Financial Technology Weekly | Issue 36

TikTok announces it will invest billions of dollars in Southeast Asia

TikTok has recently announced that it will invest billions of dollars in Southeast Asia over the next few years to deepen its e-commerce business in the region. It is understood that Southeast Asia is one of TikTok's markets with the largest number of users, contributing over 325 million monthly activities, but TikTok has yet to turn it into a major source of e-commerce revenue and faces competition from Shopee, Lazada and Tokopedia, among others

Information link:

https://new.qq.com/rain/a/20230616A07NSG00#:~:text=

Comment: Although TikTok has not announced specific investment plans, it has said it will invest in training, advertising and supporting small sellers interested in joining the TikTok Shop.

Y Combinator has invested in 88 AI projects: enterprise services, software development account for 75 percent

According to IFC, the famous US startup incubator Y Combinator has participated in 270 projects in 2023, from which 88 AI-related projects have been selected, covering various industries such as enterprise services, software development, education, finance, entertainment and healthcare. Among them, the two major tracks of enterprise services and software development are the most popular, with the number of projects accounting for about 3/4 of the total.

Information link:

https://www.techflowpost.com/newsletter/detail_27461.html

Comment: Combining technical feasibility and investment cost effectiveness, the 3 main AI project landing paths are: providing model customization and deployment services; replacing some manpower in the field of static knowledge to help enterprises reduce costs and increase efficiency; the field of enterprise services is a typical static knowledge application scenario and one of the hottest tracks for AI application landing.

Digital trading platform Clearyeye.AI receives strategic investment from JPMorgan Chase

On 20 June 2023, fintech platform Clearyeye.AI announced that it had received a strategic investment from JP Morgan Chase for an undisclosed amount. Cleareye.AI's software uses algorithms to quickly analyse documents and data transactions and eliminates many of the manual checks required by banking institutions to authorise certain transactions.

Information link:

https://www.weiyangx.com/425985.html

Comment: By automatically validating data, banking institutions can speed up the transaction process while keeping a close eye on signs of money laundering or companies circumventing sanctions.

Data and intelligence platform Brightflow AI acquires fintech startup CircleUp

Financial data and intelligence platform Brightflow AI has announced the acquisition of fintech company CircleUp, allowing Brightflow AI to deepen customer insights and enhance artificial intelligence using the Helio insights engine to better serve brands both online and offline.

Information link:

https://www.weiyangx.com/425234.html

Comment:According to a study by Bank of America, approximately 82% of small businesses are currently failing due to cash flow complications.

Cardif and bolttech announce a partnership for the refurbishment market

bolttech is an international insurance technology company and BNP Paribas Cardif is a creditor insurance company. cardif and bolttech have announced a partnership for the refurbishment market.

Information link:

https://insurancenewsnet.com/innarticle/the-rise-of-low-code-no-code-in-insurtech

Comment: Back Market is a marketplace that enables the public to purchase thousands of refurbished electrical and electronic products

Low-code/no-code software effectively democratises innovation in the insurance industry

Low-code/no-code software has effectively democratised innovation in the insurance industry. Innovation is critical to transforming traditional agents into modern, digital-first providers capable of meeting customer needs quickly and seamlessly. Agility, speed to market and low cost are three key pillars to success in today's fast-moving, competitive insurance industry, and low-code/no-code can help achieve all of these goals.

Information link:

https://insurancenewsnet.com/innarticle/the-rise-of-low-code-no-code-in-insurtech

Comment: Insurance companies have historically had only two options when looking to upgrade their operational software. They either buy pre-built solutions from third-party vendors and then try to twist their workflows to fit the rigid structure of those solutions, or they can incur the considerable cost of hiring developers who write code to create bespoke solutions.

Insurtech company Thinksurance secures $24 million in funding

Frankfurt, Germany-based insurtech company Thinksurance, which specialises in providing digital insurance advice to commercial and industrial clients in Europe, has raised $24 million in new funding.

Information link:

https://www.insurancejournal.com/news/international/2023/06/19/725969.htm

Comment: According to a company press release, the funding comes from new investors as well as existing shareholders and will allow Thinksurance to expand its market position.

BIS and Bank of England test more than 30 CBDC use cases

A joint BIS and Bank of England experiment testing ways to connect monetary authorities and the private sector to facilitate retail digital currency payments has seen the BIS London Innovation Centre and the Bank of England develop 33 application programming interface (API) functions to test more than 30 CBDC use cases, including offline payments, according to a report.

Information link:

https://www.mpaypass.com.cn/news/202306/19133850.html

Federal Reserve issues final guidance on third-party risk management

On 6 June 2023, the Federal Reserve released its Guidance on Third Party Risk Management to provide banking institutions with assistance in handling relationships with third parties, including fintech companies. This final version of the Guidance, which was reportedly prepared by the Federal Reserve based on a public comment document published in July 2021, covers risk management practices at all stages of working with third-party institutions, including planning, due diligence and third-party selection, contract negotiation, ongoing monitoring and termination.

Information link:

https://finance.stockstar.com/IG2023062100009927.shtml

China Everbright Bank Launches Transaction Banking Product "Easy" Series 2.0

Recently, China Everbright Bank held a launch ceremony for its transaction banking products "Easy" Series 2.0 in Beijing. Mr. Wang Zhiheng, President of Everbright Bank, Mr. Qu Liang, Vice President of Everbright Bank, relevant officials from China Banking Association and China Association of Small and Medium Enterprises, and representatives from customers and partner companies attended the launch ceremony.

Information link:

https://www.cebnet.com.cn/20230621/102889203.html

IMF is developing a central bank digital currency platform, speeding up the new journey of cross-border payments

The International Monetary Fund (IMF) is developing a central bank digital currency (CBDC) platform to enable transactions between countries, said IMF Managing Director Georgieva on June 19.

Information link:

https://www.cebnet.com.cn/20230621/102888956.html

Chinese and German governments sign Memorandum of Understanding on the Establishment of a Dialogue and Cooperation Mechanism on Climate Change and Green Transition

According to the National Development and Reform Commission (NDRC), on 20 June local time, witnessed by the Prime Ministers of the two countries, Zheng Jiejie, Director General of NDRC, and Harbeck, Deputy Federal Chancellor and Minister of Economy and Climate Protection of Germany, signed the Memorandum of Understanding between the Government of the People's Republic of China and the Government of the Federal Republic of Germany on the Establishment of a Dialogue and Cooperation Mechanism on Climate Change and Green Transition in Berlin on behalf of the two governments. The two sides will conduct dialogue and strengthen cooperation in the field of green and low-carbon development to achieve practical results.

Information link:

https://www.jiemian.com/article/9619118.html

Norwegian government plans to open some Arctic waters to deep-sea mining, targeting key metals for green transition

According to Reuters and Bloomberg on 20 June, the Norwegian government on 20 June proposed to open up the exploration of some 281,000 square kilometres of seabed between northern Norway and Spitsbergen in the country, targeting metal resources that are essential for low-emissions technologies.

Information link:

https://www.jiemian.com/article/9611196.html

France announces hundreds of millions of euros investment in green aviation

As part of measures to make French and European aviation more environmentally friendly, France will invest 200 million euros to promote the production of sustainable aviation fuels, in addition to 300 million euros a year in the next few years to develop new engines and aircraft components, President Macron said on 16 local time.

Information link:

https://finance.sina.cn/2023-06-19/detail-imyxusep2573532.d.html

First double-labeled transformational ABS issued Green asset securitisation product sought after

Recently, the first single "green + low-carbon transition-linked" asset securitisation product issue in the country has received market attention. The specific product is Haitong Hengxin No. 26 Green Asset Backed Special Scheme (Low Carbon Transformation Linked), which was successfully established on the SSE with an issue size of RMB 1 billion.

Information link:

http://www.tanpaifang.com/tanjinrong/2023/0621/98048.html

US Senate Banking Committee votes to advance a bill that would allow regulators to recoup executive compensation at failed banks

A key US Senate committee on Wednesday advanced a bill that would help regulators recoup the pay of executives responsible for bank failures. The US Senate Banking Committee voted 21-2 to send the bill to the full Senate for a vote.

Information link:

https://www.jiemian.com/article/9620592.html

US Congress may amend trade bills to strengthen regulation of small packages that would affect cross-border e-commerce

The U.S. Congress may pass two new bills that would amend the original "small duty-free" trade bill so that cross-border e-commerce businesses from other countries in the U.S. would no longer enjoy duty-free benefits. According to an analysis by the New York Times, if passed, the proposals would affect the pricing of cross-border e-commerce goods in the US. Online overseas retailers send small quantities of products directly from overseas to their customers, and almost never exceed the $800 tax-free cap.

Information link:

https://finance.eastmoney.com/a/202306212758972246.html

Singapore government agency: no plans to regulate AI yet

Despite repeated calls for government intervention to address its risks, Singapore is in no rush to enact AI regulations. Recently, Lee WanSie, Head of Trusted AI and Data at the Infocomm Media Development Authority of Singapore, said that it is not currently considering regulating AI, but rather working to promote the responsible use of AI by calling on companies to collaborate on the development of AI Verify, the world's first AI testing toolkit, which would enable users to be able to perform technical tests on their AI models and document process checks.

Information link:

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

Bipartisan members of the US Congress have proposed the creation of a National AI Council

The US House of Representatives website shows that Democratic Representatives Ted Lieu and Anna Eshoo, along with Republican Representative Ken Buck, have introduced the National AI Commission Act. Meanwhile, Democratic Senator Brian Chaz will introduce a parallel bill in the Senate.

Information link:

http://www.nbd.com.cn/articles/2023-06-21/2881970.html

Aiken Trust - Chengxi Family Office Successfully Landed "Xiang Ran No. 1 Charitable Trust"

Recently, the AIBT-Chengxi Family Office set up the "Chengxi Huanyu Xiangran No. 1 Charitable Trust", which successfully passed the registration by the Shanghai Banking and Insurance Regulatory Bureau and the preliminary examination by the Shanghai Civil Affairs Bureau for filing. The funds of this charitable trust are mainly used for emergency relief, public charity clinic, caring actions, preventive science and other public charity activities such as education, schooling, poverty alleviation and help.

Information link:

https://t.10jqka.com.cn/pid_293249428.shtml

Jingdong App Adds Fund Entrance, Continues to Make Strides in Wealth Management Business

The new "Funds" portal on the Jingdong App, which provides direct access to the fund purchase page through the search bar, further strengthens Jingdong's efforts in the wealth management business. Through the cooperation with Efund, Boshi Fund, Huaxia Fund, Guangfa Fund and Nanfang Fund, Jingdong Financial App provides users with public fund products covering various risk and return characteristics, and introduces innovative services such as high-quality fund portfolios to meet the financial needs of various groups of people.

Information link:

http://www.dzwww.com/xinwen/jishixinwen/202306/t20230621_12160913.htm

Singapore overtakes Shanghai as the world's most expensive city for high-end living, with 1,500 tycoons setting up family offices

Singapore has overtaken Shanghai and Hong Kong to become the world's most expensive city for high-end living for the first time, according to an annual report by Julius Baer, the leading Swiss private bank, released on Tuesday. Singapore's appeal to high net worth individuals is reflected in the rising prices locals are now facing. The Baer report said that by the end of 2022, Singapore will have an estimated 1,500 family finance offices serving the wealthy, double the number of the previous year.

Information link:

https://finance.sina.com.cn/world/2023-06-20/doc-imyxxmzp8467853.shtml

CIC power ahead of Norwegian wealth fund giants to top global ranking

Alternative asset data and insight agency Preqin has released its Sovereign Wealth Funds 2023 report, which shows that the size of global sovereign wealth funds' assets under management (AUM) has doubled in the past decade, with Asia and the Middle East growing the fastest. Among them, China Investment Corporation (CIC), with AUM of US$1.35 trillion, surpassed Norway's Government Pension Fund Global's US$1.2 trillion to become the world's largest sovereign wealth fund.

Information link:

https://qzs.stcn.com/article/detail/278588.html

BondGPT, a chatbot for the investment sector, goes live

US-based fintech company Broadridge subsidiary LTX recently announced the launch of BondGPT, a chatbot app for corporate bond investing based on the GPT-4 Big Model. BondGPT is aimed at corporate bond investors, including hedge funds, traders and others, and can answer a variety of bond-related questions and help users solve problems.

Information link:

www.sohu.com/a/687146670_222256

New Mantle proposal: 40,000 ETH to be allocated to Lido stETH and proposal to include Mantle in Lido's bridge program

A proposal from the Mantle community calls for Mantle to allocate 40,000 ETH (approximately $72 million) from the BitDAO vault to Lido stETH, then use the allocated stETH to lead DEX liquidity and integration across Mantle, and to establish the first 12-month revenue sharing agreement between BitDAO and Lido DAO.

Information link:

https://www.techflowpost.com/newsletter/detail_27536.html

Investment firm Republic acquires approximately 9.5% stake in cryptocurrency broker INX for $5.25 million

According to CoinDesk, investment firm Republic will acquire about 9.5 percent of INX at a pre-investment valuation of about $50 million, with a commitment to acquire 100 percent of the company at a valuation of $120 million as early as the third quarter of this year. The initial transaction is expected to close within 60 days, subject to regulatory approval.

Information link:

https://www.techflowpost.com/newsletter/detail_27437.html

Optimism announces name change to OP Mainnet to distinguish the blockchain itself from the collective, spirit, etc. that Optimism encompasses

Optimism has tweeted that it has announced that the Optimism blockchain has now been renamed OP Mainnet, a change made to distinguish the OP Mainnet blockchain itself from the collective, vibe, spirit, etc. that Optimism encompasses. In short, in the superchain vision, OP Mainnet is just one Layer2 among many, communicating seamlessly with other chains such as Base and Zora Network.

Information link:

https://twitter.com/optimismFND/status/1672281032962478080

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