Financial Technology Weekly | Issue 32

Indian fintech giant PhonePe secures another $100 million investment from General Atlantic

Indian fintech startup PhonePe recently announced a new $100 million investment round from General Atlantic. To date, the fintech giant, which is valued at US$12 billion, has accumulated US$850 million in external funding.

 

Information link:

https://36kr.com/p/2269112493334277#:~:text

Comment: PhonePe, which split from e-commerce giant Flipkart last year, dominates transactions in the UPI network established by the Union of Indian Retail Banks.

 

Turkish artificial intelligence marketing platform Insider raises $105 million in funding

24 May 2023 - Turkish artificial intelligence marketing platform Insider has announced a $105 million funding round, valuing the platform at nearly $2 billion. The financing was provided by Qatar Investment Authority and Esas Private Equity.

 

Information link:

https://k.sina.com.cn/article_6192937794_17120bb42020021ia3.html

Comment:Just this week, Qatar Investment Authority also participated in leading a $250 million Series D round of funding for London-based AI startup Builder.ai.

 

Mitiga closes $14.4 million Series A to help companies hedge climate risk

This week, Mitiga, a climate technology startup from Barcelona, Spain, announced the closing of a $14.4 million Series A round of funding. The round was led by Kibo Ventures, with participation from Microsoft Climate Innovation Fund, Nationwide Ventures, Faber Ventures and CRAEAS Impacto.

 

Information link:

https://www.sohu.com/a/678781413_114778

Comment: Mitiga uses a physical approach based on intensive data to predict climate risks (including wildfires, extreme weather and even volcanic movements).

 

ASEAN sustainable finance market financing fell for the first time last year

The latest ASEAN Sustainable Finance State of the Market 2022 report from HSBC shows that issuance in the ASEAN sustainable finance market fell 32% to US$36 billion (about S$48 billion) last year, but is still nearly double the level of 2020.

 

Information link:

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

Comment: The total number of issuers last year was down to 64 from 103 in 2021, close to 61 in 2020. Total issuance last year was nearly double the 2020 level, meaning the average size of issuance projects was larger, including those from government agencies.

Growth equity and advisory firm Archetype invests in insurtech company PolicyBound

PolicyBound provides a platform to drive agency growth. The company helps commercial insurance brokers thrive in the digital age, using technology to improve customer engagement and gain a competitive advantage previously available only to an elite few.

 

Information link:

https://www.prnewswire.com/news-releases/archetype-invests-in-policybound-301797890.html

Comment: According to Archetype, the investment will support PolicyBound's growth and expansion plans as it aims to revolutionise the commercial insurance industry.

 

InsurTech and automotive full eco-SaaS platform provider CCC partners with global data analytics firm Verisk to prevent auto insurance fraud

CCC Intelligent Solutions (CCC) has partnered with global analytics provider Verisk, a cloud platform for the general insurance economy, and Verisk, a global data analytics and technology provider, to leverage the market-leading technologies of both providers to prevent motor insurance fraud.

 

Information link:

https://cccis.com/news-and-insights/company-news/ccc-and-verisk-form-strategic-partnership-to-bring-innovations-to-pc-insurance- claims/

Comment: The first project announced as a result of the partnership is a planned integration of the anti-fraud analytics of Verisk's claims fraud detection solution with CCC's claims platform. This integration will help property and casualty insurers address the growing threat of motor insurance fraud.

 

Australian online pet supplies retailer Pet Circle launches pet insurance

Australian online pet supplies retailer Pet Circle has entered the pet insurance arena with the launch of a new product. The insurance, underwritten by Pacific International Insurance, is available for both cats and dogs and comes with access to a licensed vet.

 

Information link:

https://www.australiandoglover.com/2023/05/pet-circle-launches-pet-insurance-for.html#:~:text

Comment: Founded in 2011, Pet Circle became the most visited pet food and supplies website in Australia in April 2023. The company closed a $125 million funding round in 2021, valuing it at over $1 billion.

BOJ releases study on energy efficiency and carbon neutrality impacts

On 26 May 2023, the Bank of Japan released a special report entitled Energy Efficiency in Japan: Developments in the Business and Household Sectors, and the Impact on Carbon Neutrality. The report notes that global decarbonisation initiatives are actively underway. The report examines the development of energy intensity in Japan, a measure of energy efficiency, and their context at the aggregate and sectoral levels.

 

Information link:

https://finance.stockstar.com/IG2023052600013956.shtml

 

MAS and New York Fed make progress on cross-border payments trial

On 19 May 2023, the Monetary Authority of Singapore (MAS) and the Federal Reserve Bank of New York (FRBNY) issued a joint announcement to explore the use of Distributed Ledger Technology (DLT) to improve the efficiency of wholesale cross-border payments and settlements through the joint pilot programme "Phase 2 Project Cedar and Ubin+".

 

Information link:

https://www.mpaypass.com.cn/news/202305/19092840.html#:~:text

 

Bank of China issues world's first RMB "Yulan Bond" of RMB 2 billion

On 24 May, the reporter learned from Bank of China that it had successfully issued the world's first RMB "Yulan Bond" through its Macau branch, with an issue size of RMB 2 billion and an interest rate of 2.85%, a 2-year fixed-rate variety.

 

Information link:

https://www.cebnet.com.cn/20230525/102882624.html

 

Bank of China fully supports the launch of SwapTrust

Bank of China is the only main partner bank for the central counterparty clearing of SwapThrough, and its domestic institutions and BOC Hong Kong are providing the Shanghai Clearing House and the Hong Kong OTC Clearing Company Limited ("OCC") of the Hong Kong Exchanges and Clearing Limited ("HKEx") respectively with The domestic institution and BOC Hong Kong provide fund management and cross-border transfer services for the Shanghai Clearing House and HKEx Group's Hong Kong OTC Clearing Company Limited ("HKOCCL") respectively.

 

Information link:

https://www.cebnet.com.cn/20230516/102880192.html

Industrial Bank launches the first "Green + Science and Innovation" REITs in the market

On 24 May, Societe Generale successfully launched the first issue of green asset-backed notes (REITs/technology and innovation notes) of Shanghai Energy Science and Technology Development Company Limited for 2023, with an issue size of RMB 2,111.77 million and a full subscription multiple of 2.51 times. This is the first REITs in the interbank market with a dual benchmark of green and sci-tech.

 

Information link:

http://www.eeo.com.cn/2023/0524/592923.shtml

 

Korea and EU agree to strengthen cooperation in three areas: green, health and digital to build resilient supply chains

South Korean President Yoon Seok-yeol held talks with visiting European Council President Charles Michel and European Commission President Ursula von der Leyen at the presidential palace in Yongsan, Seoul, on 22. The two sides issued a joint statement and agreed to strengthen cooperation in the three main areas of green, health and digital.

 

Information link:

http://news.china.com.cn/2023-05/23/content_85509113.htm

 

Toyota to issue transition bonds or loans to support decarbonisation of Japan's auto industry

Toyota Motor (TM.US) recently said the company is willing to provide transition financing for hybrid vehicles, a move that could set the stage for more such automakers to follow suit as the Japanese government increases its investment in environmentally friendly technologies.

 

Information link:

https://finance.sina.cn/hkstock/gsxw/2023-05-25/detail-imyuyvkw5402104.d.html

 

JPMorgan Chase announces $200 million carbon deal

JPMorgan Chase announced on Tuesday that it will spend $200 million to help expand its support and development of carbon dioxide removal (CDR) technology, according to a report by ETN News. The US banking giant aims to remove and store 800,000 tonnes of carbon dioxide equivalent through the four deals announced.

 

Information link:

http://www.tanpaifang.com/tanjiaoyi/2023/0526/97247.html

Europe and the US to discuss transitional measures for regulating AI

The European Union and the United States will strengthen their cooperation on the regulation of artificial intelligence (AI) with a view to establishing transitional minimum standards before relevant legislation comes into force, said Margrethe Vestager, Executive Vice-President of the European Commission responsible for competition policy. The EU is advancing the AI Bill, which is expected to be the world's first comprehensive legislation to regulate AI.

 

Information link:

https://finance.eastmoney.com/a/202305232730194391.html

 

Hong Kong's new crypto asset regulation takes effect from 1 June Retailers trading cryptocurrencies officially legalised

On 23 May, the Hong Kong Securities and Futures Commission (SFC) detailed the consultation summary document for all sectors to participate in virtual asset trading, announcing that the Guidelines Applicable to Operators of Virtual Asset Trading Platforms will come into effect on 1 June 2023. Hong Kong has adopted a gradual approach to the liberalisation of virtual asset trading.

 

Information link:

https://m.sohu.com/a/678496240_120932534/?pvid=000115_3w_a

 

Korea's financial authorities to promote AI in finance with multiple initiatives

On 17 May 2023, Kim Joo-hyun, Chairman of the Korea Financial Services Commission (FSC), attended a seminar on improving the competitiveness of artificial intelligence in the financial sector, hosted by Korea Credit Information Services (KCIS). He said at the seminar that the FSC has been committed to promoting the application of AI in the financial sector and will continue to support it, given the booming development of hyper-scale, generative AI in recent years.

 

Information link:

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

 

UK regulator investigates sustainable lending market

The UK's Financial Conduct Authority is investigating the sustainable lending market. This follows concerns that environmental targets in such deals are too easy for businesses to meet. The regulator has begun interviewing bankers and borrowers about loans that may reward borrowers with lower interest rates but do not have a significant environmental impact.

 

Information link:

https://www.jiemian.com/article/9473035.html

Promoting the practice of ESG concepts The first ESG Blue Book for China's third-party wealth management industry was released

On 26 May, the launch of the ESG Blue Book for China's third-party wealth management industry, organised by Xinhua and co-organised by Xinhu Wealth, was held in Beijing. The report shows that with the in-depth development of ESG concept from international to domestic, the practice of ESG development concept has become an important consideration in assessing the value and growth of enterprises.

 

Information link:

https://news.cnstock.com/news,jg-202305-5067369.htm

 

Hong Kong Legislative Council passes family office tax concession bill

The Inland Revenue (Amendment) (Tax Concessions for Family Investment Control Vehicles) Bill 2022 was gazetted and came into effect on 19 May, following the passage of the Third Reading of the Bill by the Legislative Council of the Hong Kong SAR.

 

Information link:

https://t.10jqka.com.cn/pid_287726047.shtml

 

Socionext demonstrates asset management with ZETag cloud tags

(Socionext), a leading SoC design and application technology company, together with Techsor, the representative director of the ZETA Japan Alliance, announced that they have successfully implemented a demonstration of asset management using the IoT cloud tag "ZETag", which uses the ZETA LPWA (Low Power Wide Area Network) wireless communication standard and supports Advanced M- The cloud tag uses the ZETA LPWA (Low Power Wide Area Network) wireless communication standard and supports Advanced M-FSK modulation, which improves communication sensitivity even in indoor areas with poor wireless signals.

 

Information link:

http://news.eeworld.com.cn

 

UK pension management platform Smart raises $95 million in Series E funding

Smart, a UK-based pension management startup, recently announced the completion of a $95 million Series E round of funding led by new investor Aquiline Capital Partners, with existing investors Barclays, Chrysalis Investments, Fidelity International Strategic Ventures, DWS and Natixis Investment Managers followed.

 

Information link:

http://www.ocn.com.cn/touzi/202305/vrsoi19090705.shtml

Meta fined €1.2bn by EU for data transfers to US

On Monday (22 May) local time, the Irish Data Protection Commission (DPC) announced a fine of €1.2 billion ($1.3 billion) for the transfer of EU users' data from tech giant Meta Platforms to the US. This is the highest such fine in the EU, refreshing the €746 million (approximately US$800 million) heavy fine imposed on US e-commerce giant Amazon in July 2021 for violating the EU's General Data Protection Regulation (GDPR).

 

Information link:

https://www.ithome.com/0/694/322.htm#:~:text

 

Australia to launch regulation of 'buy now, pay later' industry

The Australian government will soon introduce new regulations to treat "buy now, pay later" schemes as credit products in order to reduce rising consumer debt, according to a recent report in the foreign media. Stephen Jones, Australia's Assistant Treasurer, said that many users had opened multiple 'buy now pay later' accounts to obtain more credit support than credit cards or payday loans, with the risks involved potentially posing a significant risk to vulnerable groups.

 

Information link:

https://finance.stockstar.com/IG2023052400011760.shtml

 

Amazon's palmprint payment technology adds age verification

On May 22, 2023, Amazon.com announced that it will add age verification to its Palm Pay Amazon One to allow users over the age of 21 to purchase alcoholic beverages. Customers who have already registered for Amazon One can add the age verification feature by visiting the Amazon One website, uploading a government-issued photo ID and taking a selfie, while those who have not registered can complete their registration online or using Amazon One's registration kiosk.

 

Information link:

https://finance.stockstar.com/IG2023052400016836.shtml

 

US government to develop national AI strategy, seeks input from public

The Biden administration this week is seeking to develop a national AI strategy to guard against misinformation and other potential downsides of the technology, and is opening a public comment period on it, taking another step toward regulating new AI tools such as ChatGPT, according to foreign media reports.

 

Information link:

https://tech.ifeng.com/c/8Q2bonoETfE

 

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