Financial Technology Weekly | Issue 31

Fintech startup Cable raises $11 million to provide automated review system

Fintech startup Cable recently announced the closing of an $11 million Series A round of funding led by Stage 2 Capital and Jump Capital and followed by existing investor CRV. Following this round, the company's cumulative funding will total more than US$16 million.

 

Information link:

https://finance.stockstar.com/IG2023051900011289.shtml

Comment: Founded in 2021, Cable focuses on providing financial institutions with automated audit and risk assessment services, enabling banks and fintech companies to monitor all of their accounts to ensure business compliance and review whether their failure control systems can combat breaches as intended.

 

Austrian supply chain technology startup Prewave raises $20 million in A+ funding

Austrian supply chain technology startup Prewave has recently announced the closing of an €18 million (equivalent to approximately $20 million) Series A+ funding round. The financing was led by European venture capital firm Creandum and followed by Ventech, Kompas, Seed+Speed, Segnalita, Speedinvest, Working Capital Fund and Xista Science Ventures.

 

Information link:

http://www.ocn.com.cn/touzi/202305/wrugs15090724.shtml

Comment: Founded in Vienna in 2017 by Harald Nitschinger and Lisa Smith, Prewave is dedicated to building a comprehensive supply chain risk platform to identify, analyse, report and address risk points, covering "every stage of the risk lifecycle".

 

Sourcing process startup Zip raises $100 million in funding from Y Combinator

Recently, Zip, a procurement process startup, announced a US$100 million Series C round of funding with participation from Y Combinator, CRV and Tiger Global. With this funding, Zip's platform is valued at US$1.5 billion, up slightly from its US$1.2 billion valuation after raising US$43 million in May last year.

 

Information link:

https://www.weiyangx.com/424346.html

Comment: Founded in 2020 and headquartered in San Francisco, Zip is dedicated to simplifying the entire workflow by providing users with various business tools including procurement, approval, payment software and hardware.

 

African Fintech Company M-Kopa Closes $250 Million Financing with IFC Participation

M-Kopa, an African fintech company, recently announced the closing of over US$250 million in debt and equity financing. The sustainable development debt financing was led by Standard Bank Group, Africa's largest bank, with participation from a number of institutions including the International Finance Corporation (IFC), Dutch Venture Capital Development Bank, UKIP, Mirova SunFunder and Nithio.

 

Information link:

https://finance.sina.com.cn/jjxw/2023-05-16/doc-imytxqea3143968.shtml

Comment: A further US$55 million of equity investment was backed by Sumitomo Corporation of Japan (US$36.5 million), Blue Haven Initiative, Lightrock, Broadscale Group and Local Globe's sister fund Latitude.

US-based insurtech company INSHUR closes Series B+ funding round, raising cumulative funding of US$35 million

INSHUR recently closed a Series B+ round of funding led by JVP with participation from Viola Fintech, MTech Capital and others, raising a cumulative total of US$35 million.

 

Information link:

https://www.sohu.com/a/675117982_465408#:~:text

Comment: On the same day, INSHUR announced the acquisition of American Business Insurance Services, a US-based commercial auto insurance services company.

 

German insurtech startup Wefox raises US$110 million in funding

On 17 May, German insurtech startup Wefox announced that it had raised US$110 million in investment. 55 million of this was provided by JP Morgan and Barclays in the form of a revolving credit facility, with the remaining $55 million being an equity investment led by investment management firm Squarepoint Capital.

 

Information link:

https://finance.sina.com.cn/stock/relnews/us/2023-05-17/doc-imyuaize6047746.shtml#:~:text

Comment: Founded in 2015 in Berlin, Germany, Wefox aims to use technological innovation to take traditional insurance services online, digital and smart. Through its online digital platform, Wefox connects insurers, insurance intermediaries, customers, reinsurers and other parties in the entire product and service chain, greatly improving the efficiency of insurance practitioners and the service experience of customers, forming a mutually empowering business ecosystem.

 

Australian insurtech io.insure enters the UK market

Australian insurtech io.insure has entered the UK market. io.insure claims to have created the first global online marketplace for M&A and specialist insurance transactions, filling the insurance gap in the M&A sector for small and medium sized businesses, improving the insurance transaction experience and bringing together consumers, advisors, distributors and insurers in one place to provide an expert, personalised product and data technology platform.

 

Information link:

https://insurtechdigital.com/articles/m-a-protection-insurtech-io-insure-expands-to-uk-market

Comment: Io.insure is from Australia and entered the US market last year.

 

Insurtech Crown Jewel Insurance and specialist insurance division Chaucer enter into partnership

Insurtech Crown Jewel Insurance and global insurer Chaucer have announced a partnership for trade secrets insurance. The insurance will cover insured companies if the value of their business is damaged by a breach of trade secrets. In the event of a breach, Crown Jewel's forensic and legal experts will collect evidence and recover assets.

 

Information link:

https://www.insurancebusinessmag.com/us/news/breaking-news/crown-jewel-chaucer-partner-for-industry-first-435749.aspx

Comment: This insurance product will be underwritten by Chaucer and underwritten by Acrisure London Wholesale.

Samsung to collaborate with Bank of Korea on central bank digital currency research

On 15 May 2023, Samsung Electronics and the Bank of Korea (Bank of Korea) signed a memorandum of understanding at Samsung's headquarters in Suwon, Gyeonggi Province. Under the agreement, the two companies will continue to conduct joint research on the central bank digital currency (CBDC) developed by the Bank of Korea.

 

Information link:

https://new.qq.com/rain/a/20230516A08GHN00

 

Charlie, a new type of bank, raises $7.5 million to design financial products for retired users

Charlie, a new type of bank, recently announced the closing of a $7.5 million seed round led by Better Tomorrow Ventures and followed by Expa, Carbon Health Chief Product Officer Ayokunle Omojola and Gokul Rajaram. The startup specialises in banking services for seniors over the age of 62, with the goal of helping retirees and soon-to-be retirees "make the most of their limited resources".

 

Information link:

https://36kr.com/p/2256814201810567

 

G7 finance ministers discuss crypto asset regulation, pledge to follow FSB and IMF recommendations and norms

The Group of Seven (G7) Intergovernmental Political Forum has recently expressed its commitment to the implementation of the Financial Stability Board's (FSB) forthcoming regulation of crypto-assets and the International Monetary Fund's (IMF) recommendations on central bank digital currencies. Issue. Japanese Prime Minister Fumio Kishida said the G7 leaders would make a joint statement in support of stricter crypto rules.

 

Information link:

https://www.chaincatcher.com/article/2093142

Climate Agriculture Innovation Mission investment rises to $13 billion

Investment in the Agricultural Innovation Mission for Climate (AIM for Climate), which aims to promote environmentally friendly agriculture and combat climate change around the world, has increased to US$13 billion, US Agriculture Secretary Vilsack said at the AIM for Climate Washington Summit in Washington.

 

Information link:

http://finance.iewzx.com/gdpd/2023/0519/170081.html

 

Nine EU countries agree to establish Mediterranean Green Energy Hub

Energy ministers from nine EU member states in the Mediterranean region met in the Maltese capital Valletta on 18 May and agreed to establish a Mediterranean Green Energy Hub to accelerate the EU's progress towards decarbonisation and energy independence.

 

Information link:

https://www.jiemian.com/article/9432420.html

 

France's green industry revitalisation bill published to counteract US green subsidy bill

In the face of the siphoning effect of the US $37 billion Green Subsidies Act, France has launched a French version of its bill to revitalise green industry. On May 16, local time, French Economy Minister Le Maire officially announced the content of the bill to revitalize "green industry" at the government's ministerial meeting, to promote renewable energy, environmental protection and other green technology industries. The French government plans to allocate an annual budget of 1 billion euros for new tax credits for environmentally friendly investments.

 

Information link:

https://www.in-en.com/article/html/energy-2324066.shtml

 

The first "pension finance + green loan + green building performance liability insurance" business completed

Recently, Industrial Bank issued its first loan of 100 million yuan to a health management company in Rizhao, Shandong Province, specifically for the construction of a medical and recreational centre in the city's high-tech zone. The loan was the first in the market to be underwritten by PICC.

 

Information link:

https://m.21jingji.com/timeline/a28638c7c9af9335a22305fc9710f299.html

EU Council approves the Markets in Crypto Assets Regulation (MiCA)

On 16 May, Earth time, the Council of the European Union, consisting of government ministers from 27 EU member states, approved the Markets in Crypto Assets Regulation (MiCA), a draft of which was proposed by the European Commission in 2020 and will be implemented in 2024. The regulation requires companies issuing and trading cryptoassets, tokenised assets and stablecoins within EU countries to obtain the appropriate licences.

 

Information link:

https://www.bbtnews.com.cn/2023/0518/476133.shtml

 

Huali Family's Annual General Meeting Motions All Defeated SSE Issues Letter of Concern

The announcement released by the Huali family in the evening of May 17 showed that all 21 motions considered at the company's 2022 annual general meeting held on that day were rejected. According to the analysis of the voting results, the company's second largest shareholder Shanghai Zexi Zeng Xu Investment Center (Limited Partnership) should be the main force to vote against.

 

Information link:

https://www.nbd.com.cn/articles/2023-05-17/2829817.html

 

"Father of ChatGPT proposes to license AI development

OpenAI CEO Sam Altman will testify before the US Congress for the first time next week, speaking to the Senate subcommittee responsible for regulating the development of artificial intelligence.

 

Information link:

https://www.jiemian.com/article/9378059.html

 

Categorised registration of debt investment schemes to speed up registration of 'high scoring' managers

Sam Altman, founder and CEO of OpenAI, will testify before the US Congress on Tuesday, and his testimony has been revealed in advance by the media. According to the testimony, Altman will propose a license for artificial intelligence (AI) development during the hearing.

 

Information link:

https://www.cqcb.com/shuzijingji/2023-05-16/5263813_pc.html

ETF Asset Management (U.S.) Ltd. officially opens its doors to start a new journey of high-level opening of China's public funds

On the morning of May 12, the opening ceremony of ETF Asset Management (USA), the second overseas subsidiary of ETF, was successfully held in New York, USA. The opening ceremony was attended by many Chinese financial institutions.

 

Information link:

http://finance.hyqcw.com/jujiao/2023/0515/140956.html

 

Hong Kong passes family office tax incentives bill

On 10 May, the Legislative Council of the Hong Kong Special Administrative Region passed a bill on tax concessions for single family offices (hereinafter referred to as "family office tax concessions"). Under the Family Office Tax Credit, investment profits will be exempt from tax in Hong Kong if certain conditions are met. The Family Office Tax Credit provides certainty for the tax exemption of such profits.

 

Information link:

https://mp.weixin.qq.com/s/X5Z54jF4xb0sRNmtet5HmA

 

UAE's largest wealth fund hires Manulife executives to expand US real estate investments

The Abu Dhabi Investment Authority (ADIA) has reportedly hired a Manulife Financial executive to lead its Americas real estate unit as the US$1 trillion sovereign wealth fund seeks to expand its real estate portfolio in the US. Pritesh Patel, former chief investment officer of Manulife's Americas real estate unit, will join the Abu Dhabi fund this summer, people familiar with the matter said.

 

Information link:

https://www.sohu.com/a/676875362_114984

 

European asset management giants turn to China and emerging markets

Europe's largest asset manager, Amundi, is pulling out of US assets and turning to China, citing a brighter economic outlook, higher valuations and a more moderate inflation outlook. According to Vincent Mortier, chief investment officer at Amundi, the share prices of Chinese credit and high-quality companies reflect "too much risk", while the US market is "too optimistic" as a recession looms.

 

Information link:

https://www.tmtpost.com/nictation/6536376.html

OpenAI launches free ChatGPT app on iOS

On 18 May 2023, OpenAI announced that it had launched an iOS app for ChatGPT and promised that an Android version would be available "soon". The app is free to use, syncs chats with the web, and features voice input, powered by OpenAI's open source speech recognition model Whisper. The app will work on iPhones and iPads.

 

Information link:

https://www.36kr.com/p/2263900837289736

 

Under pressure from shareholders, PayPal plans to sell international money transfer company Xoom

In 2015, PayPal spent nearly $1 billion to acquire international money transfer platform Xoom. recently, according to tech media outlet The Information, PayPal has asked Goldman Sachs Group to help it explore the possibility of selling the Xoom platform.

 

Information link:

https://www.weiyangx.com/424498.html

 

European Parliament: launching the digital euro now would do more harm than good

Although the final decision on the digital euro has not yet been made, the European Central Bank has been actively investigating the options and plans to push the digital euro into place as early as 2026.

 

Information link:

https://www.mpaypass.com.cn/news/202305/10141821.html

 

Italian government allocates $33 million to protect workers from AI replacement threat

Recently, the Italian government announced the allocation of €30 million (approximately $33 million) to protect workers from the threat of AI substitution. According to the Digital Republic Fund (FRD), the funds for digital training will be allocated in two ways. Around a third will be used to help people in high-risk replacement jobs to improve their digital skills. The remaining funds will be allocated to help the unemployed and economically inactive population develop digital skills, which will improve their chances of entering the job market.

 

Information link:

https://finance.stockstar.com/IG2023051900011291.shtml

 

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