Financial Technology Weekly | Issue 25

San Francisco startup Beam raises $4 million to complete payment and invoice management for construction contractors

Beam, a San Francisco-based fintech startup, recently announced a $4 million seed funding round led by Accel and followed by Susa Ventures, Wischoff Ventures and several founders and executives from large and mid-sized fintech companies and construction firms.

 

Information link:

http://www.ocn.com.cn/touzi/202303/erehn30203512.shtml

Comment: In the construction industry, most contractors have to complete projects before they can get paid, so often have to pay for building materials and pay workers out of their own pockets. For smaller businesses, not having enough money coming in can put a strain on the business, and clearing accounts based on spreadsheets and paper cheques is not only time-consuming and labour-intensive, but also prone to errors.   

 

Software development platform Horizon Quantum Computing raises $18.1 million in funding with Tencent participation

Horizon Quantum Computing, a Singapore-based company focused on developing software development tools to unlock the potential of quantum computing hardware, announced on 31 March 2023 that it has raised $18.1 million in Series A funding with participation from Sequoia Capital (India), Tencent, SGInnovate, Pappas Capital and Expeditions Fund, among others. The investment round will drive the company's growth, enabling it to strengthen its scientific and engineering teams to accelerate product development, establish a new engineering centre in Europe and bring Horizon's unique technology to market.

 

Information link:

https://www.36kr.com/p/2201621980097412

Comment: Since its inception, Horizon Quantum Computing has raised approximately $21.3 million in cumulative funding. The widespread adoption of quantum computing currently faces two main challenges: developing hardware that can support large-scale quantum computing, and creating software tools that allow programmers to use such hardware to solve real-world problems.

 

SoFi acquires fintech mortgage lender Wyndham Capital Mortgage

On 3 April 2023, SoFi, the one-stop-shop for digital financial services, announced the acquisition of fintech mortgage company Wyndham Capital Mortgage. the acquisition includes the integration of talent and technology from Wyndham Capital to help SoFi expand the suite of mortgage products available to its members, enhance unit economics, and have an intelligent and scalable platform. This 'full stack' approach also aims to minimise SoFi's reliance on third party partners and processes.

 

Information link:

https://www.weiyangx.com/421722.html

Comment: Since its inception over 20 years ago, Wyndham Capital has helped over 100,000 borrowers with a 98% satisfaction rate. Going forward, SoFi is committed to integrating Wyndham Capital's talented team and robust technology platform into the company's lending business, adding strength and efficiency to the home loan segment of the company's Financial Services Productivity Loop (FSPL) strategy.

 

South Korea plans to invest US$122 billion in key technologies, including semiconductors, by 2027

On April 6, 2023, South Korea's Ministry of Science and Communication Technology announced that it will invest approximately 160 trillion won (approximately US$122 billion) by 2027 to fuel the development of specific technologies such as semiconductor devices, freeform displays, hydrogen fuel cells and 100 others. As a first step in this plan, the Korean government plans to establish a public-private advisory body later this year to develop a plan to launch government-funded R&D projects and share their results with industry. In addition, the plan includes encouraging well-educated students and experts to secure timely employment in relevant industries and creating a social infrastructure for effective R&D.

 

Information link:

https://www.163.com/dy/article/I1LV2IF50519QIKK.html

Comment: South Korea has been stepping up financial and administrative support for key economic drivers of the country such as semiconductors as a way to revive the growth momentum of Asia's fourth largest economy. Just last month, the South Korean parliament passed a bill aimed at providing greater tax incentives to chipmakers and other strategic industries.

CompScience Insurance Services launches employee labour protection insurance

CompScience Insurance Services has announced a managed general agency contract with Nationwide Insurance and Swiss Re to provide underwriting and policy issuance services for workers' compensation insurance.

 

Information link:

https://www.appengine.ai/index.php/company/compscience

Comment:CompScience, founded in 2019, provides video analytics capabilities for businesses to improve site safety. Its solution detects whether a site contains more than 50 behavioural and environmental risk factors through a built-in proprietary computer vision model.

 

Fleet management technology company Netradyne partners with van insurance services company Cover Whale

Fleet management technology company Netradyne has announced a partnership with van insurance provider Cover Whale, which will deploy thousands of Netradyne's advanced Driver-i safety cameras. risky behaviour, provide driving guidance and provide drivers with evidence in the event of an accident.

 

Information link:

https://www.netradyne.com/company/news#:~:text

Comment:Cover Whale can also guide drivers' driving behaviour on Netradyne's platform and save on car insurance premiums if speeding, hard braking and sharp cornering occur

 

Automotive services company Emil Frey Group enters into a partnership with iptiQ

This new embedded product, Emil Frey protect, powered by Swiss Re's iptiQ, combines digital features and personalisation and will go live on the Swiss market in the future for many new and existing car owners, demonstrating the impact of embedded insurance on future travel patterns.

 

Information link:

https://www.iptiq.com/cn/newsroom/partnership-with-emil-frey-group.html#:~:text=Zurich%2C%209%20March%202023%20%E2%80%93%20Emil%20Frey%20Group,personal%20customer%20consultations%20for%20car%20purchases%20and%20services.

Comment:Automotive services business Emil Frey Group has announced a digital insurance solution in partnership with iptiQ that seamlessly embeds personal insurance customers into their car purchase and servicing processes.

 

Cloud-native insurance platform Novidea partners with Jamaican insurance broker Allied Insurance Brokers

Cloud-native insurance platform Novidea will partner with Jamaican insurance brokerage firm Allied Insurance Brokers (AIB) to provide a platform for the latter's managed general agency. novidea's insurance management platform provides a data-driven cloud solution that standardises and automates processes, increases service efficiency and improves user experience.

 

Information link:

https://fintech.global/2023/03/22/insurtech-novidea-selected-by-jamaican-insurance-broker-aib/

Comment: Their platform has self-service ports that enable policyholders to securely access important enrollment information and use services, including renewal, enrollment, claims and data analytics, from any device.

Financial crime fighting platform Quantexa raises $129 million in funding with participation from HSBC

Quantexa, a financial crime fighting platform, has recently raised US$129 million in Series E funding led by GIC, with participation from HSBC, BNY Mellon, ABN Amro, Warburg Pincus, Dawn Capital, Evolution Equity Partners and AlbionVC, valuing the platform at 1.8 billion USD.

 

Information link:

http://www.wzsee.net/event/2023/0406/0406116320.html

 

Japan and Vietnam sign framework agreement on innovative cooperation in the financial sector

On 5 April 2023, Japan's Financial Services Agency (FSA) and the State Bank of Vietnam (SBV) exchanged letters on a framework for cooperation on fintech for innovation in the financial sector. Through this cooperation, the two sides will increase exchanges on innovation trends and strengthen the cooperative relationship between the two institutions. Previously, Vietnam and Japan have already established ties in the areas of regulation and other financial cooperation. As innovative financial services expand globally, strengthening the relationship between the two sides becomes even more important

 

Information link:

https://4g.stockstar.com/detail/IG2023040700003598

 

Japan's Ministry of Finance sets up expert panel to explore feasibility of issuing virtual yen

Japan's Ministry of Finance is reportedly planning to set up a panel of experts in April 2023 to study the feasibility of issuing a digital yen. The panel will make full use of the results of a two-year technical study previously conducted by the Bank of Japan to discuss how to create a framework for a central bank digital currency (CBDC).

 

Information link:

https://www.weiyangx.com/421599.html

2023 Carbon Summit Carbon Neutral Green Development Forum held in Beijing

On April 7, the 2023 Carbon Summit Carbon Neutral Green Development Forum was held in Beijing under the guidance of the National Development and Reform Commission (NDRC), the Ministry of Ecology and Environment (MEE) and the People's Daily, with the Department of Resource Conservation and Environmental Protection of the NDRC, the Department of Climate Change Response of the MEE and the Economic and Social Department of the People's Daily co-hosting. The participants believe that, under the leadership of the carbon peak and carbon neutral target, we should actively practice the "double carbon" responsibility, build a clean, low-carbon, safe and efficient energy system, lay out and build green recycling industries, solidly promote the transformation of the energy demand side, strengthen the energy security guarantee capacity, and continuously provide solid support for the modernization.

 

Information link:

http://www.chinanews.com.cn/cj/2023/04-07/9985981.shtml

 

China and France have strengthened cooperation in nuclear energy, wind power, natural gas and other energy fields

On April 5, Qian Zhimin, Secretary of the Party Group and Chairman of the Board of Directors of State Electricity Investment, met with Luc Lemont. Raymond said that EDF hoped to cooperate with Guodian in the fields of centralised clean energy, hydrogen energy and carbon asset management, etc. EDF and Guodian also signed a cooperation agreement on the 800 MW onshore wind farm project in Fuyuan West, Yunnan. in the afternoon of April 6, Li Li, Deputy Secretary of CGNPC Party Committee, and Luc Raymond, Chairman and CEO of EDF, signed a cooperation agreement on design and The signing statement of the agreement on cooperation in the field of nuclear energy design and procurement, operation and maintenance, and research and development.

 

Information link:

https://www.jiemian.com/article/9204616.html

 

Alibaba and L'Oréal focus on low-carbon development and green recycling

On 6 April, the fifth meeting of the Sino-French Entrepreneurs Committee was held. During the meeting, Zhang Yong, Chairman of the Board and CEO of Alibaba Group, and Jean Paul AGON, Chairman of L'Oréal France, signed a strategic cooperation agreement to jointly create the industry's first "beauty digital circular economy model", focusing on new green and low-carbon standards, new products and new consumer concepts The company will create a measurable and easy-to-implement circular economy solution.

 

Information link:

https://www.chinanews.com.cn/cj/2023/04-07/9985787.shtml

 

Longgang to build the country's first green low-carbon digital intelligence demonstration zone

The Shenzhen International Low Carbon City Planning and Construction Task Force Office held a forum at the Longgang District Low Carbon City Convention and Exhibition Centre to work with the Shenzhen Green Low Carbon Technology Promotion Association to build the country's first green low carbon digital intelligence demonstration area to do the foundation project site selection. The relevant person in charge said that the project will take accelerating the green and low-carbon transformation of the development mode as the main line, take the integrated demonstration pilot construction of key areas as the grasp, adhere to the double measures of technological innovation and policy empowerment, explore the low-carbon urban construction mode of the combination of point and surface, and strive to become a national carbon peak pilot construction demonstration area, a model of industrial low-carbon technological innovation and digital empowerment, and a national industry-city integration green low-carbon development leading area for It will lay a solid foundation for building a zero-carbon city with a strong core of science and innovation, industrial revitalization, and harmonious coexistence between people and nature.

 

Information link:

http://news.10jqka.com.cn/20230406/c646179861.shtml

Italian privacy regulator to meet with OpenAI representatives to discuss ChatGPT ban

The Italian privacy regulator will meet with OpenAI representatives on Wednesday local time to discuss a temporary ban on ChatGPT in the country, according to a statement released on April 4. OpenAI said the company is willing to work with Italian authorities to ensure compliance with privacy regulations. According to the Italian request, OpenAI has 20 days to inform the regulator, through its representatives in Europe, of the measures taken by the company to comply with its request, failing which it will be fined up to €20 million or 4% of the company's global annual turnover.

 

Information link:

https://finance.eastmoney.com/news/1351,202303312679729245.html

 

FINRA fines Goldman Sachs $3 million

In an order, the US Financial Industry Regulatory Authority (FINRA) said that Goldman Sachs incorrectly marked 60 million short sale orders as long from 2015 to 2018, executing 12,335 short sale orders during a period when the short sale meltdown mechanism was in effect. These orders, which represented less than 1% of Goldman's total principle sell orders during that period, were automatically generated to hedge the synthetic exposure of Goldman's synthetic products group arising from the execution of equity swap transactions with clients.

 

Information link:

https://www.nbd.com.cn/articles/2023-04-06/2747878.html

 

National Market Supervision Digitalization Pilot Zone (Beijing) Co-Construction Launched

On April 6, Luo Wen, Secretary of the Party Group and Director of the General Administration of Market Regulation (GAMR), attended the signing of the National Pilot Zone for Market Supervision Digitalization (Beijing) Co-Building Agreement and Launching Ceremony, and signed the National Pilot Zone for Market Supervision Digitalization (Beijing) Co-Building Agreement together with Yin Yong, Mayor of Beijing. The agreement aims to thoroughly implement the spirit of the 20th Party Congress and the decision and deployment of the Party Central Committee and the State Council on "promoting the modernization of market supervision", accelerate the exploration of a new pattern of digital governance and promote the modernization of market supervision nationwide.

 

Information link:

https://cj.sina.com.cn/articles/view/2311077472/89c03e60020023va0

 

US Office of the Comptroller of the Currency establishes Office of Financial Technology

On 30 March 2023, the Office of the Comptroller of the Currency (OCC) announced the creation of the Office of Financial Technology (OFT) and appointed Prashant Bhardwaj as Deputy Comptroller and Chief Financial Technology Officer. The OCC said last year that it would establish the office to enhance its expertise and capacity to adapt to the rapid technological changes in the banking sector.

 

Information link:

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

31 mainland pilot banks for cross-border financial services to promote two-way opening of financial markets

On the morning of April 6, the Guangdong Provincial Information Office held a press conference on the first batch of typical cases of Guangdong-Hong Kong-Macao Greater Bay Area rules convergence mechanisms, at which the first batch of 20 typical cases of Guangdong-Hong Kong-Macao Greater Bay Area rules convergence mechanisms, such as "cross-border wealth management pass" to promote the two-way opening of the financial market, were released. 2023, as Hong Kong and Macao and the Mainland resume normal With the resumption of normal customs clearance between Hong Kong and the Mainland, the "cross-border financial services" business has seen new opportunities, with some of the pilot banks' "Southbound" business increasing by more than 40% in February.

 

Information link:

https://www.21jingji.com/article/20230407/herald/4e63478a5b0fae33a097adbde7d7090f.html

 

Coller Capital launches China's first RMB S fund raised by foreign investors

Coller Capital has completed the first close of the Coller Capital Secondaries RMB I Fund ("CCSRMB I"), which has a target size of RMB 1.5 billion. CCSRMB I is the first RMB private secondary market fund in China to be raised by a foreign private capital secondary market investor and backed by local Chinese institutional investors. It is also the first fund in this category to complete its filing with the Association of Securities Investment Funds of China (AMAC).

 

Information link:

https://www.jiemian.com/article/9196432.html

 

China Merchants Bank Releases "High Net Worth Individuals Philanthropy Survey Report" Revealing the Philanthropic Needs of High Net Worth Individuals

China Merchants Bank Private Banking, in collaboration with the China Philanthropy Institute of Beijing Normal University, released the "2023 China High Net Worth Individuals Philanthropy Research Report", the first philanthropy research project in China with a sample size of over 1,000 high net worth individuals. The survey found that wealth for good has become a mainstream value, and "helping the poor and needy" is a top concern for both large donors and other HNWIs. At the same time, the use of philanthropic tools for institutionalising good causes is becoming an important trend in HNWI participation in philanthropy. Under China's current legal framework, foundations and charitable trusts are currently the two most important charitable vehicles.

 

Information link:

https://www.cs.com.cn/yh/04/202304/t20230404_6334589.html

 

Life Insurance's "Caring for the Stars" Special Care Trust is the first of its kind

On 21 March 2023, the CBIRC issued the Notice on the Standardisation of Trust Company Trust Business Classification, which singled out "special needs trusts" as a sub-category of wealth management service trusts. In order to help families with autism, cerebral palsy and other mental disabilities to solve the urgent need of "what to do with the child when the parents are gone? In order to help families with autism, cerebral palsy and other mentally challenged patients to solve the urgent need of "what to do with the child when the parents are gone? The innovative model of annuity insurance + special care trusts. On March 31, 2023, PICC Life Insurance, together with CITIC Trust, signed the first agreement with the "Star" family. "On March 31, 2023, PICC Life Insurance and China Trust signed the first Special Care Trust with the Stars family.

 

Information link:

https://www.jiemian.com/article/9200814.html

Bloomberg launches BloombergGPT, a large language model focused on the financial world

On 31 March 2023, Bloomberg released BloombergGPT, a large language model (LLM) built for the financial community, which relies on Bloomberg's extensive financial data sources to build a 363 billion tag dataset that supports a variety of tasks within the financial industry. As shown in the paper on BloombergGPT, the advantages of BloombergGPT include the continued irreplaceability of domain-specific models and the reliability of Bloomberg's data sources, as well as significantly better performance on finance-related tasks than existing models.

 

Information link:

https://new.qq.com/rain/a/20230331A03ENW00

 

From 2024, large listed companies in Korea will be required to file bilingual regulatory disclosures in Korean and English

On 3 April 2023, the Korea Financial Services Commission (FSC) and the Korea Stock Exchange (KRX) jointly announced that from 2024, all large listed companies listed on the KRX will be required to submit English-language documents within three days of submitting Korean-language regulatory disclosures, mainly in relation to (a) matters relating to settlement financial statements, (b) matters relating to material decisions, and (c) matters relating to suspension of trading.

 

Information link:

https://finance.stockstar.com/IG2023040400013003.shtml

 

UNESCO calls for speedy implementation of ethical standards for artificial intelligence

Recently, Swift, an interbank cooperative, successfully completed its corporate action trial in blockchain Following the call by more than 1,000 tech workers for a moratorium on training (including chatGPT) AI systems, the United Nations Educational, Scientific and Cultural Organization (UNESCO) also launched an initiative on 30 March 2023 calling on countries to immediately and fully implement its proposed Ethical Issues in Artificial Intelligence Recommendation.

 

Information link:

http://www.news.cn/tech/2023-03/31/c_1129483913.htm

 

EU to require all generative AI content to be attributed

In response to the confusion caused by AI-generated images, Thierry Breton, EU Commissioner for the Internal Market and head of the industry for industry and information technology, has publicly stated that the EU wants mandatory regulations for AI-generated content. Breton said, "The EU would be the first government to make it clear that everything generated by AI, be it text or images, is obliged to inform that they were done by AI." The EU AI bill will be formally voted on from this month, and generative AI will also be included as a key target to be regulated.

 

Information link:

https://www.yicai.com/news/101720403.html

 

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