Financial Technology Weekly | Issue 34

Canadian AI startup Cohere raises $270 million in funding with Nvidia participation

Cohere, a Toronto-based AI startup, recently announced a $270 million Series C funding round, valuing the platform at $2.2 billion. The funding was led by Inovia Capital, with participation from Nvidia, Oracle, Salesforce Ventures, DTCP and many others.

Information links:

http://www.techweb.com.cn/it/2023-06-09/2928433.shtml

Comment: Cohere builds large language models that allow artificial intelligence to learn from new data and that can be customised and put into applications with features such as interactive chat or text generation.

Boosting investment loans, South Korea offers technology assessment fees to SMEs with great technology

On 22 May 2023, Korea's Ministry of Industry, Trade and Resources announced a Technology Assessment Support Program for 2023, which provides companies with 2 million won for technology assessments needed to attract investment (300 projects totaling 600 million won) and 5 million won for technology assessments needed to apply for guarantees (60 projects totaling 300 million won).

Information link: https://finance.stockstar.com/IG2023060900011842.shtml

Comment: The aim is to reduce the cost of technology assessment required for small, medium and mid-sized companies with excellent technology to attract investment from venture capitalists (VCs) and other investment institutions, as well as to review and issue guarantees for bank loan applications.

Artificial intelligence-enhanced business services startup Instabase raises $45 million

US-based data orchestration platform Elementl recently announced the closing of a $33 million Series B funding round led by Georgian with participation from 8VC, Human Capital, Sequoia, Index, Amplify, Hanover and Slow.

Information link:

https://finance.stockstar.com/IG2023060800010326.shtml

Comment: Founded in 2015 and based in San Francisco, Instabase allows its customers to create applications and workflows that can perform activities such as onboarding or invoice processing, and has raised a cumulative $177 million in funding.

Helping real estate companies measure ESG impact, startup Measurabl raises $93 million

Measurabl is an organisation that helps companies in the real estate sector measure their environmental, social and governance (ESG) impact. The company recently raised $93 million in an oversubscribed Series D funding round, co-led by Energy Impact Partners and Sway Ventures.

Information link:

https://finance.stockstar.com/IG2023060600010989.shtml

Comment: Measurabl was founded in 2013 and has raised a cumulative total of $172.6 million. This past year, Measurabl has acquired several startups, including Hatch Data, a building energy and carbon management platform, and WegoWise, a platform for building managers to track energy and utility usage.

Insurtech Akur8 partners with Brazil's Bradesco Seguros on risk modelling

Insurtech company Akur8 has announced a strategic partnership with Brazilian car insurance company Bradesco Seguros and is using this to enter the Latin American market and increase its coverage in the Latin American bancassurance market.

Information link:

https://www.insurtechinsights.com/akur8-partners-with-bradesco-seguros-to-enhance-risk-modelling-in-brazil/

Comment:Akur8's pricing platform enables improved service levels for its ecosystem partner Bradesco Seguros' solutions

Managed general underwriter Western Skies announces partnership with Gradient AI

Gradient AI has announced that managed general underwriter Western Skies has adopted its solution to provide stop-loss insurance products for small businesses. Under the partnership, Western Skies will leverage Gradient AI's rich medical, laboratory and prescription data to offer discounted insurance products to small and medium-sized businesses. Not only will it help them expand their customer base, but it will also allow them to enter the Western and North Eastern markets.

Information link:

https://www.gradientai.com/gradient-ai-signs-up-western-skies

Comment: Gradient AI is a leading provider of artificial intelligence solutions to more accurately predict underwriting and claims risk, improving loss ratios and enhancing profitability by speeding up the quoting process.

Dais Technology platform partners with Verisk

Dais Technology, a leading provider of codeless insurtech services, announced that their platform integrates with Verisk's latest cloud-based pricing engine, RaaS, to accelerate product deployment and simplify product maintenance for insurers and managed general agencies.

Information link:

https://www.prweb.com/releases/2023/05/prweb19361304.htm

Comment:Verisk's RaaS engine enables insurers and managed general agencies to price policies in real time based on pricing data

Transcard goes live on Guidewire trading platform to streamline payment processes

Guidewire and Transcard have announced that the latter's accelerator programme has gone live on the Guidewire trading platform for consumers in claims centres, with the Transcard suite being a secure all-in-one payment platform. The platform enables policyholders to choose the appropriate payment method according to their preference, including bank cards and PayPal.

Information link:

https://www.marketwatch.com/press-release/streamline-payment-processes-with-transcards-new-guidewire-marketplace-app-2023-05-09

Comment: Transcard's technology is compatible with any bank account, so the policyholder does not have to open a new account or pre-deposit a certain amount to use the payment function.

Commonwealth Bank of Australia bans staff from using ChatGPT and adopts its own AI system

7 June 2023 - Commonwealth Bank of Australia has banned staff from using ChatGPT, the popular AI chatbot, and is adopting its own AI system internally. Andrew McMullan, chief data and analytics officer at Commonwealth Bank of Australia, said the bank had revised its group AI policy over the past three months to make it clear that employees could not use ChatGPT on the bank's devices or feed the bank's undisclosed information into external chatbots.

Information link:

https://www.msn.cn/zh-cn/news/other/%E6%BE%B3%E6%B4%B2%E8%81%94%E9%82%A6%E9%93%B6%E8%A1%8C%E7%A6%81%E6%AD%A2%E5%91%98%E5%B7%A5%E4% BD%BF%E7%94%A8-chatgpt-%E6%94%B9%E7%94%A8%E5%86%85%E9%83%A8%E8%87%AA%E6%9C%89-ai-%E7%B3%BB%E7%BB%9F/ar-AA1cgPT6

CFPB issues warning on 'mis-deployed' bank chatbots

It is estimated that about 37% of Americans will have interacted with a bank's chatbot in 2022, and that number is expected to grow. While all of the top 10 commercial banks in the United States use chatbots of varying levels of sophistication to interact with customers, such as to retrieve account balances, check recent transaction statements, etc., on June 6, 2023, the Consumer Financial Protection Bureau (CFPB) issued a warning about the improper deployment of bank chatbots.

Information link:

https://finance.stockstar.com/IG2023060800010328.shtml

Saudi Central Bank regulatory sandbox adds three more members, topping 45 in total

Recently, the Saudi Central Bank (SAMA) announced the licensing of three innovators to test their open banking solutions in a regulatory sandbox. The three companies are Tarabut Gateway, Umg Alholol Trading Co. and Drahim App. With these new members, the total number of innovators permitted to operate under SAMA's regulatory sandbox reaches 45, with 18 of them having successfully graduated and been licensed by SAMA to offer consumers their solutions.

Information link:

https://www.weiyangx.com/425349.html

Italian banking group Sella launches international incubator programme for artificial intelligence

Recently, Italian banking group Sella launched an international incubator programme dedicated to start-ups focused on artificial intelligence in finance. The programme, run by Sella's venture incubator dpixel, will focus on pre-seed stage start-ups, researchers, entrepreneurial teams and university affiliates.

Information link:

https://www.weiyangx.com/425345.html

CEC completes the first batch of forestry carbon sink transactions in Singapore's international carbon market

On June 6, NEDIC (Carbon Asset Management Company), together with its overseas subsidiary CICC, participated in the first batch of carbon credit standardized contracts traded on the CIX Exchange (CIX Exchange), which is officially listed on the Singapore international carbon market Climate Impact X (CIX). The products traded were high-quality forestry carbon sinks from "One Belt, One Road" countries that meet international certified emission reduction standards (VCS), marking a new step for CEC in the international carbon market and the successful layout of the ASEAN carbon market. The carbon credits from this transaction will be used to offset carbon emissions by both NIT and its customers.

Information links:

https://tanzhonghe.xny365.com/tanjiaoyi/42074.html

Beijing Green Exchange's "Enterprise Carbon Account and Green Project Bank" helps land the first "Beijing Bank Carbon e-Credit"

Recently, the Beijing Green Exchange (BGE) and the Bank of Beijing (BOB) cooperated to complete the first "BOB Carbon e-Loan" in China, which will be used for the construction of the National Green Development Demonstration Zone and Climate Investment and Financing Pilot in Tongzhou District.

Information link:

http://news.10jqka.com.cn/20230605/c647792342.shtml

Focus on Green Supply Chain Development First domestic ESG standard for logistics industry to be released by the end of this month

The 2023 Fourth China (Shanghai) Industrial Products Online Trading Festival series of events - Green Supply Chain Development Forum, which is guided by Shanghai Municipal Economic and Information Commission and co-organized by Shanghai Logistics Association and Shanghai Industrial Internet Co.

Information link:

https://finance.sina.com.cn/jjxw/2023-06-05/doc-imywfiap2411775.shtml

China's First "Green + Low Carbon Transformation Linked" Asset Backed Special Scheme Established on SSE

On June 7, Haitong Hengxin No. 26 Green Asset-Backed Special Scheme (Low Carbon Transition Linked) was successfully established on the SSE, with an issue size of RMB 1 billion.

Information link:

http://www.tanpaifang.com/tanjinrong/2023/0608/97639.html

Internet brokerage Robinhood withdraws trading services for Solana, Cardano and Polygon tokens in response to US government regulatory action

In response to the discontinuation of support for Solana (SOL), Polygon (MATIC) and Cardano (ADA), the platform will send detailed instructions for selling and/or withdrawing tokens to all users holding these three assets, the official Twitter account of stock and cryptocurrency trading platform Robinhood has announced.

Information link:

https://www.cls.cn/detail/1375051

OpenAI warned by Japanese privacy regulator for allegedly collecting sensitive data in violation of the law

Recently, Japan's Personal Information Protection Commission issued a warning to OpenAI for collecting sensitive data without the permission of individuals.

Information link:

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

UK regulator implements new rules on cryptocurrency advertising, introduces 24-hour cooling-off period for first-time investors

Companies marketing cryptocurrency assets will have to comply with new advertising rules to warn consumers of the risks of investing in risky assets and protect them from making rash decisions, the UK's Financial Conduct Authority (FCA) said on Thursday.

Information link:

https://www.jiemian.com/article/9550057.html

US regulators propose to raise banking capital requirements, with large banks increasing by as much as 20%

Large US banks may have to raise their capital by an average of 20 per cent and a large number of banks would face stricter provisioning requirements under the US regulator's draft plan, according to Bloomberg and the Wall Street Journal on 5 June.

Information link:

https://www.jiemian.com/article/9528408.html

Wealth management technology service provider 'QM Technology' secures Series A+ funding led by Synergetic Software

Qimeng Technology has recently received Series A+ funding from KCI listed company Lingzhi Software. Qimeng Technology is a TAMP (Turnkey Asset Management Platform) technology platform in the wealth management sector. Its main product - iTAMP fund investment and research platform - provides fund investment and advisory tools and systems, and asset allocation platform services for family offices.

Information link:

https://www.36kr.com/p/2273097905129092

Saudi government transfers ownership of four major football giants to sovereign wealth fund, aims to be among the top 10 leagues in the world

On 5 June local time, Saudi Crown Prince Mohammed bin Salman announced the launch of a sports club investment and privatisation project, which consists of two parts, the first of which is to approve investments in sports clubs by large corporations and development agencies, and the second part involves the privatisation of some sports clubs starting from the fourth quarter of 2023.

Information link:

https://www.jiemian.com/article/9529679.html

The country's first single real estate charitable trust settled in Tonglu

Recently, "Tonglu County real estate charitable trust" was officially established, which is the first single full-process standardized real estate charitable trust, breakthrough real estate as a trust property registration difficulties.

Information link:

https://www.sohu.com/a/683520521_121255251

Ping An Bank to build the first domestic "happiness" as the core of the large wealth management services

The joint launch of Ping An New Bancassurance's 'Happy Family' customer benefits system was successfully held at the Ping An Health & Wellness Showroom in Shanghai recently. By upgrading the customer experience and matching health, pension and inheritance services, Ping An New Yin Bao intends to build the first wealth management service in China that takes customers' "happiness" as the starting point, and creates a wealth management service through the Group's "integrated finance + medical pension" and other related resources. Ping An Bank's core competitiveness in the wealth management market.

Information link:

https://www.cet.com.cn/wzsy/cyzx/3386175.shtml

Apple introduces Optic ID iris biometrics with Apple Pay support

6 June 2023 - Apple has introduced Optic ID iris biometrics on its newly launched Vision Pro headset, after Touch ID for fingerprint recognition and Face ID for facial recognition.

Information link:

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

EU requires tech giants to flag AI-generated content, practical implementation may have technical hurdles

European Commission Vice President Jorova announced on 5 June that the EU has asked tech platforms including Google, Facebook, YouTube and TikTok to detect images, videos and text generated by artificial intelligence (AI) and provide clear markers to users, according to the US news agency Hopedale International.

Information link:

https://www.ithome.com/0/697/905.htm

Sequoia Capital to split into three separate companies

On 6 June 2023, Sequoia Capital sent a letter to the company's limited partners announcing that it will split the company's business by 31 March 2024 at the latest. Sequoia China will become independent as Hongshan, Sequoia India/Southeast Asia will become independent as Peak XV Partners, while the original US/European business will retain the Sequoia Capital name.

Information link:

https://www.sohu.com/a/683351936_115571#:~:text

OpenAI warned by Japanese privacy regulator for allegedly collecting sensitive data in violation of the law

The Japanese Commission for the Protection of Personal Information recently issued a warning to OpenAI for collecting sensitive data without the permission of individuals. In a statement, the commission reminded OpenAI that it should minimise the amount of sensitive data it collects for machine learning, and said it may take further action if OpenAI develops further behaviours that may cause it concern.

Information link:

https://www.jiemian.com/article/9513774.html

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