Fintech Weekly | issue 12

London-based B2B insurtech Bondaval raises $15 million in Series A funding

London-based B2B insurtech startup Bondaval recently announced the completion of a $15 million Series A round led by Talis Capital. Bondaval is committed to optimizing the underwriting process and creating an alternative to traditional bank guarantees and trade insurance. Since the seed round of financing in October 2021, the business scope has expanded to 31 countries in Europe and North America, and the team has grown to 20 people. Clients include well-known companies such as BP, Shell, Highland Fuels, and TACenergy. The company plans to use the new funds to hire, expand into new international markets, and add use cases.

 

Information link:

https://techcrunch.com/2022/12/14/bondaval-series-a/

Comments: Co-founded by Tom Powell and Sam Damoussi in 2020, Bondaval has raised a cumulative $25 million in funding.

 

 

Using AI-assisted drug design, QuanMol Tech received multi-million dollar angel round financing

QuanMol Tech, a company focused on molecular design, has completed multi-million dollar angel round and seed round financing, led by Plug and Play, followed by Silicon Valley Future, AI Basis, and Decent Capital. The team believes that the AI pharmaceutical industry has developed rapidly in recent years, mainly using computers to simulate molecular design. More precise and efficient methods are needed for the experimental chemists involved in experiments to improve their understanding of molecules.

 

Information link:

https://quanmol.com/

Comments: This round of funds is mainly used for team expansion and product development. The first track that the QuanMol Tech team entered was artificial intelligence-assisted drug design.

 

 

Southeast Asian Bank and Digital Finance Platform Akulaku Receives $200 Million Investment from Mitsubishi UFJ Financial Group

Akulaku, a leading bank and digital financial platform in Southeast Asia, announced that it has received a US$200 million investment from Mitsubishi UFJ Financial Group (MUFG), a major Japanese bank. Akulaku is a Southeast Asian fintech unicorn providing consumer credit, digital banking, wealth management and insurance brokerage services. The investment provides additional support for Akulaku's expected growth as it advances its mission to provide banking services across Southeast Asia, with a focus on reaching underserved customers and markets.

 

Information link:

https://www.prnewswire.com/news-releases/akulaku-announces-200-million-investment-from-mufg-301709987.html

Comments: The company's future growth plan is aligned with that of MUFG. By 2023, the two companies will accelerate their joint expansion into new fields, markets and products.

 

 

Fushoukang completed the C+ round of financing exceeding 100 million yuan, and China Life Pension Fund exclusively invested

Recently, "Fushoukang", a leading brand of home medical care, completed the C+ round of financing exceeding 100 million yuan, and the exclusive strategic layout investment of China Life Pension Fund. It is understood that this round of financing will continue to be used for the construction of Fushoukang's commercial services and digital operation system, as well as the expansion of the national market service network. Fushoukang Wisdom (Shanghai) Medical and Elderly Services Co., Ltd. was established in 2011 and is committed to providing high-quality and convenient community home medical care, nursing and rehabilitation services.

 

Information link:

https://www.163.com/dy/article/HPMO1PRG05198R3E.html

Comments: The company uses long-term care insurance as an entry point to provide community-based home medical care, nursing and rehabilitation services for the elderly at home.

Willis Towers Watson launches model to highlight climate risks to employee health

Brokerage firm Willis Towers Watson has announced the expansion of its Health & Benefits Scout tool, adding two models that focus on the social determinants of health and climate risk. According to Willis Towers Watson, the Scout Social determinants of health (SDoH) model identifies the economic, social and clinical resources a family needs based on where the family resides in the United States; the Scout Climate model illustrates how climate change exacerbates SDoH vulnerabilities. Together, the two models can assess the impact of climate on employee health.

 

Information link:

https://scoutbenefitsgroup.com/services/health-and-welfare-benefit-programs/

Comment: Scout Climate is powered by Climate Quantified, Willis Towers Watson's analytical engine for measuring climate-related risks. Scout Climate can focus on areas where agricultural and construction workers experience a significant amount of temperatures above 100 degrees Fahrenheit, the temperature at which the body begins to experience the effects of heat stress.

 

Consumer IoT platform Pepper partners with Notion

Consumer IoT platform Pepper and smart security system provider Notion have announced their merger, creating an IoT and smart home platform business that will provide insurers with "custom, seamless and connected solutions" for the insurtech and IoT industries. Founded in 2014, Pepper enables global businesses to build, deliver and monetize securely connected devices and services for consumers through a sustainable revenue model.

 

Information link:

https://iotbusinessnews.com/2022/12/21/93500-pepper-consumer-iot-platform-and-notion-comcasts-insurtech-business-unit-combine-to-create-a-leading-iot-platform- company/#:~:text=Pepper%20enables%20businesses%20worldwide%20to%20build%2C%20deliver%20and,monitor%20and%20reduce%20loss%20from%20costly%20property%20damages.

Review: Notion is an "easy-to-use" DIY smart property monitoring sensor system and app that enables home and small business owners to proactively monitor and reduce the cost of costly property damage. Comcast, Notion's previous owner, has invested in the Pepper/Notion combination.

 

 

Allianz joins industry body Running USA

Allianz USA has joined Running USA, an industry trade group, to offer race registration protectors, which can help provide runners with peace of mind and registration fee protection when participants are unable to run for reasons covered by the program. The Race Registration Protection Program can reimburse registrants up to 100% if a racer is unable to participate for any number of reasons such as covered injury/illness (racer or family member), unemployment, traffic delays, military/family/legal obligations, etc. A prepaid non-refundable registration fee, depending on their plan. The program also includes a 24/7 assistance service that provides racers with assistance with race-related issues or problems when things don't go as planned.

 

Information link:

https://www.allianzworldwidepartners.com/usa/media-center/press-releases/Allianz_Partners_joins_Running_USA_to_support_running_industry.html

Comment: Race registration protections are available for runners at top races across the country, most recently at the 45th Allianz Partners Richmond Marathon on November 12, 2022 in Richmond, Virginia.

 

 

JPMorgan, Lincoln Financial to Merge Insurance Trust

JPMorgan Asset Management and Lincoln Financial Group have merged their insurance trust funds to expand offerings in the variable insurance trust space. The deal will bring JPMorgan's investment capabilities to Lincoln's platform, helping the latter expand insurance, retirement and variable annuity solutions. As part of the plan, shareholders of the four JPMorgan Insurance Trust Portfolio Trusts (JpmVITs) are required to approve a proposal to consolidate the JPMorgan VITs into four corresponding and newly formed series of Lincoln Financial Variable Insurance Products Trusts (LVIP Acquisition Funds) .

 

Information link:

https://am.jpmorgan.com/us/en/asset-management/institutional/about-us/media/press-releases/jp-morgan-and-lincoln-financial-merge-insurance-trust-funds-joining- forces-to-enhance-offerings-in-the-variable-insurance-trust-space/

Comment: JPMorgan's secondary advisory business manages $75 billion in assets in variable annuity and mutual fund products.

Smartpay launches next phase of consumer financial services with Open Banking

Japan-based fintech Smartpay has launched Smartpay Bank Direct, the country's first digital consumer financial service that "allows customers to pay online installments directly from their bank accounts". Smartpay Bank Direct "emphasizes user security while providing convenience to consumers through a network of 67 partner banks in Japan." Smartpay claims that it is the first digital consumer finance company in Japan to "leverage Japan's open banking system."

 

Information link:

https://fintecbuzz.com/smartpay-launches-smartpay-bank-direct/

 

Akulaku, an installment loan service platform, received US$200 million in funding from Japan's Mitsubishi MUFJ Financial Group

Jakarta-based fintech firm Akulaku has raised $200 million from Japanese bank Mitsubishi MUFJ Financial Group (MUFG). This is part of a strategic investment that the two companies plan to jointly expand into new markets and products in 2023. Earlier this year, Akulaku raised $100 million in funding from Siam Commercial Bank as part of another strategic investment. Its other backers include Ant Group (Akulaku launched a BNPL partnership with Alipay+ earlier this year).

    

Information link:

https://www.prnewswire.com/news-releases/akulaku-announces-200-million-investment-from-mufg-301709987.html

 

 

Central Bank of Egypt launches Financial Inclusion Strategy (2022-2025)

The Central Bank of Egypt (CBE) released the Financial Inclusion Strategy (2022-2025). This is a national development plan that focuses on expanding access to financial services, developing financial literacy, and promoting innovative financial products that meet the needs of consumers as well as micro, small and medium enterprises. At present, the Central Bank of Egypt has not released further details of the initiatives it will lead, but the document does emphasize the establishment of an enabling legal and regulatory framework, the promotion of fintech and digital financial infrastructure, and ensuring the availability of sustainable finance and economic stability, Because these are key factors in building an inclusive financial system.

 

Information link:

https://www.cbe.org.eg/en/Pages/default.aspx

 

 

The China Banking and Insurance Regulatory Commission issued the "Administrative Measures for the Protection of Consumer Rights and Interests of Banking and Insurance Institutions"

On December 30, the China Banking and Insurance Regulatory Commission issued the "Administrative Measures for the Protection of Consumer Rights and Interests of Banking and Insurance Institutions" (hereinafter referred to as the "Administrative Measures"), which will come into force on March 1, 2023. The "Administrative Measures" require that banking and insurance institutions should establish a traceability management mechanism for sales behavior in accordance with relevant regulations, record and save the sales process of products and services, and use modern information technology to improve the convenience of traceability management, so that key links can be traced, Important information can be queried, and responsibility for problems can be confirmed.

 

Information link:

http://www.gov.cn/xinwen/2022-12/30/content_5734259.htm

EU Climate Action: Interim agreement on the Carbon Border Adjustment Mechanism (CBAM).

On December 13, negotiators from the Council and the European Parliament reached an interim and conditional agreement on the Carbon Border Adjustment Mechanism (CBAM). The agreement needs to be confirmed by EU ambassadors and the European Parliament, and adopted by both bodies before being finalized.

 

Information Links:

https://cbam.com/

 

World Bank: $500 million loan to help Brazil meet its climate goals

Reuters reported that the World Bank's board of directors approved a $500 million project to invest in Brazil to expand sustainability-related financing and strengthen the ability of the private sector to access carbon credit markets to help the country curb deforestation. The initiative has partnered with Brazil's state-owned bank Banco do Brasil to help Brazil meet its climate goals through sustainability-related lending, a bank statement said.

 

Information Links:

https://www.worldbank.org/en/news/press-release/2022/12/22/banco-mundial-banco-do-brasil-desenvolvem-solucao-financiamento-climatico

 

Australia launches first offshore wind farm

Australia has planned its first offshore wind farm in the southern coastal state of Victoria, hoping to achieve net-zero carbon emissions by 2050, Reuters reported. The $9 billion ($6 billion) project, dubbed the "Southern Star," is scheduled to begin construction around 2025 and start generating electricity around the end of the 2020s.

 

Information Links:

https://www.thepaper.cn/newsDetail_forward_21227417

 

The second phase of the fifteenth meeting of the Conference of the Parties to the Convention on Biological Diversity (COP15) was well concluded

The meeting adopted the Kunming-Montreal Global Biodiversity Framework (the "Framework"), which integrates DSI into the promotion process of the Framework and proposes to promote greater sharing of the benefits generated by DSI by 2030. In terms of financial resource mobilization, the Framework requests the GEF to establish a Global Biodiversity Framework Facility as soon as possible in 2023 to support the implementation of the Framework through a special trust fund until 2030.

 

Information Links:

https://www.undp.org/events/cop15-un-biodiversity-conference

The British government launched the "Edinburgh Reform" plan for the financial industry, aiming to strengthen the UK's global financial competitiveness

The British government has unveiled a reform package called the "Edinburgh Reforms" for the financial sector, which plans to relax banking rules introduced after the 2008 global financial crisis in order to attract investment and ensure London's status as a major European financial center. The plan, made up of more than 30 specific measures, includes changes to short-selling rules, how companies go public, scrutiny of insurers' balance sheets and real estate investment trusts, as well as removing caps on bankers' bonuses and easing restrictions on smaller banks. capital requirements, and will repeal and reform industry-related rules introduced by the UK during its time in the EU.

 

Information link:

https://m.huxiu.com/article/742266.html

 

 

ECB Executive Board: The possibilities of digital technologies provide a solid basis for the wider digital financial ecosystem

ECB Executive Board member Fabio Panetta speaks at London Business School's "Insight Summit" on the bursting of the cryptocurrency bubble and the fate of digital finance. Fabio Panetta believes that the fundamental flaws of crypto assets mean that when the irrational exuberance subsides, they will quickly collapse. Therefore, the focus should be on protecting inexperienced investors and maintaining the stability of the financial system. Ensuring that crypto assets are properly regulated and taxed is one way to achieve this, but even regulation is not enough to address the shortcomings of cryptocurrencies.

 

Information link:

https://www.bis.org/review/r220616a.htm

 

Details of the EU Carbon Tariff Act Disclosed: The levy will be officially launched in 2026, and the free quota will be canceled after 8 years

According to news from the official website of the European Parliament, the European Parliament and the governments of the EU countries have reached an agreement on the reform plan of the EU carbon emission trading system, and further disclosed the relevant details of the carbon tariff bill. The "first reading" text adopted was one year ahead of schedule. The agreement also sets a timetable for reducing free quotas for EU companies, starting in 2026 and gradually eliminating them all by 2034.

 

Information link:

https://www.guancha.cn/internation/2022_12_19_671879.shtml?s=zwyxgtjbt

 

 

Bank of International Settlements released a working paper on the regulation of large technology companies: digital market problems need to be addressed through structural intervention

Recently, the Bank for International Settlements (BIS) released a working paper on the regulation of large technology companies. The article points out: Digital platforms, especially social media platforms, enjoy enormous market power, which can be used in economic and political fields, but are prone to "dumping". Furthermore, the article emphasizes that the problems of digital markets can only be addressed through structural interventions, such as enforcing interoperability and promoting greater data sharing.

 

Information link:

https://www.sohu.com/a/482465180_121124603

China CITIC Bank released the "Report on the Development of Chinese Residents' Pension Wealth Management"

Actively responding to population aging is related to national development and people's livelihood and well-being. It is an important measure for my country to achieve high-quality economic development and maintain national security and social stability. Recently, under the academic guidance of the China Pension Finance 50 Forum, China CITIC Bank and China Asset Management jointly released the "Report on the Development of Chinese Residents' Pension Wealth Management (2022)". The "Report" closely follows the development pulse of the pension wealth management market, investigates and analyzes the current situation and pain points of residents' pension wealth management from an objective perspective, and makes an objective evaluation of the financial industry's support for the development of residents' pension wealth management.

 

Information link:

https://www.163.com/dy/article/HPU3SIKD0545A9XK.html

 

Chen Daofu, Research Institute of Finance, Development Research Center of the State Council: The wealth management industry is moving towards a "customer-centric" layered and dislocated development

Wealth management is connected to the capital supply side and the asset market on the capital demand side. The wealth management industry itself realizes the supply and service of financial products under specific rules and technological environments. Therefore, the key to analyzing the future development trend of the wealth management industry is to analyze the development characteristics of the demand side and the asset side, and analyze the possible responses and changes of the industry in combination with the rules and technological changes that affect the industry. After the new regulations on asset management, the development of the wealth management industry has included multiple trends in future development. The key is to find the decisive force behind it, so as to reasonably locate and accurately grasp trends of different levels and intensities.

 

Information link:

https://baijiahao.baidu.com/s?id=1751456690607014127

 

 

Harvest Fortune Tao Ronghui: Wealth Inheritance Needs Good Financial Services

Tao Ronghui said that wealth inheritance requires good financial company. Wealth management institutions should uphold four basic principles during the inheritance process, namely, customer first, speak people's words, adapt to changes with the same, and choose a closed loop instead of an open loop.

 

Information link:

https://finance.sina.com.cn/money/fund/jjzl/2021-08-16/doc-ikqciyzm1785413.shtml

 

 

Financial Rubik's Cube Yuan Yulai: Using Technology to Create a Fairer Financial World

Yuan Yulai pointed out that Mofang Mofang is the first robo-advisor company in China. It is a financial technology company that provides standardized asset and wealth management services for middle-class retail customers and institutions based on artificial intelligence and big data. The core competitiveness of Rubik's Cube is its unique fully artificial intelligence wealth management system, which provides customers with long-term and stable risk control and personalized investment advisory services to help customers bring long-term returns. Through the idea of 3C, the per capita AUM of Wealth Management Rubik’s Cube has continued to increase. The per capita AUM of wealthy people has reached 300,000, and the per capita AUM of mass customers has reached 60,000.

 

Information link:

https://i.ifeng.com/c/8M8eIX9t3nG

Samsung Electronics to invest more than $35 million in metaverse project covering users in Latin America

Samsung Electronics recently revealed that it will invest more than $35 million in the Metaverse project for users in Latin America. As part of its digital push and growth marketing strategy, Samsung hopes to help brands reach and connect with younger audiences. Anita Caerols, director of marketing and corporate citizenship at Samsung Electronics Chile, explained the company’s motivations for promoting virtual reality in an official article, “At Samsung, we believe that the Metaverse is a promise to connect with young consumers. That’s why we are investing in More than $35 million to implement programs covering all of Latin America."

 

Information link:

https://view.inews.qq.com/a/20221224A03R3D00

 

 

FTX Client Files Class Action Lawsuit Seeking Declaration that Digital Assets the Firm Holds Belong to Clients

FTX clients have filed a class-action lawsuit against crypto exchange FTX and its former executives, including Sam Bankman-Fried, seeking a declaration that digital assets held by the firm belong to clients, Reuters reported. The proposed class, hoping to represent more than 1 million FTX customers in the U.S. and abroad, seeks to declare that traceable client assets are not FTX property.

 

Information link:

https://www.fx170.com/article/132781033.html

 

 

Twitter asks court to dismiss dismissed employee class action: Plaintiffs vary

After the acquisition of social media Twitter by American billionaire Elon Musk, he carried out large-scale layoffs. Twitter employees refused to accept it and took the company to court. The company has also begun to take steps, hoping that the court will dismiss the class action lawsuit of employees. On Friday, Twitter asked a federal district court in California to either dismiss the employee class action lawsuit or transfer the lawsuit to another court in Delaware. According to Musk's agreement to acquire Twitter, related legal disputes must be heard in Delaware courts.

 

Information link:

https://www.163.com/dy/article/HPJ4B3NC0530IP7Q.html

 

 

Charles Taylor moves services to the cloud

Insurance services, claims and technology solutions provider Charles Taylor has announced that it has migrated all of its service functions to cloud infrastructure. The shift from on-premises data centers to cloud infrastructure marks a major milestone for the company, following the launch of InHub, a cloud-based SaaS function hub, earlier this year.

 

Information link:

https://www.charlestaylor.com/en/

 

 

FWD Insurance FWD launches capital company

FWD Group is partnering with Malaysian venture capital firm Artem Ventures to launch TIM Ventures, a RM45 million venture capital fund (approximately US$10 million) to invest in emerging startups in Malaysia’s insurtech and Islamic fintech sectors.

 

Information link:

https://www.fwd.com/newsroom/press-releases/fwd-and-artem-ventures-launch-rm45m-fund/

 

 

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