Financial Technology Weekly | Issue 38

Japanese robot company Telexistence received $170 million in financing, with SoftBank participating in the investment

Recently, Telexitence, a Japanese robot company, announced that it had obtained 170 million US dollars in round B financing, with SoftBank Group participating in the investment. In addition, the company has also reached a strategic business cooperation agreement with SoftBank Robotic Group to prepare for commercialization in North America. Masayoshi Son, the founder of SoftBank Group, said a few weeks ago that the company has changed from a "defensive model" to an "offensive model" and is seeking to become a leader in the AI revolution.

Information link:

https://tx-inc.com/en/home/

Comment: Telexistance was established in 2017 and mainly provides artificial intelligence driven robotic arm devices for the retail and warehousing departments. At present, the company has accumulated nearly $200 million in financing and deployed its robot services in 300 FamilyMart convenience stores in Japan.

German intelligent anti fraud system startup Hawk AI received $17 million in B-round financing

Recently, German technology startup Hawk AI announced the completion of a $17 million B-round financing. This financing is led by Sands Capital, and co invested by Picus Capital, DN Capital, Coalition, and BlackFin Capital Partners. Data shows that there is a potential money laundering risk of up to $2 trillion globally every year, accounting for 5% of global GDP, and only 1% of these illegal funds are recovered.

Information link:

https://hawk.ai/

Comment: This is where Hawk AI comes in handy. The company was established in Munich in 2018 and strengthens the risk management and compliance business capabilities of banks and payment technology enterprises through a cloud native and modular anti money laundering monitoring system.

Indifi, an Indian small and medium-sized enterprise credit service provider, completed a $35 million E-round financing

Recently, Indian start-up Indifi Technologies, which provides digital loans to small and medium-sized enterprises, has just completed a $35 million E-round financing, led by ICICI Venture. Indifi was established in 2015 and accurately assesses risks through specific segmentation models, providing different types of loans to businesses with annual revenue between $36400 and $1.21 million, covering multiple industries such as tourism, e-commerce, hotels, and retail.

Information link:

https://entrackr.com/2023/06/indifi-technologies-raises-35-mn-in-series-e-round/

Comment: Currently, Indifi has raised a total of $81 million in funding. India has 63 million small, micro, and medium-sized enterprises, which constitute the backbone of the country's economy and create

Intelligent AI Launches Intelligent Reconstruction Cost Verification Platform

Insurance Technology Intelligent AI has launched an intelligent reconstruction cost verification platform, aiming to solve the problem of long-term underinsurance in the commercial property insurance field. Intelligent AI was established in 2022, using artificial intelligence and data analysis solutions to predict and mitigate global risk levels, providing insurance risk management and underwriting insights.

Information link:

https://fullscale.io/blog/artificial-intelligence-trends-2022/

Comment: Their platform can handle multiple verified data sources, estimate more accurate housing reconstruction prices for commercial property owners, ensure full coverage of policies, and modify premium levels based on actual reconstruction data to reduce risk levels for insurance companies and brokerage companies.

African Risk Capacity Group Announces the Launch of Parametric Flood Insurance Products in Africa

The African Risk Capacity Group, an alliance of professional insurance agents in Africa, has announced the launch of a parametric flood insurance product to help African countries improve their ability to cope with floods. Parametric flood insurance products can predict losses caused by floods and provide funding to cope with disasters. It can generate daily analysis reports on floods and estimate the corresponding disaster situation for each country, as well as the approximate loss amount after exceeding the trigger point.

Information link:

https://www.arc.int/

Comment: Due to the frequent occurrence of floods in Africa, millions of people have been displaced and billions of dollars have been lost to property and fields. As the first flood insurance product in Africa, this product will play a milestone role in establishing climate related disaster recovery capabilities.

Insurance Technology Breach Established Insurance Company

Insurance Technology Breach was approved by the Bermuda Monetary Authority to establish an insurance company, which aims to improve the security of Cryptocurrency through new insurance coverage and innovative insurance products. After the establishment of a new full stack insurance company, Breach will be able to underwrite emerging Cryptocurrency risks as an original insurer and provide innovative and standardized insurance solutions with its rich experience in the Cryptocurrency field and the insurance industry. They have obtained the permission of the regulatory authority and can use both Fiat money and Cryptocurrency for business activities, including policy preparation, collection and payment, and compensation payment.

Information link:

https://www.breachinsured.com/

Comment: At the same time, Breach announced a new round of financing, led by RW3 and LightShed Ventures.

Lloyd's of London and Dubai Cooperative Insurance Technology Platform

Lloyd's of London cooperates with Dubai's economic and tourism sectors on an insurance broker enabling platform to accelerate the development of insurance technology in Dubai. This partnership will help companies in Dubai create a wide range of venues

BBVA plans to hire multiple technical experts in 2023, covering multiple fields such as AI

Recently, BBVA, a giant of Bank of Spain, announced that it plans to employ more than 2600 technical professionals by the end of 2023, 1000 of whom will work in Spain. Pedro M é ndez, the talent director in the engineering field of the company, said that what BBVA currently needs the most are software developers and data engineers, followed by experts in security, infrastructure, and other areas. In 2022, BBVA established a global software department that brought together over 16000 developers to accelerate the creation of digital solutions for the bank and enhance its scalability in the countries where it operates.

Information link:

https://www.bbva.com/en/innovation/bbva-aims-to-incorporate-over-2600-technology-experts-in-2023/

Swiss Central Bank to Launch Digital Currency Pilot

On June 26, 2023, the Swiss National Bank (SNB) announced that it would issue wholesale central bank digital currency (CBDC) in six digital exchanges in Switzerland. The chairman of SNB said at the meeting held in Zurich that CBDC is equivalent to the real currency of bank reserves, which is intended to test the real transactions between market participants.

Information link:

https://cvj.ch/en/focus/background/snb-considers-digital-central-bank-currency-cbdc/

China Development Bank issued 19 billion yuan special financial bond for agricultural and rural infrastructure

Recently, China Development Bank successfully issued 19 billion yuan of agricultural and rural infrastructure thematic financial bond at the Central Clearing Corporation, of which 16 billion yuan of 10-year bonds were issued at 2.75%, with a subscription multiple of 3.82 times; The issuance rate of the 3 billion yuan 20-year bond is 3.11%, with a subscription multiple of 6.49 times. It is understood that the funds raised by the bonds will mainly be used for agricultural and rural infrastructure projects such as high standard farmland construction and rural water supply guarantee, to further enhance food production capacity, help ensure food security, and promote agricultural and rural modernization through infrastructure modernization.

Information link:

https://finance.sina.com.cn/jjxw/2023-06-29/doc-imyyyakn8555659.shtml

UK carbon market will undergo other reforms while reducing quota supply

The UK carbon market regulator proposes to align the upper limit of the Emissions Trading System (ETS) with the net zero trajectory, which means reducing the number of quotas sold in the market by more than 30% over the next decade. The UK ETS regulatory authority has stated that the new cap for the UK ETS between 2021 and 2030 will be set at 936 million quotas, a decrease of more than 30% from the current 1.365 billion quota. Although supply reduction benefits the price of UK emission quota (UKA), its level is still at the top of the "net zero consistency" range in the consultation, indicating that there is a compromise between climate ambition and the affordability of energy transition - this response highlights the unprecedented rise in energy and Cost of living since the consultation was launched.

Information link:

http://www.tanpaifang.com/tanjiaoyi/2023/0706/98402.html

Dubai National Bank launches compliant carbon market transactions

The Dubai National Bank of the United Arab Emirates has taken the lead in providing carbon futures contract trading in the region, meeting the growing demand for carbon emission offsetting management among enterprises and aligning it with the net zero action plan of the United Arab Emirates. The Group's goal is to continue to be at the forefront of the rapidly developing Carbon emission trading field in the region and provide flexible Carbon credit line trading for customers in the process of achieving Sustainable Development Goals.

Information link:

https://finance.sina.com.cn/esg/2023-07-06/doc-imyztazw8936123.shtml?cref=cj

Shenzhen Stock Exchange and China Energy Conservation signed a strategic cooperation agreement to better support the high-quality development of green and low-carbon industries

On June 27, Shenzhen Stock Exchange (hereinafter referred to as SZSE) and China Energy Conservation and Environmental Protection Group Co., Ltd. (hereinafter referred to as CECEP) signed a strategic cooperation agreement in Beijing. Chen Huaping, Secretary of the Party Committee and Chairman of the Shenzhen Stock Exchange, and Song Xin, Secretary and Chairman of the China Energy Conservation Party Committee, attended the signing ceremony and held discussions and exchanges around leveraging the functions of the capital market to better serve the reform of state-owned enterprises and promote the development of green and low-carbon industries.

Information link:

https://finance.eastmoney.com/a/202306282764079080.html

The first green computing power supermarket in China officially launched

On July 2nd, the China Green Computing Power Conference opened in Hohhot. During the conference, the Helingel Green Computing Power Development Research Center was officially unveiled, and the first green computing power supermarket in China was officially launched, enabling online trading of computing power resources. Sellers can register as computing power suppliers and publish their computing power for sale in cloud supermarkets. When buyers need to use computing power for calculation, they can log in to Cloud Supermarket to make a purchase, choose a suitable supplier to purchase computing resources, and wait until the homework is completed and the results are collected.

Information link:

https://www.sohu.com/a/694007848_163278

Japan Europe Digital Ministers Meeting Confirms Cooperation in Developing Generative AI Rules

Japan and the European Union held a ministerial meeting in the digital field in Tokyo on July 3, 2023, summarizing a joint statement stating that they will cooperate in the international rulemaking of generative artificial intelligence (AI). In order to establish rules, both sides will advance the "Hiroshima AI process" proposed at the May G-7 summit. G7 has agreed to build a mechanism for the "credible free flow of data" (DFFT) to expand international data circulation and promote economic development. This meeting also reached an agreement on promoting DFFT. We also agree to cooperate on stable communication of submarine cables and ensuring diversified paths.

Information link:

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

EU regulatory authorities will decide before August 7th whether to approve Adobe's $20 billion acquisition of Figma

On July 4th, according to Reuters, according to a document submitted by the European Commission on Monday, the EU's antitrust regulatory authorities will decide before August 7th whether to approve Adobe's $20 billion acquisition of the cloud design platform Figma. Photoshop developer Adobe sought approval from the European Union last Friday. The company made this request a month before the summer vacation, indicating that it expects EU antitrust enforcement agencies to conduct a comprehensive investigation after preliminary review.

Information link:

https://www.jiemian.com/article/9679750.html

The State Administration of Financial Supervision and Administration plans to carry out on-site inspection on the authenticity of Solvency data of 15 insurance enterprises

The State Administration of Financial Supervision plans to carry out the supervision and assessment of insurance companies' Solvency risk management ability in 2023 in the second half of the year. Risk assessment companies involve 15 banking and insurance regulatory bureaus in Beijing, Shanghai, Tianjin, and 36 insurance companies. At the same time, the authenticity of Solvency data of 15 insurance companies was checked on the spot. The scope of inspection is Solvency quarterly report and comprehensive risk rating data in the first quarter of 2023. If necessary, we can go forward.

Information link:

http://www.eeo.com.cn/2023/0630/596681.shtml 

The National Development and Reform Commission has established a pilot cooperation mechanism for investment and loan linkage with 7 banks, and the cooperative banks will have input and output

The fixed assets investment Department of the National Development and Reform Commission, the State Information Center of China and the relevant business departments of seven banks, including China Development Bank, Agricultural Development Bank of China, Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, China CITIC Bank, jointly signed a framework agreement on the pilot cooperation mechanism for investment and loan linkage. In the pilot cooperation mechanism of investment and loan linkage, the National Development and Reform Commission is responsible for launching major investment projects, and seven banks are responsible for providing financial services and support for these major investment projects. This mechanism relies on the already operational national investment project online approval and supervision platform, connecting banks to this platform for the first time, achieving interconnectivity between the investment online platform and the bank's relevant credit information system.

Information link:

https://www.yicai.com/news/101802254.htm

The 9th "Qingdao China Wealth Forum" will open on July 8, 2023, and wealth management will help explore new economic drivers

This forum is based in Qingdao and has a global perspective. Its core topics include economic trend outlook and wealth management empowerment, wealth momentum stimulation under urban space iteration, deepening wealth management reform and broadening channels for Common prosperity, financial empowerment and industrial cooperation to boost trade and investment. It invited many leaders of the world's political and business circles, experts and scholars to gather in Qingdao to talk about the potential and opportunities of wealth management, Solve the new driving force of China's economic development from a global perspective, and provide a diverse and open market of ideas for the upgrading and development of China and Qingdao's wealth management industry.

Information link:

https://finance.eastmoney.com/a/202307072773908883.html

Singapore Family office sets new rules again

On July 5, 2023, the Monetary Authority of Singapore revised the requirements of the Family office again, giving clearer guidance on the direction of investment and improving the control of details in the implementation of policies. 1、 The asset size will meet 20 million in the first year. 2、 Only one family member can be hired. 3、 Business expenses increase business expenditure requirements. 4、 Further refinement of investment requirements. The new regulations have refined the local investment direction for minimum funds, including the addition of climate related investments and hybrid financing structures. Investments that meet the requirements can be scaled up by 1.5 or 2 times.

Information link:

https://www.sohu.com/a/695175940_121693647

HSBC may poach Credit Suisse Middle East's senior wealth management team

On July 4th, according to a report by the Financial Times, insiders revealed that HSBC is in deep negotiations to recruit a senior wealth management team from Credit Suisse in the Middle East, hoping to challenge its competitors in the Gulf region. The loss of up to five members of Credit Suisse Qatar's CEO Aladdin Hangari and his team will be a blow to UBS. UBS completed its acquisition of Credit Suisse last month and plans to establish the largest private bank in the region. According to insiders, Hangari is close to reaching terms with HSBC, although the transaction has not yet been finalized.

Information link:

https://www.jiemian.com/article/9681222.html

Nio Inc. won $1.1 billion from Abu Dhabi sovereign fund to invest in new energy, becoming a popular investment target of Middle East sovereign fund

NIO has signed a share subscription agreement with Abu Dhabi investment institution CYVN Holdings. According to the agreement, CYVN Holdings will make a strategic investment of approximately $1.1 billion to NIO through targeted issuance of new shares and transfer of old shares. CYVN Holdings is an investment institution with a majority stake in the Abu Dhabi government, focusing on strategic investment and layout in the advanced and intelligent mobile transportation field, and committed to collaborating with industry leaders in this field worldwide. The investment behavior of the fund deeply reflects the Abu Dhabi government This strategic investment in NIO actually represents the high recognition and long-term optimism of the Abu Dhabi government towards China in the field of new energy.

Information link:

http://stock.10jqka.com.cn/hks/20230626/c648313964.shtml

Mercedes Benz uses ChatGPT for quality management and process optimization in vehicle production testing

Mercedes Benz announced on its official website that it is testing ChatGPT in vehicle production to accelerate the use of this intelligent tool in the MO360 digital production ecosystem, which was first launched in 2020. ChatGPT will serve as a universal, voice based interface to support production employees in quality management and process optimization activities. It is reported that Mercedes Benz is integrating ChatGPT through Azure OpenAI services, leveraging the enterprise level features of Microsoft's cloud and artificial intelligence platforms.

Information link:

https://www.sohu.com/a/695245444_114760

New York City begins to regulate the use of artificial intelligence in recruitment tools

It is reported that a new law in New York City aimed at eliminating potential biases in recruitment and promotion software came into effect on Wednesday. The law will be the first in the United States to regulate the use of automation and artificial intelligence in recruitment decision-making. This law, called NYC 144, requires the use of certain types of software (including Chatbot interview tools and resume scanners that search for keyword matches) to assist employers to review these tools annually for potential racial and gender bias, and then publish results on their websites. According to the new law, employers will audit any software that plays a significant role in their recruitment and promotion decisions, and disclose the so-called adverse impact ratio.

Information link:

https://techcrunch.com/2023/07/05/nycs-anti-bias-law-for-hiring-algorithms-goes-into-effect/

Musk said Twitter will limit the number of tweets users can read

On July 1st local time, Musk stated that in order to prevent "extreme levels" of data crawling and system manipulation, Twitter is limiting the number of tweets users can read: verified accounts are limited to 6000 tweets per day, unverified accounts are limited to 600 tweets per day, and unverified new accounts are limited to 300 tweets per day. Subsequently, Musk increased the number of browsable tweets: three types of accounts can view 10000, 1000, and 500 tweets, respectively.

Information link:

https://www.huxiu.com/moment/840570.html#

United States Secretary of the Treasury Yellen Visits China This Week

It is reported that United States Secretary of the Treasury Janet Yellen will visit China from July 6 to 9. The US Treasury Department stated that Yellen is expected to discuss a range of macroeconomic and financial issues, as well as how the US and China can responsibly manage bilateral relations, communicate directly on areas of concern, and jointly address global challenges A senior government official told reporters that this trip aims to "deepen and increase the frequency of communication between China and the United States, stabilize relations, avoid misunderstandings, and do everything possible" 

Communicate directly on areas of concern and work together to address global challenges A senior government official told reporters that the purpose of this trip is to "deepen and increase the frequency of communication between China and the United States, stabilize relations, avoid misunderstandings, and expand cooperation as much as possible." However, the official pointed out that the Biden administration does not expect significant breakthroughs in the grant visit.

Information link:

https://www.ettoday.net/news/20230703/2532001.htm

Disclaimer: The content is from the Internet, WeChat official account and other public channels. We are neutral about the points in the article. This article is only for reference and exchange.