Financial Technology Weekly | Issue 39

Providing accounting services for small and medium-sized enterprises, French start-up Dougs raised 25 million euros

According to TechCrunch, French accounting firm Dougs recently raised 25 million euros (approximately $27 million) from British venture capital firm Expedition Growth Capital. Dougs was established in 2015 and provides accounting services for small and medium-sized companies, such as financial statement processing and certified tax document writing. The company currently has 14000 customers and has achieved profitability, with annual recurring revenue reaching 15 million euros (approximately 16.4 million US dollars). Prior to this round of financing, the company had not yet raised funds from venture capital firms.

Information link:

https://techcrunch.com/2023/07/04/after-bootstrapping-for-8-years-accounting-startup-dougs-raises-27-million/?guccounter=1&guce_referrer=aHR0cHM6Ly9jbi5iaW5nLmNvbS8&guce_referrer_sig=AQAAAKkku0Tvcf1aRuFOOY8AWepl2d1WNfDuH_O1KW50OtTHeLqSA7mSesYizVVncbYhmrAmkhu4PrzYOu8Ss97RZuaBUcnNOSOTtOYXVwGkVOFaeR1gU9VY02qKkf4nfyLGDnGKXBa02t_Rn9pV1DWmf0nEaMI2vyGeZ1bFQYVD_Drb

Comment: Through this round of financing, the company will double its team size and expand its business into new markets such as Germany and the UK by 2025.

It is said that Nvidia is negotiating with Arm or becoming the main investor of the latter's IPO

According to foreign media reports, insiders said that the chip designer Arm of SoftBank Group is negotiating with chip manufacturer Nvidia. Arm plans to list in New York in September this year. The company hopes that Nvidia will become its main investor. The source said on July 12 that Nvidia was one of the several potential investors negotiating with Arm. If it decided to invest, Nvidia would obtain its long-term equity when Arm went through its initial public offering (IPO).

Information link:

https://auto.gasgoo.com/news/202307/13I70349672C103.shtml

Comment: It is reported that Arm may raise up to $10 billion through listing on the stock market. The negotiations between the two parties are still in an early stage, and Arm company does not wish to sign any other commercial agreements except for the injection of funds from investors. Nvidia and Softbank declined to comment.

 

Science and technology in South Korea giant Kakao set up an AI fund of 10 billion won

On July 12, 2023, Kakao Brain, the AI department of Science and technology in South Korea's technology giant Kakao, announced the launch of the AI image generator Karlo2.0. Users can generate images in seconds by simply entering prompts in English or Korean. In addition, Kakao Brain has established the Karlo100X Fund, with a scale of 10 billion Korean won (approximately 7.7 million US dollars), mainly used to support artificial intelligence startups developing image generation technology. It is worth noting that Karlo2.0 has only been 7 months since the company's last update (1.4). Previously, Kakao Brain released text image generators RQ-Transformer and minDALL-E on GitHub.

Information link:

https://pulsenews.co.kr/view.php?year=2023&no=532548

Comment: The company claims that Karlo2.0 has been trained on 300 million texts and images, and supports a maximum resolution of 2048 × 2048. In addition, Karlo2.0 is also more developer friendly, and Kakao developers can create 600000 free images per month through publicly available APIs.

EBay completes acquisition of artificial intelligence product certification company Certilogo

EBay Inc., a global business leader that connects millions of sellers and buyers worldwide, has announced the completion of its acquisition of Certilogo. Certilogo is a provider of digital ID and identity authentication for artificial intelligence clothing and fashion products.

Information link:

https://www.ebayinc.com/stories/news/ebay-acquires-certilogo/

Comment: Certilogo, headquartered in Milan, utilizes digital technology to help brands and designers manage the lifecycle of their clothing, while providing consumers with a seamless way to interact with their favorite brands and fashion items, obtain reliable product information, ensure authenticity, and easily activate circular services. Certilogo will continue to be led by CEO Michele Casucci.

AIG and Stone Point reached a deal to establish a high net worth professional MGA

AIG has successfully reached an agreement with the funds managed by Stone Point Capital to establish an independent management head office called Private Client Select Insurance Services, which will focus on the high net worth and ultra-high net worth markets and will start in the third quarter of 2023. Although the transaction terms were not disclosed at the time, AIG and Stone Point jointly announced the plan to establish Private Client Select as early as February this year, which is consistent with AIG's decision to transfer its private client group business to a new independent platform. The two companies finalized the agreement in April last year.

Information link:

https://www.insurancejournal.com/news/national/2023/02/14/707776.htm

Comment: Stone Point is an investment and asset management company that manages over $45 billion in assets. It specializes in investing in global financial services companies and related industries. Stone Point also invests in various alternative asset classes through its flagship product Trident Funds, and provides specialized financing solutions for its portfolio companies and clients through its consulting department, Stone Point Capital Markets.

Climate technology company Ask and insurance technology Kettle have reached a partnership

Climate technology company Ask has announced a partnership with insurance technology management general agency Kettle. Ask is a well-known natural disaster modeling company, and its tropical cyclone model has received widespread praise. Kettle is renowned for its precise underwriting capabilities and reinsurance services for wildfire fires. Based on this partnership, Kettle will, with the help of Ask, launch suitable hurricane reinsurance products with wind speed as the triggering condition across the United States, in order to achieve diversified product development.

nformation link:

https://reask.earth/2023/06/26/reask-announces-new-partnership-with-mga-kettle/

Comment: Ask has become a climate technology giant, providing complex hurricane models for Swiss Re, AXA, Descartes, Securities and other well-known enterprises.

 

Hi Marley, a digital collaboration platform for property insurance, launches a collaboration center function

Hi Marley, a digital collaboration platform for property insurance, has launched a collaboration center function aimed at establishing a platform for multi-party cooperation and communication among policyholders, insurance companies, and participants in the ecosystem. This collaboration center is a feature of the Hi Marley claims platform, allowing collaboration functions such as dialogue, text tagging, reminders, and comments between multiple parties.

Information link:

https://www.himarley.com/

Comment: This collaborative platform not only helps insurance companies eliminate inefficient behavior in the claims process, but also allows policyholders to keep track of the progress of claims in real-time.

Meituan Joins Hands with Ping An Property Insurance to Launch "Meituan Business Insurance" Merchant Comprehensive Insurance

On July 5th, Meituan joined forces with Ping An Property and Casualty Insurance to launch the "Meituan Business Insurance", the first phase mainly targeting the catering industry, which can provide multiple services such as store property protection, personal accident protection, and third-party liability insurance. The insurance liability includes property loss of the store caused by natural disasters such as fire, explosion, burst of water heating pipe, rainstorm and flood, employee injury, and personal and property loss of customers and other third parties during operation.

Information link:

http://tech.china.com.cn/roll/20230705/397398.shtml

Comment: It is reported that Meituan Business Insurance has made a lot of innovation in product design in response to the characteristics of new citizens with strong personnel mobility, large demand differences, and high timeliness requirements. In terms of insurance, Meituan Business Insurance supports merchants to combine and match protection content according to their needs, and provides two payment methods: monthly payment and annual payment for merchants to freely choose from, in order to reduce merchant investment costs.

UK emerging bank Monzo plans to merge with Nordic peer Lunar

Recently, Bloomberg reported that the emerging bank Monzo in the UK is in merger negotiations with its Nordic counterpart Lunar. The digital bank Lunar currently has a total of 650000 users in Denmark, Sweden, and Norway, and has raised 28 million euros and 35 million euros in August 2022 and February 2023, respectively. In September 2022, Lunar tried to acquire Norges Bank Instabank, but failed because the financing line was insufficient to meet the "capital requirements proposed by the Norwegian Financial Authority".

Information link:

https://www.crowdfundinsider.com/2023/07/209979-digital-bank-monzo-is-reportedly-considering-potential-merger-with-banking-platform-lunar/

Support small and medium-sized enterprises, Singapore and Cambodia jointly establish the "Financial Transparency Corridor"

On July 11, 2023, the Monetary Authority of Singapore (MAS) and the National Bank of Cambodia (NBC) signed a Memorandum of Understanding (MoU) to cooperate on the Financial Transparency Corridor (FTC) initiative. The initiative aims to establish supportive digital infrastructure, optimize information exchange between participating financial institutions in Singapore and Cambodia, and promote trade and cross-border related financial services between small and medium-sized enterprises in Singapore and Cambodia.

Information link:

https://www.msnbc.com/

"Japanese Alipay" PayPay is planned to be listed in the United States

Reuters cited reports from multiple sources that SoftBank is considering promoting the listing of its PayPay payment business in the United States. A Softbank executive once stated in November last year that the company was worth less than 1 trillion yen (approximately 51 billion yuan). PayPay is a Japanese enterprise that develops electronic payment services. It was jointly established by SoftBank Group and Z Holdings, the holding company of Yahoo Japan, in 2018. At present, PayPay has more than 38 million users and is still growing. It is also the largest electronic wallet app in Japan, commonly known as "Alipay of Japan".

Information link:

https://www.paypal.com/c2/home

The Saudi Arabian Central Bank Promulgates the Implementation Regulations of the Payment and Payment Services Law

On July 10, 2023, the Saudi Central Bank (SAMA) announced the promulgation of the Implementation Regulations of the Payment and Payment Services Law to support the improvement of the soundness and efficiency of the Saudi payment system infrastructure. The relevant regulatory and supervisory framework enables SAMA to protect and stabilize the financial sector. In addition, the Regulation also enhances compatibility with similar international principles and standards, including the Financial Market Infrastructure Principles (PFMI). Against the backdrop of Saudi Arabia's vision for financial inclusivity in 2030, the introduction of this regulation helps to create an attractive investment environment, stimulate innovation and competition, and encourage the launch of payment products and services that closely follow the latest international trends and meet customer needs.

Information link:

https://sama.gov.sa/en-US/Pages/default.aspx

Consultation with the UK Monetary Authority on the Code of Conduct for ESG Data and Rating Providers

In 2022, the UK Monetary Authority (FCA) commissioned the International Capital Markets Association and the International Regulatory Strategy Group to convene an industry group to develop a voluntary code to provide regulatory support for market transparency in third-party ESG data and rating products. The group was co chaired by M&G, Moody's, London Stock Exchange Group and Slaughter and May, and the HM Treasury and other relevant financial regulators acted as observers. On July 5, 2023, the FCA announced a three-month consultation on this voluntary guideline, and the final version of the document will be updated and finalized by the end of 2023. This standard will play an important role in raising standards in the short term and continue to apply to any company outside the potential regulatory scope in the future.

Information link:

https://www.fca.gov/

Canada opposes Deep sea mining in international waters due to environmental problems

According to Reuters on July 11, the Canadian government announced that it opposed commercial Deep sea mining in international waters due to environmental concerns. Federal Fisheries Minister Joyce Murray explained that support for this suspension decision is due to a lack of a strong regulatory system and insufficient understanding of the comprehensive environmental impact of seabed mining. Earlier this year, the Canadian government also promised that until a strict regulatory framework was established, it would not allow mining on the domestic ocean floor, and stressed that the demand for natural resources would not override the government's commitment to the environment.

Information link:

https://www.canada.ca/en/government/ministers/joyce-murray.html

Singapore plans to extend mandatory climate reporting requirements to non listed companies

According to the The Straits Times on July 6, the Sustainable Development Report Advisory Committee (SRAC), established by Singapore's two top regulators, is seeking public opinions and extending the disclosure requirements of climate related financial information to all listed companies and large non listed companies. SRAC stated in the proposal that listed companies will report climate related disclosures (CRDs) starting from fiscal year 2025 and must comply with globally recognized standards set by the International Sustainable Development Standards Board (ISSB). Starting from fiscal year 2027, this proposed disclosure requirement will apply to non listed companies with annual revenue of at least S $1 billion (approximately $740 million). In addition, SRAC will conduct a review in 2027 to determine whether to extend the regulation to non listed companies with annual revenue of S $100 million or more around fiscal year 2030.

Information link:

https://www.straitstimes.com/business/singapore-regulators-propose-mandatory-climate-reporting-for-listed-and

 

European aluminum companies warn of the green wind caused by carbon border tax loopholes

According to a report by the Financial Times on July 9th, European aluminum producers have warned that there are loopholes in the upcoming carbon border tax to be imposed by the European Union, which may pose a risk of greenwashing. According to the proposed Carbon Border Regulation Mechanism (CBAM), a tax will be imposed on carbon dioxide (CO2) emissions from the production process of goods imported into Europe starting from 2026. The EU will initially impose taxes on products from six carbon intensive industries, including cement, steel, aluminum, fertilizers, electricity, and hydrogen. However, the remelted aluminum scraps will be classified as zero carbon products and exempt from carbon taxes, even if the raw materials of the products are produced from coal or other fossil fuels.

Information link:

https://taxfoundation.org/cbam-eu-carbon-border-tax/

The Federal Trade Commission launched an investigation on OpenAI, involving Data breach and other issues

According to the Washington Post, the Federal Trade Commission (FTC) recently launched a comprehensive investigation into OpenAI, a San Francisco based company, because the popular Chatbot ChatGPT developed by the company may have violated consumer protection laws and put personal reputation and data at risk. The FTC has issued a 20 page demand for record to the company, requesting clarification on how to address the risks posed by its AI model. This investigation poses a significant regulatory threat to OpenAI's business in the United States. The FTC emphasizes that although the government and Congress have not clearly established comprehensive regulatory rules, existing consumer protection laws still apply to AI.

Information link:

https://www.theverge.com/2023/7/13/23793911/ftc-openai-investigation-consumer-ai-false-information

Disappointed with being included in the review list of the Digital Services Act, Amazon filed a lawsuit with the European Court of Justice

Amazon has resisted the EU's previous decision to include Amazon in the list of companies facing additional scrutiny under the EU's new content review regulations. Amazon has challenged the European Commission's decision to include it in the list of "ultra large online platforms", which "need to meet the additional requirements of the European Union's Digital Services Act", to the European Union's ordinary court. The company stated in an email statement: "We agree with the goals of the European Commission and are committed to protecting customers from illegal products and content, but Amazon does not comply with the description of 'Very Large Online Platforms' (VLoPs) under the Digital Services Act and therefore should not be recognized as VLoPs.

Information link:

http://stock.10jqka.com.cn/usstock/20230711/c648768209.shtml

The European Commission formulates the Metaverse Plan

It is reported that the European Commission has formulated a metauniverse plan to take the lead in the Metaverse (a shared virtual world accessible via the Internet) and prevent large technology companies from dominating this emerging field. The plan includes bringing together creators, media companies and others, creating an industry ecosystem, and establishing a regulatory sandbox to help companies test the Metaverse, launch skills development plans and virtual public services. Margrethe Vestager, Vice President of the European Commission, said, "We want to ensure that Web 4.0 becomes an open, secure, trustworthy, fair and inclusive digital environment for all." EU executives said that their initiative aims to reflect the values and fundamental rights of the EU, and create an open and interoperable Metaverse. It is estimated that by 2030, the size of the global market will exceed 800 billion euros from 27 billion euros last year.

Information link:

https://finance.stockstar.com/IG2023071200007914.shtml

The House of Lords of the Parliament of the United Kingdom passed the Online Security Act applicable to the Metaverse

Recently, the House of Lords of the Parliament of the United Kingdom passed the Online Security Act, which covers the Metaverse. At present, the bill has entered the final approval stage. British legislators believe that children may face potential harm in virtual reality experience, saying that it is very important to ensure that the Online Security Act is applicable to the Metaverse. Melanie Dawes, head of Ofcom, the British communications regulator, said that the Act was applicable to "anything that communicates through Internet services", including objects or avatars created by users and interactions between users in the Metaverse.

Information link:

https://www.wwsww.cn/yuanyuzhou/19947.html

Release of the White Paper on the Development of National Wealth in China

Recently, Xincaidao and Zhejin Trust jointly released the "White Paper on the Development of National Wealth in China: The Logic of Industry Structure Change and Private Wealth Creation" (hereinafter referred to as the "White Paper"). Currently, China's private assets have reached 440 trillion yuan, and the total scale of private wealth has jumped to the second place in the world. The White Paper vertically analyzes the changes and characteristics of industrial structure in various stages of economic and social development, as well as the correlation between industrial structure changes and the process of residents' wealth accumulation. At the same time, it horizontally combines the common laws of major developed countries in the economic development process, providing a basis for us to plan ahead with the development of new energy industries for wealth creation.

Information link:

https://www.163.com/dy/article/I8TLKULN0530HI7R.html

Picture of JPMorgan Chase Establishing a Wealth Management Department for the Super Rich JPMorgan Chase 

(JPM. US) was founded before the COVID-19, led by Andy Cohen, a senior figure of JPMorgan Chase and executive chairman of JPMorgan Chase Global Wealth Management, currently has about 36 employees in the United States, Asia and Europe, and works closely with the investment bank and private bank of JPMorgan Chase headquartered in New York. According to Cohen, JPMorgan Chase has quietly established a global division that focuses on approximately 700 households with assets worth over $4.5 trillion, catering to the needs of the super rich and their investment companies. The company hopes to expand its services to the global super rich.

Information link:

https://www.jpmorgan.com/global

Macau Promulgates the "Talent Introduction System" Bill

On July 1st, the "Talent Introduction System" bill in Macau officially came into effect, marking the first time Macau has promulgated a talent related system in legal form. The Talent Development Committee of the Macau Special Administrative Region Government stated that the introduced talents and their family members will enjoy the same rights and social benefits as Macau residents, including a low tax system, 15 years of free education, medical care, and social security. Holding a Macau Special Administrative Region passport will enjoy visa free or landing visa treatment in over 140 countries and regions. Meanwhile, research and development talents can apply for research funding from the SAR government. The bill also provides clear regulations for introducing talents to enjoy tax incentives.

Information link:

https://www.sohu.com/a/693969300_99902635

 

Development Research Center of the State Council: Study and issue legacy tax as soon as possible

On July 2, Li Jianwei, head of the Social and Cultural Development Research Department of the Development Research Center of the State Council, suggested in an interview that the legacy tax should be studied and introduced as soon as possible to weaken the polarization of wealth. Li Jianwei stated that in the development of urban and rural economy, the first step is to solve the income problem of rural residents, in order to narrow the urban-rural gap, which is the most core. In addition, it is necessary to study and introduce a legacy tax as soon as possible to weaken the trend of wealth polarization and the negative impact of intergenerational inheritance on the wealth income gap of residents.

Information link:

https://www.guancha.cn/economy/2023_07_04_699416.shtml

Musk Announces the Establishment of Artificial Intelligence Company xAI

On July 12, 2023, Elon Musk announced the establishment of an artificial intelligence company called xAI, which aims to understand the true nature of the universe. The new company is led by Musk himself, and its team members include multiple senior individuals from DeepMind, OpenAI, Google, Microsoft, Tesla, and the University of Toronto. According to statistics, Musk currently manages six companies, including Tesla, SpaceX, Twitter, Neuralink, Boring Company, and xAI.

Information link:

https://fortune.com/2023/07/12/elon-musk-ai-startup-xai-deepmind-microsoft-executives/

The European Commission formulates the Metaverse Plan

It is reported that the European Commission has formulated a metauniverse plan to take the lead in the Metaverse (a shared virtual world accessible via the Internet) and prevent large technology companies from dominating this emerging field. The plan includes bringing together creators, media companies and others, creating an industry ecosystem, and establishing a regulatory sandbox to help companies test the Metaverse, launch skills development plans and virtual public services. We hope to ensure that Web 4.0 becomes an open, secure, trustworthy, fair, and inclusive digital environment for all, "said Margrethe Vestager, Vice President of the European Commission

Information link:

https://cn.bing.com/search?q=eu +Meta+universe&FORM=AWRE

ChatGPT launched the "Code Interpreter" function, which can be used to issue instructions in natural language

Recently, the Chatbot ChatGPT of OpenAI launched a new function: CodeInterpreter. This new function has been open to all Plus subscribers. It extends the functions of ChatGPT, and brings users a better interactive programming experience and powerful Data and information visualization function. With this feature, even if you are not a programmer, you only need to issue instructions to ChatGPT in natural language to complete tasks that require complex programming techniques, such as analyzing data, creating charts, editing files, and performing mathematical operations.

Information link:

https://openai.com/

IKEA launched "installment payment" service

Recently, IKEA IKEA App launched the "installment" service. For the convenience of customers, IKEA has also launched the "installment calculator". The 10 financial institutions that IKEA collaborates with have shown great sincerity, with installment rates generally below 10%.

Information link:

https://www.ikea.com/us/en/

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