Financial Technology Weekly | Issue 14

UK insurtech startup Superscript raises £45m in Series B funding

On January 10, 2023, British insurtech startup Superscript announced the completion of Series B financing of £45 million. The financing was led by existing investor BHL UK, with participation from Fortune 500 insurer The Hartford. Founded in 2015 and headquartered in London, Superscript mainly provides customized digital insurance services for small businesses and high-growth technology companies. Since its first round of financing, Superscript has developed rapidly and has successively established partnerships with Amazon Business and Virgin Money Bank.

 

Information link:

https://www.reinsurancene.ws/superscript-gets-45m-in-series-b-funding-round/

Comments: In the future, Superscript will use this financing to continue to improve its underwriting capabilities, expand its insurance products and services in regional markets, and focus on building existing embedded partnership capabilities.

 

 

Fidelity Investments Acquires Shoobx, an Automated Equity Management Service Platform

On January 10, 2023, Fidelity Investments announced the acquisition of Shoobx, a financial technology startup. Founded in 2013, Shoobx is a company that provides automated equity management operations and financing software to private companies. Since 2021, the two companies have established a commercial partnership. In the future, Shoobx will join Fidelity Investments' Stock Plan Services (Stock Plan Services), providing equity compensation plan recording and management services for nearly 700 companies.

 

Information link:

https://www.crowdfundinsider.com/2023/01/201072-fidelity-investments-acquires-shoobx-furthering-commitment-to-equity-plan-capabilities-for-private-firms/

Comment: Fidelity Investment Group (Fidelity Investment Group) is currently the world's largest professional fund company. Fidelity Investment Group has branches in 15 countries and regions around the world. At present, assets under management for more than 12 million investors around the world are as high as US$1 trillion, accounting for 1/8 of the total mutual funds in the United States, and have attracted much attention from investors and the fund market.

 

 

African payment startup Flutterwave plans to acquire UK embedded banking provider Railsr

Recently, according to British Sky News, Railsr, a British embedded banking service provider, is seeking to sell. Potential buyers include African payment unicorn Fltterwave and a consortium of Railsr investors. In August 2022, Railsr had received US$46 million in funding support in the C round of financing, and the platform was valued at US$250 million.

 

Information link:

https://www.fintechfutures.com/2023/01/africas-flutterwave-reportedly-in-bid-to-acquire-british-fintech-railsr/

Comment: Subsequently, due to multiple factors such as inflation, rising interest rates, cash flow pressure, and financing difficulties, Sky News reported the Rails sale plan as early as November 2022.

 

 

Physician insurer MagMutual completes acquisition of MDAdvantage

MagMutual Insurance Company, the largest physician mutual insurance company in the United States, has completed the acquisition of MDAdvantage Insurance Company. The deal received corporate and regulatory approval in December. In addition to providing medical professional liability insurance, MDADvantag actively invests in physician plans that improve the U.S. healthcare system and increase patient safety. It publishes a peer-reviewed MEDLINE®-indexed journal for the medical community called MDAdvisor and hosts an educational podcast series.

 

Information link:

https://www.magmutual.com/magmutual-completes-acquisition-of-mdadvantage-insurance-company/

Comment: Following the acquisition, MDAdvantage will continue to provide insurance services under its current name. It will also maintain its operations in New Jersey, where it will serve as MagMutual's main hub for the Northeast.

OWIT Global Launches Bordereaux Management Solution

OWIT Global (West Hartford, Connecticut), a cloud-based specific insurance microservice architecture solution provider, announced that a Swiss reinsurance company had successfully implemented the supplier's Bordereaux management solution. Global reinsurance companies cooperate with several specialized property/leisure MGAs, which have authorized the underwriting authority to send border reports including insurance policies, claims and premium accounting, and OWIT Global reports. The company needs a solution to provide the correct data format for its accounting, claims and regulatory systems.

Information link:

https://www.owitglobal.com/bordereaux/

Comments: The supplier said that with the Bordereaux management solution of OWIT, the reinsurance company now ingests, cleans up and converts data into the format required for consumption, thus producing a cost-effective solution for exchanging data and improving data integrity, so as to conduct more accurate portfolio analysis.

Insurance technology MGA Loadsure is supported by Marine Kiln's capacity

The insurance technology MGA Loadsure has just guaranteed its freight protection products in the next year, and has been supported by the new capacity of Tokio Marine Kiln. Tokio Marine Kiln, a leading professional international insurance company, has established a partnership with Loadsure to promote one of its core principles to support digital innovation in the market. Tokio Marine Kiln's capacity support will enable Loadsure to expand its platform capabilities and geographical scope, and will support the overall growth strategy of insurance technology.

Information link:

https://www.reinsurancene.ws/mga-loadsure-enhances-freight-offering-with-tmk-capacity-backing/

Comments: Tokio Marine Kiln's capacity support was carried out at a time of significant growth in Loadsure. The company completed a round A financing of US $11 million earlier last year.

MetLife cooperates with easycancha to launch on-demand accident insurance in Chile

MetLife cooperated with easycancha to launch an on-demand accident insurance in Chile. Easycancha was founded in 2016, through which people can book venues and venues for different sports activities such as football, tennis and basketball. The company provides services in six countries. In Chile, it has more than 620000 users and more than 400000 bookings every month. The top four sports accounting for 70% of the booking volume are surfboard (26%), tennis (23%), golf (11%) and football (10%).

Information link:

https://coverager.com/metlife-partners-with-easycancha/#: ~:text=MetLife%20partners%20with%20easycancha%20MetLife%20has%20partnered%20with,sports%20activities%20such%20as%20soccer%2C%20tennis%2C%20and%20basketball.

Comment: As part of the partnership, people will be able to purchase accident insurance during the competition.

Fuwei Group established a venture capital company

Hong Kong Fuwei Group and Malaysia Artem Ventures jointly established TIM Ventures with a total capital of US $10 million to invest in insurance technology and Islamic financial technology startups in Malaysia. The fund will not only provide funds for early start-up enterprises, but also provide the interpersonal relationships and professional skills they need.

Information link:

https://www.artem.vc/

Comments: At present, the foundation has invested in four start-up companies: on-demand subscription Senang Insurance, Islamic digital inheritance planning platform Pewarisan, Malaysian financial technology Du-It and zero margin insurance agency Bluechuck.

World Bank: Global economy on 'razor's edge' of recession

World Bank officials have warned that the global economy is on a "razor's edge" and could slip into recession this year. This week, the agency released its latest forecast for global growth. According to the Global Economic Prospects report, the Washington-based World Bank expects the world economy to grow by just 1.7% this year, down sharply from a projected 2.9% in 2022. The report is published twice a year, with the latest issue on Tuesday.

 

Information link:

https://www.worldbank.org/en/publication/global-economic-prospects

 

 

The Central Bank of Russia plans to develop a cross-border settlement model using the digital ruble in the first quarter

According to foreign media reports, the Central Bank of Russia plans to develop a cross-border settlement model using digital rubles in the first quarter. The Bank of Russia will study two possible models for cross-border settlements. The first of these proposed models sees individual countries entering into separate bilateral agreements with Russia to integrate their CBDC systems, each of which would ensure that asset conversions and transfers between countries comply with the agreement’s rules; the second, more complex The model provides Russia with a single hub-like platform to interact with other countries, sharing common protocols and standards to facilitate payments between connected countries.

 

Information link:

https://news.marsbit.co/flash/20230110101232633991.html

 

 

Central Bank of Mexico’s Digital Currency (CBDC) Issuance Plan Delayed Until After 2024

Recently, a representative of the Central Bank of Mexico issued a statement stating that the development of the country’s central bank digital currency — the digital peso — is still in its infancy and may not be available until at least 2024. According to local sources, the General Directorate of Payment Systems and Market Infrastructure of the Central Bank of Mexico is still conducting research on the issuance requirements of the CBDC. This department is also the main department responsible for the development of the digital peso.

 

Information link:

https://coingeek.com/mexico-cbdc-initial-phase-paused-full-scale-launch-remains-unclear/

 

 

The central bank released payment data: merchants and POS machines both increased by more than 2 million

The central bank issued the "Overall Situation of Payment System Operation in the Third Quarter of 2022". The report shows that my country's payment system is operating smoothly, and the number of bank accounts, non-cash payment business volume, and payment system business volume have maintained overall growth. The number of bank accounts increased slightly. As of the end of the third quarter, a total of 14.093 billion bank accounts were opened nationwide, a quarter-on-quarter increase of 0.85%. Among them, a total of 14.002 billion personal bank accounts were opened nationwide, a month-on-month increase of 0.84%.

 

Information link:

https://zhuanlan.zhihu.com/p/492908254

MSCI Releases 2023 Outlook on ESG and Climate Trends

On January 10, the international index compilation company MSCI released the "2023 ESG and Climate Trends Outlook Report". , How climate risk will affect ESG and climate investing in 2023 and future trends.

 

Information link:

https://www.msci.com/documents/10199/aabb9e37-4cfe-2718-1369-f11c84f78d94#:~:text=Powered%20by%20research%20conducted%20by%20MSCI%20ESG%20Research,funds%2C%20sovereign %20wealth%20funds%2C%20endowments%2C%20and%20asset%20managers.

 

 

Japan's Mizuho develops a credibility assessment framework for climate transition strategies

On January 3, 2023, Tokyo-based financial services company Mizuho announced a series of initiatives aimed at supporting its climate and sustainable finance goals, including establishing a new financing framework to help assess the credibility of clients' climate transition strategies. Mizuho is the first Japanese financial institution to join the Partnership for Carbon Accounting Finance (PCAF), committing to measure and disclose the impact of its loans and investments on greenhouse gas emissions. According to a statement released by Mizuho, the new framework aims to help the company assess whether its clients’ climate transition strategies comply with Mizuho’s internal verification procedures and provide clients with related financing services.

 

Information link:

https://carbonaccountingfinancials.com/

 

 

Hang Seng Indexes joins the UNPRI organization and is committed to promoting green development in Hong Kong

Hang Seng Indexes has accelerated its move towards a low-carbon future by becoming a signatory to the United Nations-backed Principles for Responsible Investment (PRI). There are 18 ESG-related indexes in the Hang Seng Index series. As of November 2022, the total asset management value of ESG indexes tracking the Hang Seng Index companies has doubled to HK$6 billion in the past two years. In order to reflect the ESG performance of listed companies, Hang Seng Indexes has entrusted the Hong Kong Quality Assurance Agency to conduct ESG performance assessments since 2014. The latest assessment has covered nearly 2,000 Hong Kong-listed companies and A-share companies that are eligible to be traded through Shanghai-Shenzhen-Hong Kong Stock Connect.

 

Information link:

https://www.163.com/dy/article/HPMJB9HQ0550C0ON.html

 

 

Hong Kong Stock Exchange: The development of mainland carbon market enhances Hong Kong's status as a green financial hub

The Office of the Chief China Economist of the Hong Kong Stock Exchange recently published a research report discussing the development of the global carbon market and Hong Kong's opportunities, pointing out that the development of the Mainland's carbon market will bring development opportunities to the Hong Kong carbon market, and will enhance Hong Kong's role as a green financial hub and regional carbon market. The status of the trading center.

 

Information link:

https://interview.chinanews.com/dwq/2023/01-10/9932033.shtml

European supervisory authority publishes report on the practice of financial education programs on fraud and cybersecurity

On 12 January 2023, the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Securities and Markets Authority (ESMA) jointly published a joint theme on a digital national financial education program report, focusing on issues such as cybersecurity, scams and fraud. The report identifies good practices that national authorities and other public entities can follow when designing and implementing financial education initiatives, such as publishing blacklists of institutions suspected of fraud and using "entertainment elements" such as games in educational materials.

 

Information link:

https://www.eiopa.europa.eu/document-library/reports-and-research_en

 

 

Five industry organizations including the City of London Corporation established a digital currency alliance

According to foreign media reports, the City of London Corporation, the Digital Sterling Foundation, the Payments Association, TheCityUK and UK Finance have announced the formation of an alliance with the goal of developing better policy, practice and regulation around digital currencies. By combining the expertise and extended network of the five associations, the alliance will seek to provide innovators with a safe and secure environment to foster their growth and attract international investment into the UK, while building constructive bridges between new and established players.

 

Information link:

https://www.thecityuk.com/news/five-associations-form-industry-alliance-to-guide-the-uk-s-digital-currency-future/

 

 

SEC proposes rule changes that would make it easier for investors to sue VC firms for bad behavior

The U.S. Securities and Exchange Commission is finalizing changes to a rule that would make it easier for investors to sue venture capital firms for bad conduct, negligence or reckless conduct, a proposal that could be finalized as early as this quarter, Politico reported. That would "create all sorts of litigation risks for venture capitalists," said Justin Field, senior vice president for government affairs at the National Venture Capital Association.

 

Information link:

https://nvca.org/

 

 

IMF chief: Global economic growth expected to stabilize at 2.7% in 2023

According to a Reuters report on January 12 local time, International Monetary Fund (IMF) Managing Director Kristalina Georgieva does not expect the IMF to lower its forecast for global economic growth of 2.7% in 2023. Georgieva said that economic inflation is expected to remain high in 2023, global economic growth will continue to slow down, but the labor market will remain strong, and the IMF does not expect any major downgrades.

 

Information link:

https://news.cgtn.com/news/2023-01-13/IMF-chief-expects-to-keep-2023-global-growth-forecast-at-about-2-7--1gyGG53l66d/index.html

Xiangcai Securities: Wealth management is like a marathon, creating the first "work" of Yimeng cooperation

In a recent in-depth dialogue with the Financial Associated Press, Qiu Yuqiang further revealed the future strategic planning of Xiangcai Securities brokerage business. On the one hand, Xiangcai Securities will further increase investment in comprehensive financial services and financial technology businesses of listed companies, enriching institutional business and financial technology teams; on the other hand, Xiangcai Securities will also strengthen the digital transformation of wealth management business, through Apply cutting-edge technologies such as big data, cloud services, face recognition, and digital employees to reconstruct clients, manage business data, and integrate digital ecology to empower businesses and serve customers in multiple dimensions.

 

Information link:

http://finance.jrj.com.cn/2023/01/12175737277909.shtml

 

 

Zeng Gang: The wealth management industry urgently needs to be accompanied by investors

Judging from the past years of development, wealth management has shown a very strong momentum of development. From public funds to bank wealth management, the scale has grown very fast in the past ten years, and there is still a lot of room for development in the future. The reason lies in two aspects. On the one hand, the wealth accumulation of residents and enterprises on the demand side has continuously increased the demand for wealth management, and the wealth management awareness of ordinary people is also increasing; on the other hand, financial institutions are also willing to develop into the wealth management industry. Banks develop wealth management business and wealth management subsidiaries.

 

Information link:

https://www.jwview.com/jingwei/html/01-10/521908.shtml

 

 

Noah Wealth won the 2022 "Golden Award" Best Wealth Management Institution and Best ESG Investment Institution

The 7th Asia-Pacific Wealth Forum and the 2022 International Private Wealth Management "Golden Award" selection, sponsored by "Wealth Management" magazine and the financial strategy think tank, and exclusively academically supported by Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University, were announced, and Noah Wealth was invited Attended the event and won two awards of "Jinzhen Award" Best Wealth Management Institution and Best ESG Investment Institution. In an era of uncertainty, Noah actively embraces change, turns "change" into "opportunity", and returns with great honor.

 

Information link:

https://www.wxkol.com/item/1eed9384d070de88.html

 

 

Swiss Pictet Wealth Management Chen Dong: It is expected that the United States will raise interest rates by 75 basis points, and will not begin to cut interest rates within this year

Recently, in an exclusive interview with a reporter from the 21st Century Business Herald, Chen Dong, head of Asian macroeconomic research at Pictet Wealth Management in Switzerland, said that this year's large-scale global inflation will ease, with weakening demand, continuous easing of supply bottlenecks and a favorable base effect. To ensure that global inflation returns to more normal levels in recent years in 2023, with inflation expected to fall from 6.9% in 2022 to 3.2% in 2023 in advanced economies.

 

Information link:

https://new.qq.com/rain/a/20230113A01OQ000

Industrial metaverse company Worlds completes $21.2 million Series A financing

Recently, Worlds, an industrial metaverse company, announced the completion of a $21.2 million Series A round of financing. The company, which is rebranding from Hypergiant Sensory Sciences to Worlds, a company that builds digital twins of shop floor operations for industrial companies to improve their productivity or efficiency, will reflect what it is doing to market what it says is a 4D infrastructure for building an industrial metaverse s hard work. Its other clients include Chevron, Petronas and Hillwood Development Company, the company said.

 

Information link:

https://siliconangle.com/2023/01/09/worlds-enterprises-raises-21-2m-build-digital-twins-industrial-metaverse/

 

 

Microsoft may push the Bing version of ChatGPT to challenge Google

According to reports, Microsoft and OpenAI are developing a version of the AI chatbot ChatGTP for the search engine Bing to challenge Google's search status. Unlike rivals such as OpenAI, Google has yet to release a chatbot that can talk to users and perform tasks for them. There are concerns that such chatbots could be used to generate false information or offensive answers.

 

Information link:

https://openai.com/blog/chatgpt/

 

 

Animoca Brands plans to raise $1 billion for Web3 investment fund this quarter

According to Bloomberg News, Yat Siu, CEO of Animoca Brands, said in an interview that Animoca Capital hopes to raise about US$1 billion for its Web3 and metaverse investment fund this quarter. Currently, Animoca Capital is negotiating with potential investors. The funds will be used to support blockchain and Metaverse startups. In addition, Yat Siu also said, "The encryption market is a challenging market. But Animoca Brands still maintains considerable interest in it."

 

Information link:

https://www.animocabrands.com/animoca-brands-announces-mocaverse-the-nft-collection-to-empower-web3-community-connections

 

 

German startup Ruuky files for bankruptcy amid unsatisfactory financing results

Recently, the German emerging bank Ruuky announced that the platform has filed for bankruptcy due to unsatisfactory financing results. Founded in 2020 and headquartered in Hamburg, Ruuky mainly serves teenagers. Previously, the company had received 4 million euros in financing from Cavalry Venture and Vorwerk Ventures, and the platform was valued at about 16 million euros.

 

Information link:

https://ruuky.money/

 

 

Payments giant Stripe cuts valuation again to $63 billion

It is reported that Stripe, an American online payment startup, has lowered its internal valuation by about 11% to $63 billion. It was at least the third voluntary cut in valuation by the company since last July. This internal price is used for new stock-based compensation and may help Stripe set expectations ahead of its IPO. The latest cut brought its shares down to $24.71, implying a valuation of around $63 billion. This is the second cut since last October, when the company's internal share price was lowered from $29 to $27.73.

 

Information link:

https://www.theinformation.com/articles/stripe-cuts-internal-valuation-by-11-implying-63-billion-valuation

 

 

Disclaimer: The content contained in this article comes from public channels such as the Internet, WeChat official account, etc. We take a neutral attitude towards the views in this article, and this article is for reference and communication only.