Financial Technology Weekly | Issue 35

Nasdaq buys capital markets software company Adenza for US$10 billion

Nasdaq recently announced that it will acquire capital markets software company Adenza from Thoma Bravo for US$10 billion, strengthening its position as a "technology company serving the global financial system".

Information link:

https://finance.stockstar.com/IG2023061300010159.shtml

Comment: Adenza, a joint venture between money management firm Calypso and regulatory software provider AxiomSL, complements Nasdaq's market technology and anti-financial crime solutions and supports its broader offering of regulatory technology, compliance and risk management systems.

Latin American cross-border e-commerce services platform nocnoc receives investment from PayPal Ventures

nocnoc, a Latin American cross-border e-commerce services platform, announced that it has raised $14 million in Series A funding. The funding was led by PayPal Ventures with participation from Mouro Capital, Quona Capital, Caravela Capital, Broadhaven and Ignia.

Information link:

https://www.weiyangx.com/425710.html

Comment: The Latin American e-commerce market is growing at a whopping 25% per annum, ranking first in the world. However, breaking into the Latin American market presents a number of challenges including understanding market trends, building a reputation, ensuring timely delivery of products, reducing cancellations, providing local customer support, accepting local payments and managing tariffs and working capital requirements.

Cross-border payments provider Thunes raises $60 million in Series C funding

Thunes recently announced the closing of a US$60 million Series C round led by Marshall Wace with participation from Bessemer Venture Partners and Southeast Asian private equity firm 01Fintech, which will be used to open up new markets and improve the efficiency of its payment network.

Information link:

https://new.qq.com/rain/a/20230616A09VBC00

Comment: Thunes is a cross-border financial payments provider offering four payment solutions, including P2P remittance processing, corporate large value payments, B2B payments and digital payment services. It processes over 300,000 orders per day and more than US$3 billion per year.

France to invest more than €500 million in additional AI development to create a world-class industrial cluster

On 14 June 2023, French President Emmanuel Macron announced at the opening of the "Vive la Science" technology and innovation exhibition in Paris that he would invest an additional 500 million euros in artificial intelligence to create a world-class industrial cluster.

Information link:

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

Comment: Macron said that in the face of the new industrial revolution, France must create five to ten clusters of artificial intelligence to create top companies that will lead the world, for which he plans to invest more than 500 million euros.

Ledgebrook and Socotra partner to revolutionise the surplus lines insurance market

Socotra, the US insurance core platform provider, has partnered with surplus lines insurtech company Ledgebrook to launch the Ledgebrook Innovation Platform, with Socotra providing the core technology capabilities. The platform simplifies and accelerates the quoting process, provides superior pricing and risk selection capabilities, enriches the consumer experience and accelerates the launch of new products.

Information link:

https://www.businesswire.com/news/home/20220824005026/en/Ledgebrook-Chooses-Socotra-to-Transform-the-Wholesale-Broker-Experience

Comment:Partnership aims to significantly improve speed and service levels for US wholesale insurance brokers through Ledgebrook's innovative platform

Swiss insurtech company Helvengo moves to B2B business model

Swiss insurtech company Helvengo, which used to offer insurance services to SMEs through online and offline channels, is now starting to launch a full-service insurance platform for insurers and channel partners. founded in 2020, Helvengo's founders are former employees of German insurtech company Wefox.

Information link:

https://coverager.com/helvengo-pivots-to-b2b/

Comment: Last year, Helvengo raised $4.5 million in funding led by TX Ventures, the largest Swiss media company. They specialise in professional liability insurance, cyber insurance and directors liability insurance.

Simplifai launches generative AI tool for the insurance industry

Simplifai, a provider of AI-powered insurance automation solutions, has launched its own GPT tool, Simplifai InsuranceGPT, the first specially trained big language model for the insurance industry. With GPT technology, Simplifai improves communication between insurers and customers and strengthens its end-to-end business process automation capabilities.

Information link:

https://accesspath.com/tech/5848185/

Comment: Simplifai believes this industry-first SaaS Big Prognostic model addresses data security and accuracy issues by embedding low code into existing third-party services and industry platforms and private models for privacy.

UK-based cyber risk management technology company KYND enters US market

KYND, a UK-based cyber risk management technology company, has announced its entry into the US market. KYND was founded in 2018 and its cyber risk technology platform enables the collection of data information to assess cyber risk for businesses and generate risk insight reports.

Information link:

https://markets.businessinsider.com/news/stocks/kynd-makes-bold-move-into-the-us-insurance-market-taking-on-cyber-risk-head-on- 1032352097

Comment: They currently have partnerships with a number of insurers and insurance brokers such as Howden, Beazley, Alliant and BFL Canada.

UK: Banks must compensate victims of push payment fraud within 5 days

App fraud has become a high incidence area for fraud cases, both in the UK and globally. Statistics show that app fraud has caused a cumulative loss of nearly £500 million in the past year. In response to this problem, the UK Payment Systems Regulator (PSR) issued new requirements for banks and payment companies on 7 June 2023. For example, most victims of application fraud will be compensated within five working days and additional protection will be provided for vulnerable customers. Japanese digital banking service platform Habitto opens for business

Information link:

https://finance.stockstar.com/IG2023061900004165.shtml#:~:text

Japanese digital banking platform Habitto opens for business

Habitto, a Tokyo-based fintech startup, has recently announced that it is open for business. The company has registered as a banking and securities intermediary platform and has a total of 17 employees, including three financial advisors.

Information link:

http://www.imim5.com/a/39234.html

Construction Bank makes another breakthrough in digital RMB application scenario

Recently, Construction Bank has cooperated with CICC Wealth, Oriental Securities and Guotai Junan Securities in the field of tri-party depository for securities companies in the innovative application of digital RMB. Among them, the cooperation scheme with CICC Wealth and Oriental Securities has been officially launched. Customers can bind CCB's digital RMB personal wallet in the apps of the signed securities companies and use CCB's digital RMB wallet as one of the payment methods for customers to purchase trading services (e.g. quotation function), information services, research services and other products. This cooperation uses the digital RMB personal wallet as a bridge to interconnect securities firms' margin accounts with the digital RMB system.

Information link:

https://www.cebnet.com.cn/20230615/102888040.html

11 joint-stock banks cut deposit rates or provide "cushion" for LPR cut

Following the announcement on 8 June by the six state-owned banks to cut their deposit rates, 11 joint-stock banks also cut their deposit rates for some maturities on 12 June. After the rate cut, the listed interest rate for demand deposits of joint-stock banks dropped to 0.2%, and the maximum interest rate for 5-year fixed deposits was 2.8%. Experts believe that this round of deposit rate cuts may provide a "cushion" for the downward movement of LPR.

Information link:

https://www.cebnet.com.cn/20230616/102888316.html

European Parliament adopts new battery law, power batteries to declare carbon footprint from next year

On 14 June local time, the European Parliament passed the provisional agreement on the EU battery law with a high vote. The regulation will come into force after it has been approved by the EU Council. The new regulation aims to impose stricter requirements on the sustainability of battery products and other indicators. After this upgrade, EU member states will manage batteries in a uniform manner, which will have a profound impact on all aspects of the industry chain, including battery design, production and recycling.

Information link:

https://www.jiemian.com/article/9588142.html

Shanghai launches first green and inclusive secured loan to bridge the "last mile" of carbon asset realisation

At the first Shanghai International Carbon Expo, Bank of Shanghai said it will launch Shanghai's first Green Inclusive Guaranteed Loan. The loan is aimed at small, medium and micro enterprises and carbon asset holders in the green and low-carbon industries in Shanghai, providing them with a convenient and efficient access to inclusive financing.

Information link:

http://www.eeo.com.cn/2023/0613/594908.shtml

Sweden becomes the first country in the world to include the carbon footprint of imported goods in its responsibility to reduce emissions

Sweden has recently announced that it will include consumption emissions as part of its national responsibility to reduce emissions in order to achieve net zero emissions by 2045. No other country has so far made such a commitment - meaning that the carbon emissions of goods manufactured abroad and imported into Sweden will be added to the country's total emissions.

Information link:

http://www.tanpaifang.com/tanzuji/2023/0607/97582.html

China sets up national key laboratory for green buildings to promote clean and low-carbon transition in the construction industry

China has recently set up a national key laboratory for green building. It is understood that the national key laboratory for green building is jointly built by China Construction Technology Group and Xi'an University of Architecture and Technology, and operates in Xi'an and Beijing according to the operation and management mechanism of "one room, two locations and two systems".

Information link:

http://www.news.cn/2023-06/16/c_1129700278.htm

ASIC Invites Australian Entities to Participate in Cyber Resilience Assessment

On 13 June 2023, the Australian Securities and Investments Commission (ASIC) invited relevant regulated entities (including listed companies and other entities holding licences and authorisations) to participate in a survey to measure the cyber resilience of Australian businesses and financial markets.

Information link:

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

Top US regulator keeping a close eye on commercial real estate risks

The Financial Stability Oversight Council (FSOC), the top US financial regulator, said they are increasing their scrutiny of the extent of banks' commercial real estate (CRE) exposures as commercial real estate vacancies rise.

Information link:

http://news.10jqka.com.cn/20230617/c648129294.shtml

UN backs creation of international AI regulator

On 12 June local time, UN Secretary-General Guterres publicly expressed his support for the establishment of an "International Atomic Energy Agency (IAEA)" in the field of artificial intelligence (AI) to regulate AI technology.

Information link:

https://www.163.com/dy/article/I752HF5505199NPP.html

SEC to consider new AI rules for brokers

The US Securities and Exchange Commission (SEC) said on Tuesday it would introduce new rules for brokers that use artificial intelligence to interact with customers, a rule that could be introduced as early as October to control conflicts of interest related to AI technology. The proposal would also apply to predictive data analytics and machine learning.

Information link:

https://www.sohu.com/a/685129012_114984

Franco-Brazilian Agribank Finance inaugurated in Shanghai as financial cooperation between France and China continues to deepen

Agricultural Bank recently announced that its wholly-owned subsidiary, Agribank Wealth Management, has recently received approval from the State Administration of Financial Supervision and Administration, which has approved the opening of the joint venture between Agribank Wealth Management and BNP Paribas Asset Management Holding.

Information link:

https://www.jiemian.com/article/9555925.html

First Real Estate Charitable Trust Landed, Richer Sources of Charitable Trust Property

The first real estate charitable trust in Zhejiang Province has landed, which is the first full-process standardized real estate charitable trust in China and a breakthrough in the special pilot reform of charitable trusts in Hangzhou, with national demonstration significance. The charitable trusts that have been carried out in China are mainly cash-based charitable trusts. However, in addition to cash assets, the property owned by residents in China also includes a large number of non-cash assets, such as real estate and equity. As a new model of charitable trusts, real estate trusts are more convenient and flexible than traditional donations and foundations, and the management of property is more professional, which can maximise the preservation and appreciation of charitable assets.

Information link:

https://mp.weixin.qq.com/s/-Gau1GCn07_Q82CB41KQ7g

UBS Releases Global Family Office Report 2023

UBS released the Global Family Office Report 2023, a survey of 230 single family offices worldwide, with 45 single family offices in Asia Pacific participating. The Report reveals that family offices are planning the largest strategic asset allocation shift in years in light of a potential turning point in interest rates, inflation and economic growth. As the era of near-zero interest rates comes to an end, actively managed balanced portfolios are back in favour.

Information link:

https://mp.weixin.qq.com/s/Z5tDAtsKHE24e6BHAB3rRw

Middle East funding interest in Chinese assets grows Guolian Fisheries receives investment and financing support from Saudi sovereign wealth fund

According to Guolian Fisheries disclosed on June 13, the company signed a Memorandum of Understanding with Saudi Sovereign Wealth Fund Asia on June 12, in which the company will cooperate with PIF in international seafood trading projects and global sourcing business, and PIF will invest or provide financing support to the company, involving a total amount of US$560 million.

Information link:

https://www.nbd.com.cn/articles/2023-06-15/2873122.html

Google launches SAIF framework to advocate for the exploration and development of artificial intelligence in a secure environment

On June 10, 2023, Google Inc. issued a press release announcing the launch of the Secure AI Framework (SAIF) to ensure responsible deployment of artificial intelligence technologies by organisations within a secure conceptual framework.

Information link:

https://www.sohu.com/a/683772991_114760

France to close tax loopholes for Airbnb and short-term rentals

The French government recently announced that it will take steps to close tax loopholes and end the preferential tax treatment that short-term rental platforms such as Airbnb receive compared to long-term rentals. 2023 In May, three French parliamentarians called for tighter regulation of such rentals, as the growing popularity of short-term rentals has led to a worsening of the already tight housing supply in many major French cities.

Information link:

https://new.qq.com/rain/a/20230609A0AF7I00

2023 Korea Fintech Week to be held at the end of August

On 12 June 2023, the Korea Financial Services Commission (FSC) announced that the 2023 Korea Fintech Week will take place from 30 August to 1 September at the Dongdaemun Design Plaza in Seoul.

Information link

https://www.weiyangx.com/425567.html#:~:text

China-Arab Cooperation Forum 10th Entrepreneurs' Conference held in Saudi Arabia

The 10th China-Arab Cooperation Forum Entrepreneurs Conference and 8th Investment Seminar was held in Riyadh, Saudi Arabia on 11th, with over 3,000 delegates from more than 20 countries attending. The two-day conference, with the theme of "China-Arab Cooperation for Prosperity", will focus on trade, finance, infrastructure, energy, green industry and other topics.

Information link:

https://www.gov.cn/yaowen/liebiao/202306/content_6886381.htm

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