Financial Technology Weekly | Issue 24

German startup IntegrityNext raises US$109 million to provide ESG compliance audit data platform

IntegrityNext, a Munich, Germany-based startup, recently announced the closing of a €100 million (US$109 million) equity financing round from EQT Growth, which has developed an automated auditing and monitoring platform that aggregates a large amount of supplier data to detect the compliance of these companies with environmental and sustainability governance rules and regulations, assisting supply chain companies to achieve self-imposed targets and milestones, while complying with the requirements of regulatory bodies.

 

Information link:

https://36kr.com/p/2190305919222152

Comment: IntegrityNext has been profitable since 2004 and until this round of funding was run entirely on self-funding. The company has now attracted more than 200 enterprise customers, including Siemens Gamesa, Infineon, SwissRe and others.   

 

InsurTech giant Equisoft raises $125 million in funding

Canadian insurance SaaS provider Equisoft has announced a $125 million investment, partly from the Quebec government, which Equisoft says will be used to support international expansion plans, drive M&A activity and business development, focus on back office and policy administration tools, support life insurance software platform development and asset management product design, and better meet global customer The company will also use the proceeds of the financing to support its international expansion plans. In the future, they will also use digital products to provide insurance clients with fast and efficient digital transformation solutions, including policy administration systems and data forwarding services.

 

Information link:

https://insurtechnews.com/aggregator/insurtech-giant-equisoft-lands-125m-investment-eyes-acquisitions

Comment:Equisoft has not sought funding in the 24 years since its inception and only raised its first US$17 million in 2018 in order to accelerate growth.

 

Singaporean cross-border payments company Thunes secures $30 million investment as it plans to enter China market

Singapore-based global cross-border payments company Thunes recently secured $30 million in funding from London-based hedge fund Marshall Wace, valuing the platform at $776 million, according to VentureCap Insights. 2019 saw the spin-off of fintech company TransferTo to form this new company covering cross-border payments business with the new company Thunes.

 

Information link:

https://www.weiyangx.com/421232.html

Comment: The B2B company now supports 79 currencies and 300 payment methods, with customers including YouTubers, Grab, Deliveroo and PayPal.

 

Southeast Asia's 'buy now, pay later' platform Kredivo raises $270 million in funding led by Mizuho Bank

Formerly known as FinAccel, fintech platform Kredivo provides "buy now, pay later" credit services to consumers in Indonesia and Vietnam who do not have access to adequate banking services. The company recently announced a US$270 million Series D round of funding led by Mizuho Bank, Japan, with participation from existing investors Square Peg Capital, Jungle Ventures, Naver Financial Corporation, GMO Venture Partners and Openspace Ventures. and Openspace Ventures.

 

Information link:

http://www.ocn.com.cn/touzi/202303/aajpu30085353.shtml

 

Comment: In 2022, Kredivo announced that it was abandoning its plans to go public with SPAC due to unfavourable market conditions. Going forward, Kredivo will use this financing primarily to support its existing digital payments and credit services ecosystem and to fund the upcoming launch of its emerging bank, Kroo.

Insurtech Betterview partners with data provider Carpe Data on underwriting decisions

Property and casualty insurance technology company Betterview has entered into a partnership with online data provider Carpe Data. Under the partnership, Betterview will use Carpe Data's solutions to analyse the risk levels of businesses and provide forward-looking insight reports. Carpe Data is said to have provided hundreds of data insights to over 40 million businesses.

 

Information link:

https://www.marketwatch.com/press-release/betterview-and-carpe-data-partner-to-provide-business-occupancy-data-to-pc-insurers

Comment: Betterview is an insurtech company that provides data insights to property and casualty insurers. Carpe Data was founded in 2016 to optimise insurers' claims efficiency, primarily through data intelligence.

 

Insurtech Locket enters into new partnership

European insurtech Locket has announced a partnership with washed-up burglar Michael Fraser, who is now a security consultant dedicated to fighting criminals. He is now a white hat security consultant for Locket, exposing the criminal mindset of burglars and preventing users from becoming victims of crime.

 

Information link:

https://insurance-edge.net/2023/03/17/locket-deepens-partnership-with-lightwave/

Comment: Locket is a technology-based home insurance startup that provides free advanced security tools to homeowners across the UK. Their latest feature reduces crime rates by tricking would-be burglars with the help of smart speakers.

 

Digital insurance brokerage platform VIU by HUB partners with Fetch Pet Insurance on personal insurance product

Digital insurance brokerage platform VIU by HUB has announced a partnership with pet insurance company Fetch Pet Insurance. Under the partnership, VIU users will be able to benefit from a wider range of personal insurance cover and pet insurance policyholders will be able to receive guidance and advice to meet their individual needs. With the support of insurance broker HUB International, VIU is accelerating the innovation of its personal insurance product line through an embedded brokerage platform and an omnichannel digital sales model.

 

Information link:

https://www.hubinternational.com/media-center/press-releases/2023/03/viu-by-hub-partners-with-fetch-pet-insurance/

Comment: VIU's online platform integrates seamlessly into partners' core systems, including veterinary practice processes, providing added value and additional support to clients.

 

InsurTech Sure launches Retrace, an e-commerce insurance solution

InsurTech Sure has launched Retrace, an e-commerce solution that provides consumers with embedded insurance products at the point of purchase checkout. Retrace includes a range of API interfaces that allow e-commerce merchants to embed travel insurance products, product warranty insurance and return insurance at the point of consumer checkout, thereby improving consumer experience and satisfaction and expanding the consumer base.

 

Information links:

https://coverager.com/sure-launches-retrace-for-online-merchants-to-offer-embedded-one-click-insurance-and-protection-at-point-of- sale/

Comment: Sure aims to realise the full potential of digital insurance and help individual branded insurers launch embedded insurance products.

LINE and Mizuho Financial Group suspend partnership to create smartphone bank

Just this week, LINE Corporation ("LINE") and Mizuho Financial Group jointly announced that they have decided to suspend the development of this project due to the inability to provide secure and convenient customer service through additional time and investment at this stage. the dissolution and liquidation process of the LINE Bank preparatory company will be arrangements with business partners and other stakeholders will continue. As the two companies have jointly launched a personal loan service through LINE Credit Corporation, they will seek to continue their harmonious relationship and cooperate in providing ultra-convenient products to their users.

 

Information link:

https://finance.sina.com.cn/stock/usstock/c/2023-03-30/doc-imynrfyi6056871.shtml

 

BIS Eurosystem Innovation Centre launched with focus on green finance, CBDC and other topics

On 28 March 2023, the Bank for International Settlements (BIS), the European Central Bank (ECB), Deutsche Bundesbank and Banque de France jointly announced the opening of the Eurosystem Centre (Eurosystem Centre), a BIS innovation centre, in Frankfurt and Paris. The Centre, which is jointly hosted and supported by Deutsche Bundesbank and Banque de France, focuses on decentralised finance, wholesale central bank digital currencies (CBDC), cybersecurity and green finance.

 

Information link:

https://finance.stockstar.com/IG2023033000012115.shtml#:~:text

 

UK generative AI startup Hazy raises $9 million in funding with Wells Fargo participation

Hazy, a UK-based synthetic data startup, recently announced a $9 million Series A funding round. The funding was led by Conviction, with participation from UCL Technology Fund, M12, ACT Venture Partners, Terra VC, Evenlode, Logo Ventures, Sarus Ventures, Nationwide Building Society, Wells Fargo and Union São Paulo. Hazy was founded in 2017 as a spin-out from University College London and uses artificial intelligence to generate intelligent synthetic data that retains the statistical quality of real data but does not contain real information, eliminating privacy risks.

 

Information link:

https://finance.stockstar.com/IG2023032900010901.shtml

 

Sweden's central bank on payment instruments: cost efficiency is not everything

A recent cost study by the Riksbank looked at the costs of various payment instruments, but cost efficiency is not everything. If one wants to understand which payment instruments are the best overall, one must also look at their socio-economic benefits. Do all citizens have access to such payment instruments? Is it environmentally sustainable? Is it a good idea to have several different payment instruments? Is it also effective in times of crisis or war? Cash payments are undoubtedly one of the most expensive payment instruments, but they can also have social benefits, as cash can be used in many situations, as well as in times of crisis and war.

 

Information link:

https://www.weiyangx.com/421284.html

US and Europe close to reaching agreement on key minerals European companies expected to share US green subsidies with Japanese companies

The Inflation Reduction Act stipulates that a portion of the key minerals used in electric vehicle batteries must be sourced or processed within the United States or from partners with whom the United States has a free trade agreement in order to be eligible for the $7,500 per vehicle subsidy for electric vehicles offered by the United States. Japanese Economy, Trade and Industry Minister Minoru Nishimura said in Tokyo on 28 March that under the minerals agreement, electric vehicles using materials collected or processed in Japan would be eligible for tax credits under the US Inflation Reduction Act, enabling Japanese companies to benefit from them. The agreement between the US and the EU is expected to benefit EU companies as much as Japanese companies.

 

Information link:

https://cn.investing.com/news/stock-market-news/article-2189973

 

Low carbon economy creates new green trade barriers, China urgently needs to establish a unified and standardised carbon labelling system

The Blue Book on Low Carbon Development: China Carbon Labelling Development Report (2021~2022) points out that in recent years, while the low carbon economy has brought opportunities and new impetus to the world's economic development, it has also created new green trade barriers - with the establishment and development of carbon labelling systems in the international arena, developed countries have an absolute say in the implementation of carbon labelling systems. With the establishment and development of an international carbon labelling system, developed countries have an absolute say in its implementation. Carbon labelling is the basis for calculating the tax base of carbon tariffs, and the development of carbon labelling and accounting for carbon footprints is an urgent choice to address green trade barriers. Carbon labelling can also help to broaden foreign markets, as products labelled with carbon labels will be more favoured by foreign trading partners. China needs to establish a unified and standardised carbon labelling system and unify the carbon labelling management and support agencies in China to avoid the chaos of "carbon labelling".

 

Information link:

https://finance.eastmoney.com/a/202303282676249330.html

 

European Commission issues €6 billion green bond

The European Commission issued a €6 billion "Next Generation EU" green bond on 28 March local time. The European Commission plans to finance 30% of its recovery plan through the issuance of green bonds. To date, the total amount of green bonds issued by the EU has reached €42.5 billion and the proceeds from these bonds will be used to finance green projects in member states' national recovery and resilience programmes (RRP).

 

Information link:

https://finance.eastmoney.com/a/202303282675196456.html

 

Huaxia Bank: Successful issuance of RMB 10 billion 2023 Green Financial Bonds

With the approval of the People's Bank of China's Decision on Granting Administrative License, the Company has recently successfully issued "ChinaAMC 2023 Green Financial Bonds" in the national interbank bond market and completed the registration and custody of the bonds with the Interbank Market Clearing House Co.

 

Information link:

http://stock.jrj.com.cn/2023/03/31173637445805.shtml

US Federal Trade Commission increases regulation of telehealth applications and data sharing

Statistics from PYMNTS show that 47% of patients used telemedicine services for the first time during the outbreak, compared to 17% before the outbreak. In an effort to regulate data sharing by telehealth companies, the Federal Trade Commission (FTC) plans to take action in the near future and focus on companies that use customer data without disclosing such practices to users, according to the Wall Street Journal. Nicholson Price, a professor at the University of Michigan Law School, said in an interview that many consumers mistakenly believe that the Health Insurance Portability and Accountability Act (HIPAA) will protect their information under any circumstances. However, HIPAA does not actually cover apps or places where patients share their information, so the act does not typically prevent companies or app developers from sharing, selling or licensing such data either. Just earlier this month, telehealth provider BetterHelp was banned by the FTC from sharing consumer health data.

 

Information link:

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

 

Italian privacy regulator launches investigation into OpenAI over ChatGPT

Italy's Personal Data Protection Authority has announced that it is banning the chatbot ChatGPT with immediate effect, restricting its development company OpenAI from processing information about Italian users and opening a case for investigation. The Authority believes that on 20 March the ChatGPT platform experienced a loss of user conversation data and payment information for payment services. The platform was not informed about the collection and processing of user information and lacked the legal basis to collect and store personal information in large quantities.

 

Information link:

https://finance.eastmoney.com/a/202303312679956022.html

 

Broadcom's $61 billion deal to buy VMware to be further reviewed by UK regulators

The UK's Competition and Markets Authority (CMA) said on 29 March that it had been told by Broadcom that the company would not provide any undertakings to address the regulator's concerns about its $61 billion deal to acquire Vmware. The CMA said the deal would lead to a significant reduction in competition in the UK and had invited two companies to provide undertakings to address their concerns, which the companies were asked to provide by 29 March at the latest . In the current situation, the CMA said it would now refer the deal for further review.

 

Information link:

https://cj.sina.com.cn/articles/view/5182171545/134e1a99902001ixfj

 

White House proposes to tighten regulation of mid-sized banks Increase frequency of stress tests

In response to the banking crisis that has led to several bank failures, the Biden administration on Thursday called on regulators to tighten regulations on mid-sized banks. The White House called on federal bank regulators to work with the Treasury Department to implement a series of adjustments to tighten regulations. The White House said in a statement that the measures do not need to be approved by Congress. The proposed adjustments include reinstating regulatory measures for banks with assets between $100 billion and $250 billion (the size of Silicon Valley Bank), such as liquidity rules, stricter stress tests and so-called "living wills" (living wills).

 

Information link:

https://finance.sina.com.cn/tob/2023-03-31/doc-imynstzs7828473.shtml

US wealth management giants post biggest one-month drop since 'Black Monday'

US financial services firm Credit Suisse Group extended its losses after the opening bell on Friday, pushing its cumulative decline for the month to 33 per cent. The fall was the company's biggest one-month drop since Black Monday (19 October 1987), which went down in world financial history. Like many of its US counterparts, the institution has also had a problem with long-lived assets on its books against the backdrop of aggressive interest rate hikes by the Federal Reserve, while a more difficult problem is beginning to emerge: a large number of depositors are not only moving their money from small to large banks, but are also shifting their money from savings accounts to money market fund accounts.

 

Information link:

https://finance.eastmoney.com/a/202304012679954339.html

 

Guangfa Securities performance breakdown: wealth management and investment management contributed more than 80% of revenue

On the evening of March 30, Guangfa Securities 2022 annual report came out, the company achieved an annual operating income of 25.132 billion yuan, down 26.62% year-on-year; net profit was 7.929 billion yuan, down 26.95% year-on-year. This is also the company after two years, again fell out of the "10 billion net profit club". In the year of industry pain, the head of the brokerage also affected, at present, in addition to Guangfa Securities, 2022 temporarily parted from the tens of billions of net profit brokerage and China Merchants Securities, Galaxy Securities CITIC Construction Investment and Haitong Securities and other four.

 

Information link:

http://finance.jrj.com.cn/2023/03/31124637444733.shtml

 

Three-party infusion policy may be restarted soon, Tencent Wealth Management, Alipay join the battle for stock account traffic

Since the new regulations on three-party infusion public consultation, after 3 years, the securities industry new regulations on three-party infusion or about to restart, the current brokerage digital finance department and other departments have begun to Ant Wealth, Tencent self-selected shares, Jingdong Finance and other Internet platforms for quotation, but the specific is still waiting for the SFC to issue the relevant rules. "The introduction of digital means to achieve compliance monitoring of data and processes will be mentioned in the new regulations." A related source told reporters.

 

Information link:

https://www.21jingji.com/article/20230328/herald/e4791ec0abd8964b683af9dcb24a6a32.html

 

Total assets of US money market funds reach a record $5.2 trillion

Money market funds have been receiving a recent influx of capital as concerns about the banking sector continue to roil global markets over the past week, with worries about the state of the banking system fuelling global risk aversion and fueling demand for high-quality, highly liquid assets as savers pull money out of US banks. According to the Investment Company Institute of America, about US$66 billion flowed into US money market funds in the week ended 29 March, bringing total money market fund assets to a record high of US$5.2 trillion, up from US$5.13 trillion in the week ended 22 March.

 

Information link:

https://finance.sina.com.cn/roll/2023-03-31/doc-imynsyis4488010.shtml

First Citizens Bank nears deal to buy Silicon Valley Bank, reportedly in advanced talks

First Citizens BancShares is in advanced talks to buy Silicon Valley Bank, which collapsed earlier this month, and is expected to reach an agreement with from the FDIC as soon as 27 local time, according to people familiar with the matter. Sources close to the situation said that no final decision has been made by either side and that the negotiations could fail. As of Friday local time, First Citizens Bank had a market capitalisation of US$8.4 billion.

 

Information link:

https://www.nbd.com.cn/articles/2023-03-27/2727806.html#:~:text

 

Moody's warns financial crisis could spread beyond US banking sector

Recently, rating agency Moody's downgraded its rating on the US banking sector from "stable" to "negative". In its latest update on Thursday, the firm said the US economy remains at risk. Atsi Sheth, managing director of credit strategy at Moody's, explained that the US "will not be able to contain the current turmoil" and that it could "spill over beyond the banking sector".

 

Information link:

https://www.sohu.com/a/658606543_115479

 

Swift completes blockchain enterprise initiative pilot

Recently, Swift, an interbank cooperative, successfully completed its corporate action pilot on blockchain. The pilot involved six securities industry participants, including American Century Investments, Citibank and Northern Trust Bank, and was designed to explore ways to reduce the costly friction associated with communicating major corporate events to investors. The tests concluded that the experimental technology could be beneficial to the industry, providing a clear and consistent view of corporate behaviour across the investor ecosystem and providing rapid alerts when changes or updates occur.

 

Information link:

https://new.qq.com/rain/a/20230324A08MDP00

 

UK government drops Prime Minister Sunac's proposed NFT plan

In April 2022, then UK Chancellor of the Exchequer, Al Sunnucks proposed a non-homogenised token (NFT) to be created by the Royal Mint. At the time, NFT-like products were hugely popular in the market, with many NFTs valued at millions of dollars. However, with frequent frauds and a chilly crypto investment environment, this market boom has gradually cooled down. Recently, the UK government announced that it was abandoning the NFT scheme proposed by the current Prime Minister a year ago.

 

Information link:

https://finance.stockstar.com/IG2023033000010545.shtml

 

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