Financial Technology Weekly | Issue 37

Amazon invests $100 million in AI innovation centre to help grow AWS business

Amazon announced this week that it will invest $100 million to establish an AI Innovation Center to help enterprise customers and partners plan and deploy AI technologies.

Information link:

https://news.zol.com.cn/822/8229419.html#:~:text

Comment: Amazon hopes to use this technology to promote its AI cloud services and catch up with competitors from industry rivals such as Microsoft and Google to broaden the appeal of its AWS business for enterprises and help grow the AWS business.

Yellow raises $14 million to finance solar and digital devices

Yellow, an African startup that provides asset-based financing services for solar energy and digital devices, recently announced the completion of a US$14 million Series B round of funding. founded in 2018 and based in Malawi, Africa, Yellow aims to provide electricity, communications and other services to less developed regions, where users can enjoy solar energy, communications devices and other products on a pay-as-you-go basis, improving the lives of low-income African families' lives.

Information link:

https://finance.stockstar.com/IG2023062500000074.shtml#:~:text=%EF%BC%88

Comment: In recent years, the energy crisis has led Africa to actively adopt solar energy alternative strategies to move away from electricity supply constraints and reduce dependence on fossil fuels. According to a Gogla-Wohave Bank report released in October 2022, startups in Africa's off-grid solar (OGS) sector have overfunded by more than $2.3 billion in the last decade.

Online broker Robinhood acquires credit card startup X1

On 22 June 2023, online brokerage Robinhood announced the acquisition of credit card startup X1 for US$95 million, with the process expected to close in the third quarter of 2023.

Information link:

https://36kr.com/p/2322305662721664

Comment:On June 22, 2023, online brokerage Robinhood announced the acquisition of credit card startup X1 for $95 million, with the related transaction process expected to close in the third quarter of 2023.

Databricks acquires generative AI startup MosaicML for $1.3 billion

Data storage and management company Databricks recently announced it will acquire generative AI startup MosaicML for $1.3 billion in a deal that brings together its AI data management technology with MosaicML's language modeling tools.

Information link:

https://finance.stockstar.com/IG2023062700011654.shtml

Comment: For its part, Databricks said that in its current system, most businesses use third-party language models that are trained on widely available online data.

European insurance group Talanx Group acquires Liberty Mutual's Latin American arm for US$1.48 billion

HDI, the international retail arm of Talanx Group, has signed an acquisition agreement to acquire Liberty Seguros' personal and small business operations in Brazil, Chile, Colombia and Ecuador. At the date of closing, the purchase price is expected to be approximately US$1.48 billion, subject to the usual purchase price adjustment mechanism.

Information link:

https://money.usnews.com/investing/news/articles/2023-05-27/talanx-buys-liberty-mutuals-latin-america-business-for-1-38-billion- euros

Comment: HDI's total premiums in Latin America are expected to increase by approximately 1.7 billion euros. With this transaction, HDI is ranked second in Brazil, first in Chile and seventh in Colombia.

Guy Carpenter acquires Re solutions

Marsh McLennan's Guy Carpenter has acquired Re Solutions, an independent Israeli reinsurance broker, in a deal expected to close later this quarter, the terms of which have not been disclosed.

Information link:

https://www.insurancejournal.com/news/international/2023/05/30/722557.htm#:~:text=As%20Re%20Solutions%20has%20been%20Guy% 20Carpenter%E2%80%99s%20correspondent,a%20comprehensive%20range%20of%20capabilities%2C%20solutions%2C%20and%20advice.

Comment: As part of the transaction, Asaf Grinstein, the current CEO of Re Solutions, will become CEO of Guy Carpenter Israel, reporting to dorothsamuise - moutafis, interim CEO of Guy Carpenter Europe, and all of Re All colleagues from Solutions will join Guy Carpenter.

Cybersecurity insurer Cowbell Cyber partners with Skyward Specialty

Cowbell Cyber and Skyward Specialty have announced a partnership agreement to expand the coverage and capacity of Cowbell Prime 250 Cyber Liability and Prime Tech, a recently launched insurance program for businesses generating up to $500 million in revenue from cyber and technology E&O risks.

Information link:

https://cowbell.insure/news-events/pr/skyward-cowbell-partership-expands-cyber-and-tech-eo-coverage/

Comment: The partnership gives Cowbell access to Skyward Specialty's key industry partners to strengthen its capabilities.

Ant Group to apply to Bank of Thailand for virtual banking licence seeking partners

It was recently reported in the Thai media that Ant Group may seek a partner to apply for a virtual banking licence from the Central Bank of Thailand. Sittipong Kittiprapapong, who is in charge of global merchant partnerships for the Ant Group in Thailand, noted that the Ant Group would like to support the business operations of its potential partner. Ant Group is currently partnering with Kakao Pay, the mobile payment business of Korea's Kakao Bank, to provide payment services in the Thai market. Recently Thai SCB X and Kakao Bank announced a partnership to apply for a virtual banking licence from the Central Bank of Thailand and plan to attract more partners to join the consortium.

Information link:

https://finance.sina.com.cn/jjxw/2023-06-29/doc-imyyxmnr3863311.shtml

Visa buys core banking platform Pismo for US$1 billion

On June 28, 2023, Visa announced that it will acquire Pismo, a cloud-based card issuer processing and core banking platform, for $1 billion in a deal expected to close later this year. pismo currently operates in Latin America, Asia Pacific and Europe.

Information link:

https://www.dsb.cn/news-flash/119497.html#:~:text

Apple plans to launch Apple Card credit card business in India

According to a report by Indian financial website Moneycontrol, Apple is in talks with a number of Indian banks to explore the launch of Apple Card services in that market. The report states that Apple CEO Tim Cook met with HDFC Bank CEO and MD Sashidhar Jagdishan during his visit to India in April this year to discuss the possibility of bringing the credit card business Apple Card to India along with Apple Pay. According to Indian regulations, only banks are qualified to issue bank cards, so Apple is working with HDFC Bank to launch a co-branded Apple Card credit card. The news also says that Apple and the Reserve Bank of India (RBI), India's central bank and regulator, are in discussions about issuing the Apple Card model. The Indian regulator has no plans to provide Apple with special privileges by requiring Apple to follow the usual application process for co-branded credit cards.

Information link:

https://finance.stockstar.com/IG2023062600000546.shtml#:~:text

First cloud brand launch for domestic city bank

On 28 June, Bank of Ningbo held the "Technology Innovation in Finance - 'Ningxing Cloud' Launch" to showcase for the first time Bank of Ningbo's digitally empowered integrated cloud-based carrier --This is also the first cloud brand launch for a domestic city bank.

Information link:

https://news.cnstock.com/news,bwkx-202306-5082892.htm

The first national green evaluation mechanism for financial leasing was introduced in the Tianjin Dongjiang Comprehensive Free Trade Zone

At the launch ceremony of the "Green Leasing Eco-port" held in the Tianjin East Border Comprehensive Free Trade Zone, the Implementation Plan for the High-Quality Development of Green Financial Leasing and its supporting guidelines for evaluating green financial leasing projects and green financial leasing enterprises were officially released.

Information link:

https://www.chinanews.com.cn/cj/2023/06-30/10034782.shtml

"Carbon footprint calculator goes online to enhance enterprises' "double carbon" decision-making ability

The China (Shanghai) International Trade "Single Window" Green Supply Chain "Carbon Footprint" Calculator has been launched and the Asia Pacific Carbon Neutral Innovation Demonstration Community has been set up at the same time. The launch of the "Carbon Footprint" calculator further enriches the overall functional system of the Shanghai International Trade "Single Window", helps to better connect to international high standard economic and trade rules, improves the analysis and decision-making ability of enterprises to cope with carbon peaks and carbon neutrality, and supports enterprises to The "Carbon Footprint" calculator will help to better connect with international high standard economic and trade rules, improve the analysis and decision-making ability of enterprises to cope with carbon peaks and carbon neutrality, support enterprises to carry out high quality, high technology and high value-added green and low-carbon trade, and realize the value creation of the international trade green ecosystem. The release of the "Carbon Footprint" calculator and the establishment of the Asia Pacific Carbon Neutral Innovation Demonstration Community is a typical application of digital transformation and green transformation, and also has positive significance for Shanghai to accelerate the construction of green trade supply chain.

Information link:

http://www.tanpaifang.com/tanzuji/2023/0628/98204.html

China-Africa Cooperation Forum on Green Infrastructure Development: Over US$2.9 billion signed on site

The China-Africa Infrastructure Cooperation Forum was held in Changsha, Hunan Province on 29th, with more than 300 guests from the Chinese government sector, financial institutions, business associations and industry organizations, contractors and industry chain enterprises. Nineteen contracts for China-Africa infrastructure projects were signed at the forum, with a total value of over US$2.9 billion. With the theme of "Building Green Infrastructure: New Infrastructure, New Technology, New Energy", the forum discussed the cooperation and development of China-Africa in the field of green and sustainable infrastructure.

Information link:

https://www.jiemian.com/article/9666898.html

EU needs to increase climate investment by €360 billion per year to achieve net zero emissions

The European Climate Neutral Observatory (ECNO) assesses dozens of indicators in key economic sectors. The first comprehensive report tracking the EU's progress shows that the EU is making particularly poor progress in the forestry and finance sectors in meeting EU targets, including the goal of achieving net zero emissions by 2050. The EU needs to increase climate investment by €360 billion per year to help achieve net zero emissions.

Information link:

http://www.tanpaifang.com/tanjinrong/2023/0627/98145.html

US antitrust regulators require companies to submit more information than ever before on potential M&A deals

A number of US antitrust regulators have made sweeping changes to the merger and acquisition regulatory regime, requiring companies to submit more information than ever before on potential M&A deals, meaning that deals could be delayed for months. In an effort to combat illegal M&A activity, the US Federal Trade Commission (FTC) and Department of Justice (DOJ) have proposed revisions to the so-called "Hart-Scott-Rodino" filing process, which is expected to add 2-3 months to the timetable for M&A transactions.

Information link:

https://www.cls.cn/detail/1388754

MAS proposes to extend deposit insurance coverage

On 27 June 2023, the Monetary Authority of Singapore (MAS) released a public consultation paper proposing changes to the existing deposit insurance amounts, with a deadline for feedback of 31 July 2023. The paper proposes to increase the amount of individual depositor coverage from S$75,000 to S$100,000 per deposit insurance scheme member institution, as this will ensure that the vast majority of small depositors continue to be fully protected, striking the right balance between achieving a high level of coverage for depositors and managing the cost of insurance.

Information link:

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

China and Vietnam sign Memorandum of Understanding on market regulation

On 26 June 2023, in the presence of Premier Li Qiang and Prime Minister Pham Minh Triet, the Director General of the State Administration of Market Supervision and Administration, Luo Wen, and the Minister of Industry and Trade of Vietnam, Nguyen Hong Yen, signed a Memorandum of Understanding (MoU). According to the MOU, the State Administration of Market Supervision and Administration and the Ministry of Industry and Trade of Vietnam will establish a mechanism for exchange and cooperation in market supervision, and both sides will cooperate in the enforcement of intellectual property rights, protection of consumer rights and interests and food safety supervision within their respective functions, so as to jointly safeguard a fair and competitive market order and the legitimate rights and interests of consumers, and better serve the development of economic and trade relations between China and Vietnam.

Information link:

https://www.samr.gov.cn/xw/zj/art/2023/art_6d6a00aa05a341eb9243c02d3fb80946.html

US regulators consider limiting large banks' borrowing from FHLB

US officials are considering limiting the ability of large banks to use the Federal Home Loan Bank (FHLB) as their financial backstop. The adjustments are part of a comprehensive assessment being discussed by US regulators. If implemented, they would be the biggest overhaul of the $1.6 trillion system in decades. The Federal Housing Finance Agency (FHFA) could still tweak its plans before announcing proposals in the coming months, according to people familiar with the matter. Controlling the borrowing power of large banks will also require action by Congress.

Information link:

https://finance.sina.com.cn/stock/usstock/c/2023-07-01/doc-imyzcpav0414565.shtml

International Professional Tennis Federation in talks with Saudi sovereign wealth fund over co-investment

The Financial Times reported on 25 June that the International Professional Tennis Federation (ATP) is in talks with the Saudi Public Investment Fund (PIF) over a possible co-investment. Saudi oil-funded capital is continuing to reshape the sports industry.

Information link:

https://www.jiemian.com/article/9626740.html

CIGNA launches "Family Office Partner" programme in high-end wealth management market

Recently, China Hong Insurance officially announced the launch of the "Family Office Partner "1 program, relying on the platform and market reputation of the high-customer operation of the "Hong Yun Shi Family" wealth inheritance centre, recruiting high-quality elites from all walks of life and cultivating them as family office partners through a series of empowerment support. The company will train them to become partners of the family office through a series of empowerment support. This move is also seen by the industry as a powerful measure to focus on high net worth individuals and lay out high-end wealth management.

Information link:

https://www.sohu.com/a/692829207_99907853

2023 BlackRock Global Family Office Report: Asset Allocation Trends of 120 Global Family Offices

Recently, asset management giant BlackRock, in partnership with Illuminas, researched 120 single family offices around the world and released its family office report. In terms of specific allocations, the private investment market remains the cornerstone of single family office portfolios globally, with global family office allocations reoriented towards fixed income and private investment markets (portfolio asset classes - 61% traditional asset classes, 39% alternative asset classes); in fixed income, there has never been a better time to invest.

Information link:

https://cj.sina.com.cn/articles/view/2674680361/9f6c622900101c1ma?finpagefr=p_103

Shuanghui Group founder Wan Long transfers $14.1 billion market value of shares to trust

Wan Long, the 82-year-old founder of the Shuanghui Group and chairman of Wanzhou International, recently adjusted his family's wealth planning by transferring a $14.1 billion market value stake to a trust. Wan Loong gave 3.389 billion shares in Wanzhou International, which he held through Xingtong, Shuntong and High Zenith, to WLT Management Ltd to set up the Wan Loong Trust. Based on Wanzhou International's closing price of $4.15 on 14 June, the market value of the shares involved was $14.063 billion. The adjustment of Wan Loong's shareholding has renewed interest in his family allocation.

Information link:

https://mp.weixin.qq.com/s/ZV-sgZR0G2fUH5LFNS073A

Tajikistan: Cash payments will no longer be accepted for public services from 1 July

On 22 June 2023, Tajikistan's President Rahmon signed a decree on the expansion of non-cash payment measures. It was announced that payments for public utilities or other mandatory payments, such as taxes, customs duties, compulsory insurance, fines, utility payments, can be made through the Amonatmobile mobile application, or any other credit institution e-wallet.

Information link:

https://www.mpaypass.com.cn/news/202306/25180100.html#:~:text

Korean government introduces policies to stimulate exports and investment

On 21 June 2023, Deputy Prime Minister and Minister of Planning and Finance Chew Kyung-ho convened an emergency meeting of economic chiefs and a meeting on export and investment measures, which concluded that prices and the labour market are gradually stabilising and domestic demand is slowly recovering.

Information link:

https://finance.sina.com.cn/money/forex/datafx/2023-06-26/doc-imyyrexn5919363.shtml

Fighting financial crime, Czech AI startup Resistant AI secures $11 million in funding

On June 27, 2023, Resistant AI, an artificial intelligence and machine learning security startup, announced that it has secured $11 million in funding from Notionl Capital, raising its total Series A funding to $27.6 million. Resistant AI plans to use the funding to continue to expand its product, team and market reach to meet the growing needs of financial institutions to protect their customer acquisition and trading systems from malicious attacks.

Information link:

https://www.weiyangx.com/426253.html

India plans to launch multi-billion dollar energy storage subsidy

The Indian government is preparing to introduce a new multi-billion dollar subsidy scheme for companies producing grid storage batteries to accelerate the transition to clean energy, according to the Financial Times. The draft production-linked incentive subsidy scheme would provide 216 billion rupees (US$2.6 billion) to companies from this year until 2030 to build 50 GWh of energy storage capacity in India. The plan, submitted by India's Ministry of Power, is currently under discussion and is subject to change. The Indian government also plans to provide about US$500 million in financing to bridge the "viability gap" for companies investing in the sector, given that it remains high risk, an official said.

Information link:

https://finance.stockstar.com/IG2023062800009907.shtml#:~:text

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