Financial Technology Weekly | Issue 28

Home energy assessment startup Enter secures €19.4 million Series A funding

Most houses in Europe are not built with sufficient consideration for the energy consumption aspect and are therefore less efficient at heating and cooling their interiors. As energy becomes more expensive, energy security is growing in importance as a geopolitical issue and tech startups looking into the issue are proliferating.

 

Information link:

http://www.ocn.com.cn/touzi/202304/itgxq26162626.shtml#:~:text

Comment: As one of these companies, Enter is committed to engaging consumers in the issue of home energy efficiency to manage domestic energy more effectively.

 

Using synthetic data to ensure real data security, startup Betterdata raises $1.55 million in seed round

Singapore technology startup Betterdata recently announced the closing of a US$1.55 million seed round led by Investible and followed by Franklin Templeton, Xcel Next, Singapore University of Technology and Design, Bon Auxilium, Tenity, Plug and Play and Entrepreneur First followed.

 

Information link:

https://finance.stockstar.com/IG2023042700008405.shtml

Comment: Data sharing is becoming faster and more secure as data protection regulations around the world become stricter.

 

Mesa School of Business in India raises $4.1 million to focus on entrepreneurial leadership development

Mesa School of Business (MSB) is committed to building India's first business school focused on developing entrepreneurial leaders. It recently announced that it has received $4.1 million in funding from Elevation Capital and some angel investors.

 

Information link:

https://www.weiyangx.com/422917.html

Comment:College founders Ankit Agarwal and Varun Limaye plan to partner with industry leaders and future employers of the school's first 60 students

 

Accounting platform Trullion raises $15 million through AI-driven financial data integration

Trullion, an accounting automation startup, recently announced the closing of a $15 million Series A+ funding round led by StepStoneGroup and followed by Aleph, ThirdPoint and Greycroft. automation tools that automatically extract data from lease contracts through algorithms to automatically generate audit negatives and other materials for stakeholders.

 

Information link:

https://36kr.com/p/2222658089616512

Comment: The platform also connects customer relationship management software as well as data from billing and contracts, integrating major data sources on the same dashboard.

Insurtech company Percayso partners with SaaS provider Acturis

Insurtech company Percayso says it has entered into a partnership with SaaS provider Acturis, whose data enrichment centre will be open to Acturis via an API interface, and who will also provide Acturis' brokers, managed general agencies and partner insurers with a low-code solution that will dynamically and intuitively help them build and optimise their data collection.

 

Information link:

https://insurance-edge.net/deals-percayso-inform-partners-up-with-acturis/

Comment: These services are currently only available for private cars, but will also be available for home users in the future.

 

ePayPolicy launches insurance payables reconciliation process automation service

ePayPolicy has launched Payables Connect, an insurance payment and reconciliation tool. Leveraging ePay's existing integration and machine learning technology, this new product innovates to fully automate the reconciliation, generation and payment process of payables. The time-consuming matching process in the payment process is significantly reduced through machine learning-assisted document scanning, matching and automated reconciliation of existing accounting systems.

 

Information link:

https://www.insurancejournal.com/services/newswire/2023/04/24/717302.htm

Comment: This technology not only reads individual bills, but also learns and evolves continuously.

 

Home insurance technology Kin Insurance enters Mississippi

Home insurance technology company Kin Insurance has begun offering homeowners and property insurance products and discounted personalized coverage to Mississippi, which experienced 184 tornadoes in 2022, the third most frequent tornado in the country. In addition, Mississippi has experienced multiple other natural disasters with over $1 billion in losses since 1980, resulting in higher than market average homeowners insurance rates for most consumers.

 

Information link:

https://www.kin.com/news/kin-launches-in-mississippi/#:~:text

Comment:Kin Insurance's technology solutions revolutionise the consumer experience, reduce inefficient processes and provide consumers with personalised insurance products and high quality claims service

 

Verisk launches new pricing engine for commercial insurance

Verisk, a global provider of insurance data analytics and technology, has launched a new pricing engine for commercial insurers to revolutionise the product development process. The new cloud-based pricing engine, Rating-as-a-Service, saves insurers time and resources through a simple process.

 

Information link:

https://www.verisk.com/newsroom/verisk-reimagines-insurance-product-innovation-with-new-rating-engine/#:~:text

Comment: Insurers will send applicable pricing information to Verisk via an API interface and then generate quoted premiums using loss costs and pricing algorithms.

JPMorgan Chase uses ChatGPT language model to analyse Federal Reserve statements and speeches

J.P. Morgan has built a language model based on ChatGPT to analyse Fed statements and speeches over the past 25 years and rank them according to a "hawk-dove" score. JP Morgan economists then plotted the index against asset performance and found that artificial intelligence may help predict policy changes and trade. The bank said in a report that "initial applications are encouraging" and that the model has now been extended to the European Central Bank and the Bank of England, with more central banks to follow.

 

Information link:

https://tech.ifeng.com/c/8PK7mlWxQhz

 

Bank of Thailand delays issuance of virtual banking rules

The Bank of Thailand recently announced that it will delay the timetable for issuing rules for the formation of virtual banks. Commenting on the progress of work on the application for a virtual banking licence, the Bank of Thailand recently revealed that the work is still progressing steadily, but may be slightly later than previously planned. However, it stressed that the relevant rules and regulations will be published by the end of this year and reiterated the need to ensure fairness and security.

 

Information link:

https://www.mpaypass.com.cn/news/202304/26154607.html

 

Taizhou: Over 350,000 digital RMB wallets opened

On April 25, Taizhou held a meeting on the digital RMB pilot. The meeting requested that around the pilot program, various forms and characteristics of digital RMB knowledge publicity and application promotion activities be carried out, the launch of high-frequency scenario pilot applications such as living payment, transportation, food and beverage consumption, culture and tourism that are closely related to the masses be accelerated, and the operational security, information security and system security of digital RMB be promoted in an integrated manner to ensure that the pilot work is carried out in a strong and orderly manner.

 

Information link:

https://www.mpaypass.com.cn/news/202304/27094738.html

 

Bank of Shanghai App, Good Life App access to Cloud Flash Payment network payment platform

On April 25, China UnionPay and Bank of Shanghai cooperated to develop the Bank of Shanghai App (Cloudflare version) and Good Life App (Cloudflare version), which were officially launched with a new "core" upgrade. Based on the Cloud Flash Pay network payment platform, the two sides integrated high-quality merchant resources and service scenarios, integrated QR code payment, bank card management and other functions, supporting users to use in over 30 million merchants in the UnionPay network, creating an all-round, scenario-based convenient financial services ecosystem, providing users with a better and more convenient payment experience, and jointly practicing the original intention of finance for the people. So far, 35 bank apps have been connected to the Cloudflare network payment platform.

 

Information link:

https://cn.unionpay.com/upowhtml/cn/templates/newInfo-nosub/7885004da382485e8bde5a0ba000fdd3/20230425160554.html

European Commission adopts core bills of the Green New Deal

The European Commission has adopted five key bills in the "Adaptation 55" package of proposals for the Green New Deal, including the expansion of the EU carbon market, maritime emissions, infrastructure emissions, aviation fuel tax and the creation of a carbon border tax. The five bills will enter into force after a vote by the EU Council.

 

Information link:

http://news.10jqka.com.cn/20230428/c646854152.shtml

 

Strengthening the stability of new power systems Guidance on strengthening the stability of new power systems (draft for comments) published

As an important part of the new energy system, the new power system is based on the basic premise of safety and efficiency. 24 April, the National Energy Administration website published the "Guidance on Strengthening the Stability of the New Power System (Draft for Comments)". The document points out that further strengthening the stability work is an inevitable requirement for building a new type of power system.

 

Information link:

https://www.jiemian.com/article/9295148.html

 

Bank of Communications successfully issues RMB 30 billion green financial bonds in 2023

On 25 April, the Bank of Communications successfully issued a thin green financial bond of RMB 30 billion in the interbank market. The bond was a 3-year variety with a coupon rate of 2.77% and a subscription multiple of 2.18 times. The issuance attracted nearly 100 institutions to participate in the subscription, with a total order of over RMB 65 billion.

 

Information link:

http://www.egsea.com/news/detail?id=1419441

 

The 5th China-Singapore Financial Summit signed 90 key projects with contract value of RMB 111 billion

After the opening of the 5th China-Singapore Financial Summit in Chongqing, a signing ceremony for key projects was held, with 90 projects signed, with a contract value of 111 billion yuan. It is understood that the municipal government signed a strategic cooperation agreement with Standard Chartered (China) and Pacific Insurance Group for the Western Financial Centre, and the municipal government signed a strategic cooperation agreement with four national institutions, including the Construction Bank and the Bank of Communications, for the construction of an experimental zone for green financial reform and innovation, to jointly strengthen innovative financial support for major construction projects and major industrial cooperation.

 

Information link:

https://news.cqnews.net/1/detail/1098672851055579136/web/content_1098672851055579136.html

Federal Reserve announces assessment of Silicon Valley bank debacle

The Federal Reserve's internal review of the supervision of the collapsed Silicon Valley Bank was released at 11 a.m. New York time on Friday. The review found four key points about the causes of the bank failures: first, that Silicon Valley Bank's board and management failed to manage their risks; second, that as Silicon Valley Bank grew in size and complexity, Fed regulators did not fully appreciate the severity of the vulnerabilities; third, that when regulators identified vulnerabilities, they did not take sufficient steps to ensure that Silicon Valley Bank addressed them quickly enough; and fourth the Federal Reserve's approach to adjustments to the Economic Growth, Regulatory Relief, and Consumer Protection Act and shifts in regulatory policy stance have hindered effective regulation.

 

Information link:

https://xueqiu.com/5124430882/249162241

 

ChatGPT approved to go back online in Italy as regulation reveals OpenAI rectification list

ChatGPT, the chatbot app from US tech firm OpenAI, has resumed service in the country nearly a month after it was ordered offline by Italian data regulation authorities, Italian newspaper La Repubblica reported on Friday.

 

Information link:

https://finance.eastmoney.com/a/202304292709939913.html

 

Bank of Korea proposes to include stablecoins in its regulation and separate legislation

Recently, the Bank of Korea said in its 2022 Payment and Settlement Report that the regulator is responsible for the underlying regulation of crypto assets and that the central bank needs to play an active role in the regulation of stablecoins, which are highly likely to be used as a means of payment. The Bank of Korea believes that it is also necessary to consider options for introducing separate regulation for stablecoins when introducing regulations related to cryptoassets in Korea, including regulation and restrictions on financial soundness, disclosure disclosure, risk management, internal controls and other practices.

 

Information link:

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

 

Coinbase to defend against SEC over how cryptocurrencies are regulated

Coinbase Global, the largest US cryptocurrency exchange, said it will defend itself against the SEC's claim that much of its business is illegal and try to convince a court that "Wall Street regulators lack the authority to oversee the cryptocurrency market". The company outlined its legal strategy in a public memo, formally responding to the SEC's previous notice of possible enforcement action against the company.

 

Information link:

https://www.jiemian.com/article/9323939.html

Citi's Asian wealth management business posts 20% revenue growth in first quarter

 

Revenue from Citi's Asian wealth management business rose 20 per cent year-on-year in the first quarter, supported by investment income and strong growth in new private banking clients, a Citigroup spokeswoman said. The bank's Asian institutional business, which includes banking, services and markets, posted first-quarter revenue of US$2.4 billion, up 6 per cent year-on-year.

 

Information link:

https://finance.sina.com.cn/7x24/2023-04-24/doc-imyrnkpm3513729.shtml

 

Preparations for Agribank Faba Wealth Management progressing well, application submitted for opening

Caixin, April 28 (Xinhua) -- At the first quarter results presentation of Agricultural Bank, Duan Bing, president of Agricultural Bank Financial Services, said that regarding Agricultural Bank Faba Financial Management, which has been approved to prepare for the establishment of a joint venture financial management company in October 2022, the preparatory work is progressing smoothly and has formally submitted an application for opening to the CBRC and is waiting for the regulator's approval. In addition, looking ahead to the second quarter, Duan Bing said that the Bank of Agriculture's wealth management business will focus on the layout of "low wave" sound strategy products to meet customers' steady risk appetite, is expected to continue to rebound in the full-caliber product scale.

 

Information link:

https://finance.sina.com.cn/money/bank/gsdt/2023-04-28/doc-imyrxrfr2883732.shtml

 

Small and medium-sized banks forced to cut deposit rates, further increasing pressure to collect deposits

The immediate reason why more and more small and medium-sized banks are choosing to cut their deposit rates is related to the recent release of the Interest Rate Self-Regulatory Pricing Mechanism's Implementation Measures for Qualified Prudential Assessment (Revised 2023). and the guidance provided by local interest rate self-regulatory mechanisms to the corporate banking institutions under their jurisdiction. Compared to last year's measures, the 2023 version adds an additional element to the "assessment indicators and criteria for depository financial institutions in the banking sector", namely "market-based pricing of deposit interest rates".

 

Information link:

http://www.jwview.com/jingwei/kb/pc/04-29/180508.shtml

 

The scale of specific pension savings has reached $33.6 billion in more than 4 months since its launch, with products already included in personal pensions

The official launch of specific pension savings more than 4 months, the scale has reached 33.6 billion yuan, closer to the total limit of 40 billion yuan from the CBRC, the follow-up will be how to expand the scope of concern. 26 April, the CBRC relevant departments responsible for the introduction of the CBRC to promote the third pillar of pension short board, as of the end of the first quarter, the cumulative issue size of pension financial products 100.49 billion yuan, specific pension savings deposits reached 33.6 billion yuan. "In the next step, we will closely track the pilot situation to ensure that it is carried out safely and steadily, and effectively safeguard the legitimate rights and interests of consumers."

 

Information link:

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

German regulator launches data protection investigation into ChatGPT

On 24 April 2023, German regulators said they would review the use of personal data by ChatGPT, the popular artificial intelligence chatbot, and demanded a response from its US manufacturer OpenAI. The German regulator requested information from OpenAI regarding issues stemming from the European General Data Protection Regulation (GDPR).

 

Information link:

https://new.qq.com/rain/a/20230425A082GW00#:~:text

 

EU finds 19 companies subject to the Digital Services Act

According to Reuters, the European Commission has determined that 19 technology companies are subject to sanctions under the Digital Services Act (DSA). The 19 companies are: Google Search, Google Maps, Google Shopping, Google Play, YouTube, Facebook, Instagram, Bing, Linkedin, Amazon Marketplace, Apple App Store, AliExpress, Pinterest, Snapchat, TikTok, Twitter, Wikipedia, Zalando and Booking.com.

 

Information link:

https://finance.stockstar.com/IG2023042700008407.shtml

 

Microsoft, IBM and other tech giants urge US government to speed up AI regulation

The BSA is a technology advocacy group from the US, with members including Adobe, IBM, Microsoft, Oracle and many other tech giants. 24 April 2023, the BSA adopted a document calling on the US government to accelerate action to strengthen timely regulation of artificial intelligence technologies.

 

Information link:

https://finance.stockstar.com/IG2023042700008410.shtml

 

Silicon Valley startups set for "wave of reduced valuation funding"

According to research firm Preqin, US downscale funding is set to reach a nearly five-year high by the end of 2022. PitchBook analyst Kyle Stanford said, "We expect the number of downscale funding rounds to grow in the second half of this year. will grow."

 

Information link:

http://www.scnjtv.com/redian/2023/0425/74246.html

 

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