Financial Technology Weekly | Issue 20

Stripe may hope to raise US$4 billion through special vehicle

Payments platform Stripe is working with banks on a plan to raise US$4 billion through a special investment vehicle, giving some investors the opportunity to invest in the company before it goes public. Citing sources familiar with the matter, the report said Stripe is currently valued at US$55 billion before this financing is completed. in January 2023, the Wall Street Journal reported that Stripe planned to go public or allow employees to sell their shares within the next 12 months, as while the platform did not need to raise capital, employees and other investors wanted to be able to sell their shares. A few days later, the information reported that Stripe was on the verge of raising $3 billion from existing investors, valuing the payments platform at between $55 billion and $60 billion.

 

Information link:

https://caifuhao.eastmoney.com/news/20230227182935280521670

Comment: Stripe is sharing data with potential investors that shows the company expects to process $1 trillion in payments this year - a figure that would be higher than the $800 billion it will process in 2022, and if this happens, Stripe will reach the milestone figure in about 13 years.

 

Cloud management platform AeroCloud raises $12.6 million in funding to improve airport operations automation with AI

AeroCloud, a developer of cloud-native airport management software, recently announced the closing of a $12.6 million Series A funding round. The funding was led by Stage2Capital and followed by TriplePointVentures, I2BFGlobalVentures, PraeturaVentures, PlayfairCapital and Haatch. aeroCloud was founded in 2019 in Chester, UK, with the UK's Manchester Airport, Eindhoven Airport in the Netherlands, Tampa International Airport and John Wayne Airport in the US, serving nearly 150 million passengers annually. Prior to this funding round, AeroCloud had already raised $3.4 million. With the new funding in hand, the company will accelerate its expansion plans and enhance its market penetration.

 

Information link:

https://36kr.com/p/2141654397812996

Comment: AeroCloud's core business is to provide data to all stakeholders via the cloud to automatically allocate gates for flights and optimise spare gate capacity to increase revenue. In addition, with the help of machine learning technology, the platform will analyse historical data, make extrapolated predictions, estimate the number of passengers at a particular time, etc.

 

UK legal SaaS platform Robin AI invests in using AI to improve efficiency of contract amendments

Robin AI is a UK-based 'software-as-a-service' (SaaS) platform dedicated to helping legal departments write and review contracts faster and more accurately through artificial intelligence technology. The company is already cash flow positive. The company recently announced a funding round led by Plural, a venture capital fund founded by Wise co-founder Taavet Hinrikus, and followed by executives from Bridgepoint, Apollo, Clifford Chance and others.

 

Information link:

https://wap.stockstar.com/detail/IG2023030200002665

Comment: Since its inception in 2019, the Robin AI platform has been trained on data from 4.5 million legal documents, enabling it to draft and amend contracts for users 60 to 80 per cent faster and save more than 75 per cent in fees.

 

Japanese climate tech startup Asuene raises ¥150 million in Series B funding

Asuene, a Japan-based climate technology start-up, recently announced that it has secured 150 million yen (approximately US$1.1 million) in Series B funding, with participation from Sony Innovation Fund. The new funding will be used to expand the company's team, develop new business and support its overseas expansion. asuene will also look to expand its supply chain CO2 professional services in manufacturing and related industries.

 

Information link:

http://www.shbear.com/zx/2023/0303/55774.html    

Comment: Founded in 2019, Asuene is dedicated to helping companies with decarbonisation and ESG management. The company says its CO2 reduction, reporting and management cloud service, Asuzero, is averaging over 90% growth per month.

Banking giants such as Mitsubishi, Fujitsu and Mizuho collaborate to create Japan's "Meta-Universe Economic Zone"

Japanese banking giants including Mitsubishi, Fujitsu and Mizuho have reportedly announced a partnership to create Japan's "Meta-Universe Economic Zone". The companies signing the agreement will integrate their technologies and services, including gamification and financial technologies, to create a technological infrastructure. Specifically, Mizuho Bank will provide the infrastructure for the Meta-Universe Coin, Mitsubishi will provide the capabilities for the Web3-type Meta-Universe Financial Function, and Sompo Japan Insurance will work on the development of insurance and risk policies for the Web3 era. It is said that the new social infrastructure will be used for information dissemination, marketing and work style reform for companies in Japan. Users will be able to engage in an RPG-like experience as they traverse different areas. In the future, the service could also be extended to other regions and governments outside of Japan.

 

Information link:

https://new.qq.com/rain/a/20230227A08FWK00

Comment: Ryugukoku project to 'renew Japan through the power of games' under the guidance of former Square Enix executive and JP Games CEO Hajime Tabata

 

Korean insurers, brokers expected to be allowed to enter banking sector

Recently, the Financial Services Commission (FSC) and the Korea Financial Supervisory Service (FSS) joined hands with a number of financial associations and academics to form a working group that plans to reform the country's banking sector management and practice model to promote smart competition in bank savings, loans and payments. The two financial regulators believe it is more realistic to invite major players from other financial sectors, such as insurance companies and securities firms, into the banking sector to promote competition, as it will take too much time for brand new players in the banking sector to grow to a level where they can compete with the established players.

 

Information link:

https://finance.stockstar.com/IG2023030100002708.shtml#:~:text

Comment: Under this "mini-licensing" model, financial regulators could issue different licences for each function of banking. For example, brokers, insurance companies and savings banks could compete with banks in payment and settlement, lending and foreign exchange. Credit card companies and purely digital banks may also be eligible to apply for such a decentralised banking licence.

 

CPPCC member Starry Lee: Suggest promoting interconnection of insurance and tax concessions in the Greater Bay Area

Comprehensively introduce a green building performance liability insurance system to achieve a closed-loop management model combining prevention, monitoring and compensation through the linkage of government departments' guidance and market operation, so as to provide enterprises with dual support for green renovation and monetary compensation and help the dual carbon strategy. Enterprises that purchase green building performance insurance will be financially subsidised according to a certain percentage of the premium. On the one hand, it provides risk protection for the performance of green buildings, and on the other hand, insurance institutions can engage collaborative manufacturers' risk control agencies to monitor and regulate the entire construction process of green buildings, helping them to reach their intended star rating targets.

 

Information link:

http://www.zqrb.cn/finance/lianghui/2023-03-03/A1677843410992.html

Comment: The introduction of a green building insurance mechanism to ensure that green buildings achieve the desired star rating by market-based means can effectively solve the challenge of moving from green design to green operation. European and American countries have explored and developed a rich system of insurance products around serving green buildings, which have played a role in boosting the development of green buildings.

 

SFC supports insurance asset management companies to carry out asset securitisation business

Yesterday, the Securities Regulatory Commission (SFC) instructed the stock exchange to formulate the "Guidelines for Insurance Asset Management Companies to Conduct Asset Securitization Business", supporting high-quality insurance asset management companies with sound corporate governance, standardized internal control and management, and rich experience in asset management to participate in asset securitization (ABS) and real estate investment trusts (REITs) business, further enriching the form of participating institutions, and striving to promote the high-quality development of the multi-level REITs market. market.

 

Information link:

https://www.chinanews.com.cn/cj/2023/03-03/9964910.shtml

Comment: The Business Guidelines adhere to the principles of systemic thinking, market concept and pilot first, and clarify the institutional mechanism arrangements for insurance asset management companies to apply for ABS and REITs business.

Nigeria's central bank in talks with blockchain platform R3 to develop a new system for eNaira

The Central Bank of Nigeria (CBN) is looking to develop a new system for its digital currency, eNaira, and is in early talks with New York-based blockchain firm R3, Bloomberg reported, citing people familiar with the matter. . Nigeria is reportedly the first African country to issue its own digital currency. CBN is partnering with Bitt Inc. to issue eNaira in 2021, and the company will not be immediately replaced by a new partner.

 

Information link:

https://new.qq.com/rain/a/20230221A099G600

 

RBA to work with Mastercard and others to develop digital AUD use cases

On 18 February 2023, the Federal Reserve Bank of San Francisco posted a job opening for a "Senior Application Developer - Digital Currency". The job posting reads, "Given the important role of the U.S. dollar, the Federal Reserve System seeks to learn more about the costs and benefits of potential technologies for central bank digital currencies and how it can better understand this emerging field." The position's primary responsibilities include developing systems related to CBDC, identifying improvements and mitigating risks. It is based in San Francisco, California and has a base salary of $110,300 to $176,300.

 

Information link:

http://www.chaincatcher.com/article/2088509

 

IMF advises Jordan's central bank on implementing retail CBDC

On 23 February 2023, the International Monetary Fund (IMF) released a technical report on the launch of a retail central bank digital currency (rCBDC) in Jordan.From July to September 2022, the IMF conducted a three-month mission to the existing retail payments market in Jordan and gave it a largely positive assessment. The report noted that the two non-bank payment service providers (PSPs) have "generally available and appropriate products" and that the country has a high smartphone penetration rate. Nevertheless, the rCBDC will enhance financial inclusion by providing services to residents who do not have smartphones. In addition, the rCBDC could improve the domestic payment system by providing PSPs with its infrastructure and reducing the cost of cross-border transfers.

 

Information link:

https://www.mpaypass.com.cn/news/202302/25203100.html

 

ECB: Digital euro should prioritise online, peer-to-peer payments

The digital euro should prioritise online shopping and payments between friends, according to an ECB document published on its website on 22 February 2023. Shop and government transfers may take longer to develop, but basic personal use should be free. Other uses, such as paying taxes, receiving welfare payments and even paying in physical shops, will only come in the second phase of development of the subsequent Central Bank Digital Currency (CBDC).

 

Information link:

https://www.mpaypass.com.cn/news/202302/25203230.html

Singapore government plans to raise carbon tax to achieve net zero emissions by 2045

Speaking at the Parliamentary Appropriations Committee debate on 24 February 2023, Senior Minister of State and Coordinating Minister for National Security Teo Chee Hean said that achieving the climate target would require a national effort and that the government would strike a balance between vision and practical action. Singapore's climate target is to reach net zero emissions by 2050 at the latest, and the government will lead decarbonisation initiatives to reach the target ahead of schedule by around 2045.

 

Information link:

https://www.weiyangx.com/419988.html

 

German battery recycling start-up Cylib raises €11.6 million in seed funding to help the circular economy

With new EU regulations coming into force in 2024, electric vehicle manufacturers and dealers will be obliged to recycle batteries at the end of their natural life. Cylib's technology can recycle the main resources of end-of-life batteries to make new raw materials, with a current recycling efficiency of up to 90%. cylib's ultimate goal is to close the loop and make electrified transport run entirely on renewable energy.

 

Information link:

https://www.weiyangx.com/category/express

 

EU lawmakers reach agreement to establish a European green bond standard

EU negotiators have reached an agreement to establish a green bond standard to combat "greenwashing" in the bond market. Companies adopting the standard will have to prove that the proceeds from their green bonds are in line with the EU's list of environmentally friendly activities, known as the "classification list". However, under the terms of the agreement between EU parliamentarians and member states, they will be given a 15 per cent "flexibility" for activities not yet covered by the rulebook.

 

Information link:

https://cj.sina.com.cn/articles/view/1704103183/65928d0f020033r9k?finpagefr=p_104_js

 

Intel partners with supply chain to promote green business computers

As a semiconductor giant, Intel has recently stepped up its green supply chain investment. On the product side, Intel is targeting the commercial market by announcing the launch of "Green Business PCs" with its partners. The launch of the "green computer" for the commercial market, Intel partners include Tongfang, Acer and other OEMs. Intel said that the new green computers can reduce carbon emissions in manufacturing and use, achieve a significant increase in the total carbon savings in production and use, and further enhance the total recycling and degradation rate. In the future, OEMs working in this direction will also bring their products to market one after another.

 

Information link:

https://finance.sina.cn/2023-03-03/detail-imyipzux4474904.d.html

New rules for IPO betting under full registration system, new "void ab initio" provision releases strict regulatory signals

Against the backdrop of the full registration system, securities regulators are frequently making practical and new moves to urge listed companies to improve their corporate governance. Recently, the SFC issued the "Guidelines on the Application of Regulatory Rules - Issue No. 4", which clearly defines the rules on "betting agreements" and adds a new "void ab initio" provision to deal with "betting agreements". The new "void ab initio" provision clarifies the uncertainty that betting agreements can bring to the shareholding structure and corporate governance of IPO companies.

 

Information link:

https://company.cnstock.com/company/scp_gsxw/202303/5025196.htm

 

Securities and Exchange Board of India issues consultation paper on ESG disclosure, ratings and investments

On 20 February 2023, the Securities and Exchange Board of India (SEBI) issued a Consultation Paper on ESG Disclosures, Ratings and Investing by Mutual Funds. In the consultation paper, SEBI notes the "growing recognition of the significant economic and financial implications of climate change and environmental, social and governance (ESG) risks", which has led to the launch of ESG funds and increased calls for ESG-related disclosure from investors and regulators. The consultation paper reflects SEBI's proposals for the regulatory framework for ESG disclosure by listed companies, ESG investments by mutual funds and ESG rating providers. The consultation paper seeks public views on the regulatory framework for ESG disclosures by listed entities, ESG ratings for securities markets and ESG investments by mutual funds.

 

Information link:

http://www.tanpaifang.com/ESG/2023030194938.html

 

SFC: Supporting insurance asset management companies to carry out asset securitisation and REITs business

In order to implement the spirit of the 20th Party Congress and the Central Economic Work Conference, and in accordance with the deployment of the "Opinions of the General Office of the State Council on Further Revitalizing Stock Assets and Expanding Effective Investment" and the relevant work arrangements to accelerate the normal issuance of infrastructure REITs, the Securities Regulatory Commission (SFC) has guided the stock exchange to formulate the "Guidelines for Insurance Asset Management Companies to Conduct Asset Securitization Business" to support high-quality insurance asset management companies with sound corporate governance, standardized internal control management and experienced asset management. It supports high-quality insurance asset management companies with sound corporate governance, standardized internal control and management, and rich experience in asset management to participate in asset securitization (ABS) and real estate investment trusts (REITs) business, further enriching the form of participating institutions and striving to promote the high-quality development of the multi-level REITs market.

 

Information link:

https://www.chinanews.com.cn/cj/2023/03-03/9964718.shtml

 

UK Financial Conduct Authority launches enforcement investigation into LME operations against nickel

The LME announced a suspension of nickel trading on the 8th and cancelled all trades after 00:00 on the 8th, with up to US$3.9 billion of trades being cancelled retrospectively. The move was highly controversial and created a crisis of confidence in the market against the LME. the FCA said it has now opened an investigation into the conduct, systems and controls put in place by the LME between 1 January and 8 March 2022. The agency stressed that it will take action to monitor the LME's efforts to improve its conduct, controls and governance deficiencies.

 

Information link:

https://www.163.com/dy/article/HUU0IEVS05198CJN.html

UK digital bank Monzo may plan IPO as market recovers

Monzo, which was founded in 2015, is expected to raise $500 million at a valuation of $4.5 billion by the end of 2021. Insider says that Monzo is also currently exploring partnerships and acquisitions in the wealth management and trade finance sectors, with talks underway with Wealth Kernel, for example.

 

Information link:

https://www.weiyangx.com/category/express

 

Pensions giant Fidelity Funds' first public fund to be offered to investors from 3 April

Fidelity Fund Management (China) Limited has released legal documents relating to its first public fund - Fidelity Heritage 6 Month Holding Period Equity Fund - which, according to the offering announcement, is intended to be available to investors from 3 April 2023. Public offering.

 

Information link:

https://www.bjnews.com.cn/detail/1677825434168766.html

 

China Merchants Bank and ICBC Wealth Management successfully achieve cross-bank distribution of personal pension wealth management products

Recently, China Merchants Bank and ICBC Wealth Management have successfully implemented cross-bank distribution of personal pension wealth management products through the Central Data Exchange Platform for Wealth Management Products (the Exchange Platform) of the Banking Sector Wealth Management Registration and Custody Centre. 28 February, customers in 36 cities and regions of the national personal pension business pilot will be able to purchase personal pension wealth management products issued by ICBC Wealth Management through China Merchants Bank's channels. The personal pension products launched in China Merchants Bank are ICBC Wealth Management fixed income products, involving "Core Preferred", "Xinyi", "Xinyi Zunli" and "Xinyi". "XinYue" four product series, for the non-parent bank channel set up a separate share, and the original share to adopt the same investment strategy, unified investment operation management. The low initial purchase amount of the products and the low product fees provide maximum benefits to the retirement customer base and further enrich the product supply to meet the diversified retirement financial needs of customers.

 

Information link:

http://www.jjckb.cn/2023-03/03/c_1310701257.htm

 

Czech government announces $58 million artificial intelligence research fund

This week, the Government of the Czech Republic announced the creation of a dedicated venture capital fund to support artificial intelligence research. The fund, which will be managed by the European Investment Fund, is said to total US$58 million, of which about a quarter will go into an AI technology transfer fund as part of the Czech government's drive to help commercialise the country's AI scientists' research. In an interview with Sifted, Jan Klesla, head of projects at the Czech Ministry of Industry and Trade, said that AI research in Europe is still largely concentrated at the university level and that there is still a lack of relevant applications and venture capital investment compared to China and the US.

 

Information link:

https://finance.stockstar.com/IG2023030300004706.shtml

Western Union launches 'pay-as-you-go' service

Western Union and Beforepay recently announced a first-of-its-kind partnership that allows customers to increase the amount of money they transfer across borders with a reliable, ethical and affordable short-term loan. Customers can borrow up to A$2,000 through the Beforepay payroll advance product on Western Union's digital channels, enabling them to 'send and pay later'.

 

Information link:

https://www.mpaypass.com.cn/news/202302/28102202.html

 

Commercial version of ChatGPT plunges 90% in price per unit, launches voice-to-text API

On Wednesday, OpenAI announced the official launch of its ChatGPT and Whisper speech-to-text APIs for business users, and gave a series of examples of commercial partners already live. The API is based on the same GPT 3.5 model as ChatGPT, the company said. According to the OpenAI website, a token is understood as an unstructured word, and 1,000 tokens correspond to roughly 750 words. This price is also 90% cheaper than the current GPT 3.5 model.

 

Information link:

https://finance.eastmoney.com/a/202303022650175945.html

 

US Copyright Office: Images produced by AI are not protected by copyright

Midjourney is an artificial intelligence-based system that generates images based on text prompts entered by the user. Artist Kris Kashtanova wrote a comic book called Zarya of the Dawn and used Midjourney to generate the book's illustrations. 22 February 2023, the U.S. Copyright Office (U.S. Copyright Office) said Kris Kashtanova will own the copyright to elements of the book such as the text and plotting, but the AI-generated images will not be protected by copyright. This is one of the first decisions by a US regulator on the scope of copyright protection for AI works, and comes against the backdrop of the rapid rise of generative AI software such as Midjourney, Dall-E and ChatGPT.

 

Information link:

https://petapixel.com/2022/02/23/ai-created-art-cannot-be-copyrighted-us-copyright-office-rules/

 

Investing Market Update: US Job Market Still Strong, Fed Expected to Raise Rates More Aggressively Threatens to Impact Economy

Jobless claims fell slightly at the end of February and were below 200,000 for the seventh week in a row, the US government announced on Thursday. Analysts say that normally, strong US labour force data is the driver of short-term improvements in crude oil demand, but that is not the case now. That said, the US economy may have to face a more aggressive Fed, which could mean more pain for the economy to swallow and a recession later this year.

 

Information link:

https://finance.stockstar.com/IG2023030300004883.shtml

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