clarifying the new forms of crackdown on crimes endangering biodiversity. Crack down on illegal and criminal acts endangering terrestrial biological species in all links, elements, and chains, clearly refine the rules for identifying the places where ecological damage occurs, and judicially protect the safety of wild animal and plant communities.

 

Information Links:

https://www.court.gov.cn/zixun-xiangqing-381891.html

The UK Financial Services Authority plans to improve the disclosure rules of retail investors

On December 13, 2022, the UK Financial Conduct Authority (FCA) announced that it will redesign and specify new retail investor information disclosure principles to support investors in making more informed investment decisions (including investment costs, fees and risk levels) Wait). The current relevant regulations, which were specified before Brexit and included in the rules known as the Package of Retail Investment and Insurance Products (PRIIPs) Regime and the Rules on Collective Investment Commitments in Transferable Securities, are difficult to meet the current market needs. At present, FCA is conducting public consultation on specific provisions, such as whether to carry out information disclosure through more interactive methods. The deadline for comments is March 7, 2023.

 

Information link:

https://www.fca.gov/

 

 

Financial regulators of China and Singapore held a roundtable meeting to promote regulatory cooperation

On December 2, 2022, the Monetary Authority of Singapore (MAS) and the China Banking and Insurance Regulatory Commission (CBIRC) jointly held the 12th bilateral roundtable meeting. This conference discusses recent regulatory and supervisory developments in the banking and insurance industries. In addition, regulators from both countries agreed to deepen cooperation in hot areas such as green finance and regulatory technology.

 

Information link:

https://wap.stockstar.com/detail/IG2022121300002141

 

 

UK announces sweeping financial reforms

Recently, the British chancellor of the exchequer, Jeremy Hunt, announced the "Edinburgh Reforms" (Edinburgh Reforms) plan, which includes a central bank digital currency (CBDC) and net zero emissions, which are aimed at promoting competition and growth in the UK's financial services industry.

 

Information link:

https://www.regulationtomorrow.com/eu/edinburgh-reforms-of-uk-financial-services/#:~:text=The%20Edinburgh%20Reforms%20include%3A%20HM%20Treasury%20Policy%20Statement%2C, the%20Financial%20Services%20and%20Markets%20Act%202000%20%28FSMA%29.

 

 

Basel Committee on Banking Supervision responds to climate-related financial risks

On 8 December 2022, the Basel Committee on Banking Supervision published responses to Frequently Asked Questions (FAQs) to clarify how climate-related financial risks are reflected in the existing Basel framework. Given the unique nature of climate-related financial risks, these FAQs are intended to facilitate globally consistent interpretation of existing Pillar 1 standards and should not be construed as a modification of the standards. The publication is part of the Committee's holistic approach to addressing climate-related financial risks in the global banking system. These responses are consistent with the Basel Committee's principles for the effective management and monitoring of climate-related financial risks.

 

Information link:

http://thinktank.taocms.org/06/107565.htm

Guohai Securities launches "Her Era" women's wealth management service focusing on female customers

In the process of exploring the transformation of wealth management, Guohai Securities continues to create high-quality wealth management services, based on deep customer insights, and creates the first wealth management solution for female investors in the securities industry.

 

Information Links:

https://www.cs.com.cn/qs/202212/t20221217_6314091.html

 

2022 Qingdao China Wealth Advisor Jufeng Forum was successfully opened

In recent years, Qingdao's financial industry has adhered to the characteristics of wealth management, actively deepened financial reform innovation and pioneering, and a series of financial reform and innovation experiences have been replicated and promoted throughout the country, accumulating "Qingdao experience" for exploring the development path of wealth management with Chinese characteristics. On December 16, another important event in the wealth management industry - the 2022 China Wealth Advisor Jufeng Forum and the "Golden Winter Flower" China Wealth Advisor Competition Award Ceremony was successfully held in Qingdao.

 

Information Links:

https://new.qq.com/rain/a/20221218A05Y3900.html

 

Build an open ecological platform for wealth management Everbright Bank APP 10.0 is refreshed and upgraded

China Everbright Bank officially launched the Everbright Bank APP 10.0, further building an open wealth management ecological platform, aiming to provide customers with more heart-warming wealth management companionship services, and work with partners to move towards a new future in the digital era.

 

Information Links:

http://finance.hnr.cn/yhzx/article/1/1602945653361295361

 

WeBank officially launched the "WeBank Wealth +" brand to lay out a million-dollar market

With the development of the domestic economy, the growth of household wealth, the change of household asset structure and the increase in the scale of investable assets, wealth management is highly sought after. Wealth management has become a golden track, attracting institutions from all walks of life to enter the market and constantly increase their weight. WeBank officially launched the "WeBank Wealth+" brand at the end of November, comprehensively upgrading its wealth management services and providing customers with professional, safe and efficient one-stop wealth management services.

 

Information Links:

https://caifuhao.eastmoney.com/news/20221212184400512912810

Beijing Puhui Health Insurance will pay 20,000 yuan for severe cases of the new crown

In order to help Beijing's epidemic prevention and control, and realize the gradual resumption of work and production, the Beijing Municipal Bureau of Medical Security, the Beijing Supervision Bureau of the China Banking and Insurance Regulatory Commission, and the Beijing Puhui Health Insurance project team jointly decided to contribute to the 2023 "Beijing Puhui Health Insurance" participation The insurer presents the new crown virus protection responsibility. The recipients of the gift are all insureds of the "Beijing Pratt & Whitney Health Insurance" in 2023. There is no need for the insured to pay additional premiums, and a one-time payment of 20,000 yuan will be paid to the insured who is diagnosed with severe or critical cases of the new crown virus. The coverage period of the new crown virus gift insurance is from January 1st to June 30th, 2023.

 

Information link:

https://baijiahao.baidu.com/s?id=1752192259779837810&wfr=spider&for=pc

 

 

Forbes Magazine to Feature the Metaverse on The Sandbox

On December 14, 2022, The Sandbox announced that it has reached a cooperation with Forbes magazine. The latter will launch a metaverse developed in cooperation with Polygonal Mind Creative Studio on The Sandbox, where users can learn about the history of Forbes and its founders. Malcolm Forbes and Understanding 30 Under 30 Gallery and more. When users purchase the Forbes-exclusive wearable device, they can get a unique accessory.

 

Information link:

https://fox.fandom.com/wiki/FOX_Wiki:Sandbox

 

 

U.S. cybersecurity startup Drata raises $200 million in Series C funding

On December 7, 2022, cybersecurity startup Drata announced that it has received US$200 million in Series C financing, co-led by ICONIQ Growth and GGV Capital. Founded in 2020 and headquartered in San Diego, USA, Drata helps users achieve security compliance through its automated platform. According to data from Crunchbase, Drata has raised more than US$328 million in total, and its valuation has exceeded US$1 billion, making it one of the unicorn start-ups.

 

Information link:

https://drata.com/

 

 

South Korea's three major financial holding companies included in the Dow Jones Sustainability Index

On December 12, 2022, the three major Korean financial holding companies, Kookmin Bank of Korea, Shinhan Financial Group, and Hana Financial Group, respectively announced that they were recognized for their efforts in practicing environmental, social, and corporate governance (ESG) principles. Included in the Dow Jones Sustainability Index (DJSI). Among them, Kookmin Bank of Korea has been included in the DJSI World Index for the seventh time since 2016, and Shinhan Financial Group has been included in the DJSI World Index for the 10th consecutive year. Other overseas financial companies included in the same category include BNP Paribas and Spain's Bilbao. Bank of Orbis Cay.

 

Information link:

http://www.snnby.com/kuaibao/98261.html

 

 

FTC sues to block Microsoft's acquisition of Activision Blizzard

The U.S. Federal Trade Commission (FTC) has announced it will file a lawsuit to block tech giant Microsoft Corp.'s acquisition of video game developer Activision Blizzard, Inc. and its blockbuster game franchise. The FTC said the $69 billion deal, the largest ever for Microsoft and the largest ever for the video game industry, would crush rivals in Microsoft's gaming business, which includes its Xbox console and cloud gaming businesses influences.

 

Information link:

https://www.ftc.gov/news-events/news/press-releases/2022/12/ftc-seeks-block-microsoft-corps-acquisition-activision-blizzard-inc

 

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