Financial Technology Weekly | Issue 26

Blockchain messaging protocol developer LayerZero Labs raises $120 million in funding with a16z participation

April 4, 2023 - Blockchain messaging protocol developer LayerZero Labs has announced a $120 million Series B funding round, valuing it at $3 billion, the largest funding round in the crypto and blockchain space since FTX imploded last November. In total, nearly 36 institutions including a16z crypto, Circle Ventures, OKX Ventures, OpenSea Ventures, Samsung Next and Sequoia Capital participated in the funding round.

 

Information link:

https://finance.stockstar.com/IG2023041000001179.shtml

Comment:Based in Vancouver, LayerZero Labs works to solve interoperability problems between different blockchains with a protocol that allows cross-chain messaging across countless blockchains.

 

French startup Effy raises $22 million to help households reduce energy bills

Effy, a French energy transformation company, recently announced the closing of a €20 million (equivalent to approximately $22 million) funding round. At its inception, Effy was not a technology company, but rather focused on energy retrofits for public buildings, residential buildings and industrial facilities. In 2011, the company acquired Calculeo, which helps companies calculate how much public subsidy they can receive for energy retrofitting projects.

 

Information link:

https://36kr.com/p/2197177966462856

Comment: Since its inception, Horizon Quantum Computing has raised around $21.3 million. in 2015, Effy acquired Quelle énergie, a venture-backed startup that helps businesses calculate how much they can save on energy costs by insulating roofs, regulating windows and other measures.

 

Payment platform Soft Space secures US$31.5 million in record Series B funding for Malaysian startup

Malaysian payments provider Soft Space recently announced a US$31.5 million Series B1 round of funding. The funding was led by Southern Capital Group, with participation from transcosmos, JCB and Hibiscus Fund, and sets a new record for Series B funding by a Malaysian start-up.

 

Information link:

https://cn.technode.com/post/2023-04-07/soft-space-31-5m-serires-b1-funding/

Comment: Founded in 2012, Soft Space has over 70 financial institutions and partner clients including CIMB, Hong Leong Bank and many others in Japan, Europe, Oceania and the Americas. The company is currently focusing on expanding omnichannel payments, including the adoption of artificial intelligence, QR code payments, e-wallet systems and loan schemes.

 

AI startup AlphaSense receives $100 million in funding from Alphabet's funds and others

Founded in 2008 and headquartered in New York, AlphaSense is dedicated to helping clients develop corporate and investment strategies through its AI and natural language processing-powered market intelligence and search platform. Recently, AlphaSense announced a $100 million funding round from investors including Alphabet's independent growth fund CapitalG, Goldman Sachs Asset Management and Viking Global Investors.

 

Information link:

https://www.weiyangx.com/422170.html#:~:text

Comment: In June 2022, the company had also raised a $225 million Series D round of funding, which now values the platform at $1.8 billion.

Singaporean insurtech company Surer launches new features

Singaporean insurtech company Surer has launched a new feature to help insurance intermediaries build and launch their own websites in minutes. Called Personal Website Builder, the personal website developer helps insurance intermediaries showcase their professional image, achievements and the insurance products they sell to the outside world.

 

Information link:

https://surer.sg/in-the-news/singapore-based-insurtech-firm-surer-releases-new-and-improved-version-of-its-platform-to-enhance-its -digital-ecosystem/

Comment:The number of Surer users more than triples from 2021 to 2022. In addition to insurance intermediaries, insurance companies working with Surer will be able to present their products to potential customers on their website.

 

Insurtech Pendella announces partnership with VensureHR

Insurtech company Pendella Technologies has announced a partnership with VensureHR to launch a white-label personal insurance product. 900,000 users of VensureHR have access to Pendella's full range of personal and disability insurance products. By partnering with VensureHR, Pendella will be able to offer employees a more comprehensive individual life insurance product that meets their individual needs and budgetary goals, thereby closing the coverage gap for employees. This partnership will also help to stimulate the demand for individual life insurance for more people.

 

Information link:

https://www.digitaljournal.com/pr/news/insurtech-pendella-announces-partnership-with-vensurehr-to-bring-critical-life-insurance- products-to-thousands-of-employees

Comment: Pendella is a technology company that offers individual life and disability insurance to all consumers.

 

Indonesian insurtech Fuse announces $200 million in total transactional premiums by 2022

Indonesian insurtech company Fuse has announced that it traded more than 150 million policies in 2022, with total transacted premiums exceeding US$200 million. Fuse's mobile technology platform is not only secure but also scalable and capable of handling large volumes of transactional data. Their business models include B2A2C, B2C and B2B2C, and they have achieved sustainable growth over the past few years.

 

Information link:

https://east.vc/from-portfolios/fuse-achieved-more-than-us-200-million-of-gwp/

Comment: Fuse has already entered the Vietnamese, Thai and Malaysian markets and will enter more South East Asian markets in the future. Their agent-focused model B2A2C is able to build a bridge of trust between insurers and consumers.

 

Insurtech Assurely and Buildertrend enter into a partnership

Insurtech company Assurely has partnered with residential construction management platform Buildertrend for a construction insurance product. Buildertrend has been helping subcontractors manage construction projects and improve efficiency since 2006.

 

Information link:

https://www.crowdfundinsider.com/2023/03/203826-insurtech-assurely-partners-with-buildertrend/

Comment:Buildertrend says the partnership will provide builders with discounted insurance products, including liability insurance, project bonds and more.

Asian Development Outlook 2023: China's economic recovery boosts regional and global growth prospects

Santander, Microsoft and the Oxentia Foundation have recently launched the Santander X Global Challenge | The AI Revolution. The event is open to start-ups from 11 countries, including Germany, Argentina, Brazil, Chile, the United States, Spain, Mexico, Portugal, Poland, the United Kingdom and Uruguay, with the aim of "finding innovative AI solutions that will have a positive impact on solving societal challenges".

 

Information link:

http://www.news.cn/fortune/2023-04/04/c_1129493178.html

 

Santander, Microsoft launch joint AI challenge

On 5 April 2023, the Financial Services Agency (FSA) of Japan 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 partnership 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://www.cebnet.com.cn/20200914/102689814.html

 

UK digital bank Tandem Bank acquires social money sharing app Loop

Tandem Bank, a UK challenger bank, recently announced the acquisition of social money-sharing app Loop in a deal for an undisclosed sum. Launched early last year, London-based Loop allows users to share expenses between friends and family and lend to each other without having to pay "expensive" bank overdraft fees. Since its launch, Loop has amassed 2 million users and is primarily targeted at students and young professionals.

 

Information link:

https://www.iyiou.com/news/000000001043645

 

Bank of England forms 30-strong central bank digital currency project team

The Bank of England is looking to build a team of up to 30 people to oversee its Central Bank Digital Currency (CBDC) project. in the last week of March 2023, the Bank of England posted on its website the positions of "Digital Pound Solutions Architect" and "Digital Pound Security Architect "The positions were advertised on the Bank's website. "The Digital Pound is issued by the Bank of England and supported by the UK government, and the Bank of England and HM Treasury are currently conducting a study on the feasibility of launching the digital currency in 2030.

 

Information link:

https://www.mpaypass.com.cn/news/202304/10172655.html

Training Session on Green Debt of Science and Technology Innovation Corridor of Yangtze River Delta G60 held

On the afternoon of April 13, under the guidance and support of the People's Bank of China Shanghai Headquarters, the Interbank Market Dealers Association and the Shanghai Stock Exchange, the Joint Office of the Yangtze River Delta G60 Science and Innovation Corridor led a special training session on green bonds for science and innovation in the Yangtze River Delta G60 Science and Innovation Corridor in 2023, in collaboration with the local financial supervision bureaus (offices) of nine cities. This special training session was held for the first time for 89 county (district) financial authorities and science and innovation and industrial parks in the nine cities, focusing on the latest policies, issuance conditions and typical cases of science and innovation bonds and green bonds, with the aim of promoting the implementation of the "Programme on Further Promoting the Issuance of Green Bonds in the Yangtze River Delta G60 Science and Innovation Corridor".

 

Information link:

http://www.stcn.com/article/detail/841083.html

 

BMW China R&D Centre Rooftop PV Connected to the Grid, GLP Promotes "Green Leasing" in Logistics Parks

On 11 April, a photovoltaic (PV) connection ceremony was held at the BMW China R&D Centre in GLP Park Beijing Huanpu International Science and Technology Park, which is a distributed PV project between GLP's GLP New Energy and BMW. The project has an installed capacity of nearly 400 KW and uses thin film modules for the deployment of distributed PV power plant systems. At present, GLP Park Beijing Huanpu International Science and Innovation Park has more than 40 companies, including the Drip Innovation Centre, IATA and HSBC, in addition to BMW's China R&D Centre. There are many companies that are gradually making the use of clean energy one of their supplier criteria.

 

Information link:

https://www.jiemian.com/article/9238021.html

 

Korea essentially finalises first national carbon neutral green growth plan

The 2050 Carbon Neutral Green Growth Committee, which is directly under the President of Korea, held its third plenary session of the year on April 10 at the central government office in Seoul to consider and vote on the first National Carbon Neutral Green Growth Basic Plan, which will be finalised at the State Council meeting on April 11. The basic plan is based on the Basic Law on Carbon Neutrality, which came into effect in March last year for the first time, and it will maintain the national voluntary contribution (NDC) target proposed by the previous government, which is to reduce national greenhouse gas emissions by 40 percent from the 2018 level by 2030.

 

Information link:

http://www.eeo.com.cn/2023/0410/585514.shtml4.

 

New Development Bank (NDB) has a new president Green investment is a hot topic

On 13 April, the New Development Bank (NDB) inaugurated its new President at its headquarters in Shanghai. NDB is a multilateral development bank jointly established in 2015 by Brazil, Russia, India, China and South Africa to mobilise resources for infrastructure development and sustainable development projects in the BRICS countries and other emerging economies and developing countries, as a complement to existing multilateral and regional financial institutions that promote global growth and development.

 

Information link:

https://finance.sina.com.cn/money/forex/forexroll/2023-04-14/doc-imyqhyiq6580047.shtml

UKMA launches technology sprint to tackle financial 'greenwash' risks

The Global Financial Innovation Network (GFIN) is a group of over 80 international organisations dedicated to supporting financial innovation in the interests of consumers. Currently, the UK Financial Conduct Authority (FCA) chairs the body's coordination group, which sets the overall direction, strategy and annual work programme for the future development of the institution. Today, an increasing number of investment products are being sold with a 'green' or broader sustainability pitch.

 

Information link:

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

 

European privacy regulators create ChatGPT working group, a possible first step towards common policy development

The Italian Data Protection Authority temporarily banned ChatGPT at the end of last month and launched an investigation into alleged breaches of privacy rules. 13 April, Spain and France also launched similar investigations into ChatGPT. The European Data Protection Board said on 13 April that it had set up a working group on ChatGPT. The report said this was an important first step towards developing a common policy on AI privacy rules.

 

Information link:

https://www.jiemian.com/article/9242072.html

 

The State Internet Information Office (SIIO) openly seeks comments on the Measures for the Administration of Generative Artificial Intelligence Services (Draft for Comments)

On April 6, Luo Wen, Secretary of the Party Group and Director of the General Administration of Market Supervision, attended the National Market Supervision Digital Experiment The Draft for Public Comments contains 21 articles, giving more detailed regulations on the generative AI industry, including definitions, access qualifications, responsibilities and obligations, and penalties, clearly demonstrating a supportive and encouraging attitude towards the generative AI industry. The Draft requires the continuation of the regulatory concept of the whole process and the whole element, focusing on both the research and development of generative AI and the utilization of generative AI, establishing the regulatory attribution of the whole process, such as safety assessment, algorithm filing, pre-training data compliance, manual labeling compliance and use supervision, covering various basic elements such as algorithms, personal information protection, data security and computing resources.

 

Information link:

https://k.sina.com.cn/article_1649597805_6252dd6d01900zs5x.html

 

Argentina to Launch Latin America's First Regulated Bitcoin Futures

Argentine futures exchange Matba Rofex has received authorization from Argentine securities regulator CNV to launch regulated bitcoin futures. "We are the first Latin American exchange to launch regulated bitcoin futures," Matba Rofex president Andres Ponte said in a text message statement, adding that the exchange will start trading the instruments from May and may require investors to deposit around 40% of the futures contract of the value of the instruments on margin.

 

Information link:

https://cj.sina.com.cn/articles/view/5182171545/134e1a99902001j6y2

UBS to take over Credit Suisse's Australian wealth management unit

UBS will take over Credit Suisse's wealth management business in Australia as part of its acquisition of the latter's domestic business, said Nick Hughes, co-head and chief operating officer of UBS Australia, which will employ about 110 of the 350 staff at Credit Suisse Australia, Hughes said. For its part, UBS has yet to make a decision on UBS's local investment banking business.

 

Information link:

https://www.jiemian.com/article/9185238.html

 

US wealth management giants post biggest one-month drop since Black Monday as deeper risks emerge

Charles Schwab, the US financial services firm, extended its losses after the opening bell on Friday, taking its cumulative decline for the month to 33%. The drop was able to reach the company's biggest one-month decline since October 1987.

 

Information link:

http://usstock.jrj.com.cn/2023/04/01043337447600.shtml

 

Standard Chartered Q2 global market outlook: recession risk may rise in Europe and US, China shows more signs of recovery

Standard Chartered Wealth Management has released its Global Market Outlook for the second quarter of 2023, saying that the risk of recession is expected to increase in the US and Eurozone, with the probability of recession in the next 12 months at 80% and 60% respectively. The report also notes that China is at the other end of the global economic cycle - the consumption, fixed asset investment and real estate sectors are showing increasing signs of recovery.

 

Information link:

https://news.cnstock.com/news,bwkx-202304-5045670.htm

 

Cai Tong Securities and Huamei International formally enter into a strategic partnership

Recently, Caitong Securities and Huami International Investment Group Co., Ltd. formally signed a strategic cooperation agreement. Zhang Qicheng, Secretary of the Party Committee and Chairman of Caitong Securities, said that this time the two sides upgraded from a single wealth sector to a total-to-total comprehensive strategic cooperation. Zhang Keqiang, Chairman of the Board of Directors of Huamei International, said that taking this signing as an opportunity, the two sides will increase their co-creation efforts in the field of wealth management and private equity management in the future; jointly explore investment targets with core competencies; and look for the cooperation fit for overseas and cross-border business.

 

Information link:

https://36kr.com/newsflashes/2177817829060866

MAS launches Cloud Services Resilience Forum for the Financial Sector

On 5 April 2023, the Monetary Authority of Singapore (MAS) organised the inaugural Financial Sector Cloud Resilience Forum for financial institutions and cloud service providers (CSPs) in the Asia Pacific region to exchange views on public cloud risk management practices. More than 20 organisations participated in the forum, including national financial regulators such as Indonesia and Korea, and industry leaders such as Google Cloud and Microsoft Azure.

 

Information link:

https://finance.stockstar.com/IG2023041000001178.shtml

 

Japan and Vietnam sign framework agreement on innovation 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, it has become even more important to strengthen the relationship between the two sides.

 

Information link:

https://www.weiyangx.com/421819.html

 

FTC, US Department of Justice and European Commission hold third joint US-EU technical competition policy dialogue

On 30 March 2023, Lina M. Khan, Chair of the US Federal Trade Commission (FTC), Jonathan Kanter, Assistant Attorney General in the Antitrust Division of the US Department of Justice, and Margrethe Vestager, Executive Vice-President of the European Commission, held the third meeting of the joint US-EU Technical Competition Policy Dialogue (TCPD) in Washington DC . The dialogue was held on ensuring and promoting fair competition in the digital economy.

 

Information link:

https://www.sohu.com/a/507129192_121124603

 

IPO market freeze sends two positive signals to the stock market

10 April 2023, Jim Cramer from CNBC says that the collapse of Silicon Valley banks may have added to the sluggish IPO market, but it also brings two positive signals for the stock market. Firstly, existing companies already entrenched in their respective industries will no longer be challenged by innovative companies that are running out of cash and finding it difficult to raise more capital. Secondly, because there is no new competition from existing companies, this also means that their shares will not face new competition. Take McDonald's, for example. The company's stock hit a new high on Monday, partly due to job cuts.

 

Information link:

https://finance.stockstar.com/IG2023041300009633.shtml#:~:text

 

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