Fintech Weekly | Issue 40

Collective, a financial management platform for freelancers, raises $50 million Freelancers often rely on different tools for payroll, bookkeeping, taxes, and accounting, which makes them need to invest a lot of time and energy in financial management. Collective provides an easy financial management platform for freelancers by providing a comprehensive solution that integrates functions such as payroll, bookkeeping, taxation and accounting. 

Information link: https://www.crowdfundinsider.com/2023/07/210179-fintech-firm-collective-raises-50m-to-establish-ai-powered-finance-platform-for-freelancers/

Comment: New funding brings Collective's total raised to $82 million. Co-founder and CEO Hooman Radfar said the new funding will be used for product development, market expansion, and expanding its workforce. The Collective currently employs 200 people and expects to grow by about 30% by June next year. 

 

C round of financing extended to 72 million US dollars, cross-border payment company Thunes received Visa investment Recently, cross-border payment company Thunes announced that it has received another US$12 million in Series C financing, with Visa, EDBI and Endeavor catalyst participating. Just a month ago, Thunes had just received $60 million in financing from London-based hedge fund Marshall WaceBessemer Venture Partners and Southeast Asian private equity firm 01Fintech. So far, the Singapore-based startup has raised a total of US$72 million in Series C funding. 

 

Information link: https://finance.yahoo.com/news/thunes-extends-series-c-funding-113200113.html#:~:text=Thunes%20already%20has%20an%20ongoing%20global%20partnership%20with,send-to-wallet%20capability%20to%2078%20digit al%20wallet%20providers%20globally. 

Comments: Currently, Thunes’ services cover 132 countries and support 80 currencies. It has reached cooperation with world-renowned Internet economy and financial technology companies such as Uber, Deliveroo, Grab, PayPal, and Revolut. 

 

Mexican payment management service platform mattilda raises $19 million Recently, Mexican technology startup mattilda announced that it has received US$19 million in Series A financing, led by GSV Ventures, with participation from Fintech Collective and Dila Capital. Founded in 2022, mattilda mainly provides "software as a service (SaaS)" solutions for collection management and payment processing for private schools in Latin America. It has raised a total of US$39 million.

Information link: https://fintechmagazine.com/articles/mexican-education-fintech-mattilda-raises-19m-in-funding Comments: In addition to funding, Mattilda has established several business alliances, including with Latin American academic content platform Santillana, which is poised to assist startups in their expansion plans. Artificial intelligence giant Character.

 

AI plans to raise funds again According to The Information, artificial intelligence giant Charater.AI plans to raise funds again and increase platform revenue through paid subscription services. Charater.AI was founded by former senior team members of Google's artificial intelligence project DeepMind, and announced earlier this year that it raised $150 million in a $1 billion round. Information link: https://dataconomy.com/2023/07/19/character-ai-app-overview/ Comment: Recently, there has been an unprecedented upsurge of artificial intelligence platforms in the market, including technology giant Meta and technology industry leader Elon Musk, who have successively announced the launch of artificial intelligence platforms to compete with industry forces such as Microsoft, OpenAI, and Antropic.

Insurance Technology Zendrive Collaborates with Audio Entertainment Platform

The mission of Zendrive, a mobile driving analysis platform in the United States, is to improve road safety through data analysis. Recently, they announced a partnership with Audio, an American audio entertainment application. Audio users can learn about the surrounding history, culture, and natural stories while driving. Zendrive's proprietary mobile risk intelligence technology can analyze users' driving behavior without their intervention.

Information link:

https://www.zendrive.com/blog/autio-upgrades-the-roadtrip

Comment: During the test drive, users can receive direct driving guidance feedback, which helps improve driving behavior and reduce car insurance premiums. After the test drive, eligible Austrio consumers will receive discounts offered by Zendrive's cooperative car insurance company, and have the opportunity to try out Austrio for free for one year.

Insurance Technology Send Technology Launches Generative AI Solutions

Insurance technology Send Technology Solutions announced the launch of a new product, Smart Submission. This product utilizes generative artificial intelligence technology to automate the submission process for underwriters, saving time and improving success rates. The purpose of Send is to utilize the most advanced technology to provide breakthrough solutions, thereby disrupting the insurance industry.

Information link:

https://send.technology/

Comment: Smart Submission products are renowned for their ability to quickly extract data from any format using data ingestion technology and generative artificial intelligence.

Ansheng collaborates with CoverGo to improve the speed of listing

AXA Hong Kong announced a partnership with Codeless Insurance SaaS platform service provider CoverGo to improve AXA's property insurance ecosystem in Hong Kong. Ansheng will leverage CoverGo's advanced technology and property insurance platform to accelerate product launch, improve consumer experience, and optimize operational efficiency.

Information link:

https://www.covergo.com/

Comment: CoverGo's scalable platform can be easily integrated into the existing system of AXA, laying a solid foundation for 

AXA's Digital transformation, improving the quality of products and services through the digital distribution platform, thus stabilizing its position as the No. 1 property insurance company in Hong Kong.

Singlife and Microsoft will collaborate to leverage generative AI to drive the development of ASEAN insurance technology startups

Singlife, headquartered in Singapore, has signed a memorandum of understanding with Microsoft to cultivate high potential insurance technology startups. Singlife is renowned for its digital first insurance approach and is the first financial services partner of Microsoft's startup program in the ASEAN region.

Information link:

https://singlife.com/en/about-u

Bank of America uses artificial intelligence and Metaverse to train new employees

Recently, Bank of America announced that it will use artificial intelligence, virtual reality and Metaverse to provide immersion training for its 2000 new employees. In the week-long training, Bank of America executives delivered keynote speeches and chaired group discussions on topics such as "diversity and inclusiveness" and "responsible growth" (the company's motto). But during break time, Bank of America encourages new employees to visit conference rooms equipped with dozens of virtual reality helmets. Using this technology, employees can see a 360 degree comprehensive view of the bank branch.

Information link:

https://www.mpaypass.com.cn/news/202307/14131029.html

International Monetary Fund and World Bank Group announce the date of 2022 annual meeting

The World Bank announced that the 2022 annual meeting of the International Monetary Fund (IMF) and the World Bank Group (WBG) is scheduled to be held face-to-face from October 10 to 16 at the headquarters of the International Monetary Fund and the World Bank Group in Washington, D.C. The main content of the annual meeting includes plenary meetings, Development Committee meetings, and International Monetary and Financial Committee meetings.

Information link:

https://www.worldbank.org/en/home

Bank of America may face stricter mortgage capital regulations

On July 18th, according to Bloomberg, US banking regulators will announce their plan to comprehensively revise capital rules next week. The latest draft includes requirements for residential mortgage loans by large lending institutions, which exceed international standards. These changes will be part of the US version of Basel III. Three insiders revealed that the Federal Reserve, the Federal Deposit Insurance Corporation, and the U.S. Office of the Comptroller of the Currency will announce the plan on July 27th.

Information link:

http://www.dyhjw.com/gold/20230718-31038.html

South Korea promotes open competition in the banking industry, allowing financial companies to apply for banking licenses for the first time

South Korea will allow new local financial institutions to enter the country's banking industry for the first time in 30 years, which means that competition in the banking industry, currently dominated by five major banks, will intensify. The South Korean Financial Services Commission announced on Wednesday that it will allow financial companies to apply for national commercial banking licenses. This is the first time South Korea has done so since 1992 and is also seen as paving the way for industry competition, which may help reduce consumer interest rate costs.

Information link:

https://www.nbd.com.cn/articles/2023-07-05/2903600.html

The World Bank has launched a new plan to increase loans to help countries cope with the challenge of climate change

The World Bank has announced the launch of a $5 billion loan guarantee program that allows Bank shareholders to repay loans to countries facing debt default issues. According to World Bank documents, this guarantee program can increase available funds by $30 billion over the next decade, providing more loans to developing countries to support girls' education and address climate change, while maintaining its "AAA" credit rating and "fully utilizing every dollar".

Information link:

https://www.nbd.com.cn/articles/2023-07-19/2923414.html

Institutional survey shows that investors in the Asia Pacific region hold a positive attitude towards sustainable investment

According to the survey released by Fidelity International, more than half of investors in the Asia Pacific region pay more attention to ESG related issues, and only 7% of respondents believe that it is not important for investors to take responsible investment or sustainable investment behavior. The report surveyed over 12000 respondents in six Asia Pacific markets, including mainland China, Hong Kong, Taiwan, Singapore, Japan, and Australia. The results showed that the three major ESG issues they were most concerned about were climate change (38%), sustainable lifestyles/responsible consumption and production (34%), and cybersecurity (33%). 67% of mainland Chinese respondents said they want to bring about positive changes, and 65% are aware of the importance of a more sustainable lifestyle.

Information link:

http://news.10jqka.com.cn/20230719/c649014517.shtml

British City Hall Calls for Prohibition of Disposable Electronic cigarette Due to Environmental and Health Problems

According to Reuters on July 15, the town halls of England and Wales and Wales have jointly appealed to the British government to ban the sale of disposable Electronic cigarette by 2024. Their call is based on two key factors: environmental concerns and potential health risks. The Local Government Association (LGA) representing these regions emphasized the urgency of quickly implementing the ban.

Information link:

Www.vapenews.com/details/7oUbEg_ YL.html

The first ESG group standard for the financial leasing industry in China has been officially released

On July 14th, the group standard "Environmental, Social, and Governance (ESG) Reporting Guidelines for Financial Leasing Enterprises" was jointly prepared by the Leasing Industry Working Committee of the China Association of Foreign Investment Enterprises, China Standardization Research Institute, China Chengxin Green Gold and other industry institutions, and 59 financial leasing and financing leasing enterprises including China Construction Investment Leasing

Information link:

Www.sohu. com/a/700140012_ one hundred and twenty-one million one hundred and twenty-three thousand nine hundred and fifteen

The Financial Stability Board issues the final report on the international regulatory framework for encryption

Recently, the Financial Stability Board (FSB) released the final report on the international regulatory framework for encryption, which contains two aspects of recommendations: high-level recommendations on the regulation, supervision and supervision of encryption asset activities and markets; Revised the high-level recommendations on the regulation, supervision and oversight of the "Global Stablecoin" arrangement.

Information link:

https://www.fsbnh.bank

Vice Chairman of the Federal Reserve: AI may amplify biases and errors in loan decisions

On July 18, 2023, Michael Barr, Vice Chairman of the Federal Reserve for Regulation, stated that the central bank is conducting regulatory work around artificial intelligence. He added that if it can be safely used, the technology may have a positive impact on obtaining loans. Barr also stated that AI can use data "on a large scale and at a low cost" to extend credit to people who were originally unable to obtain credit. “

Information link:

http://cncc.bingj.com/cache.aspx?q=%ef%bc%88Michael +Barr% ef% bc% 89&d=4896232754840344&mkt=en US&setlang=en US&w=9-f73BmfWS2yjM2C0308RdB8A7vFPEFf

South Korea: eight institutions approved to launch MyData Big data services

On July 19, 2023, the Korea Financial Services Commission (FSC) held a regular meeting to approve eight institutions including BC Card, Samsung SDS, Samsung Card, Shinhan Bank, Shinhan Card, LG CNS, Coocon and Statistics Korea to provide MyData Big data services. When data professionals develop new business strategies or services and evaluate the appropriateness of pseudonymized data, they provide data fusion services on behalf of the enterprise.

Information link:

https://www.samsungsds.com/us/company/overview/about_comp_over.html

CFTC will hold a meeting to discuss topics such as responsible AI applications and DeFi in the field of financial services

On July 14, 2023, the Technical Advisory Committee (TAC) of the Commodity Futures Trading Commission (CFTC) announced that the institution would hold a special meeting on July 18 to discuss some recent hot topics, including the responsible use of artificial intelligence (AI) in regulated financial services, decentralized finance (DeFi) and financial market network flexibility.

Information link:

https://www.cftc.gov/PressRoom/PressReleases/8670-23

Singapore's Home Office Project 13O Threshold Raised to 100 Million RMB, Strictly Controlling Anti Money Laundering

Starting from July 5th, the Monetary Authority of Singapore has raised the threshold for Singapore's home office 13O to S $20 million (approximately 100 million RMB) and provided two professional investors, at least one of whom cannot be a family member. It has also added requirements for business expenses and asset investment strategies, further enhancing qualification requirements.

Information link:

https://www.sohu.com/a/696496806_99953780

Personal pension funds increased to 151 at the end of the second quarter

The China Securities Regulatory Commission updated the "List of Personal Pension Funds" on July 14th. Since the beginning of this year, personal pension funds have continued to expand, and in the second quarter, a total of 8 pension target funds under 6 fund managers were newly included in the list. The personal pension system was officially launched in November 2022. At present, personal pension products include Savings account, bank financing, insurance and public funds.

Information link:

https://fund.jrj.com.cn/2023/07/15210237695316.shtml

The Central Bank issued the Measures for the Administration of the Deposit account of the Central Bank

The People's Bank of China formulated and issued the Measures for the Administration of the Deposit account of the Central Bank (hereinafter referred to as the Measures), which will come into force on August 15, 2023. The Measures consists of six chapters and 43 articles, which unify the classification, account opening conditions and evaluation criteria of the central bank's Deposit account, and improve the predictability and convenience of obtaining the central bank's account services; Clarified the management requirements for the opening, change, cancellation and use of the central bank's Deposit account, and implemented the full life cycle management of the account.

Information link:

https://finance.sina.com.cn/wm/2023-07-07/doc-imyzwint4369070.shtml

Hong Kong Insurance Cross border Renewal Claims Trial Launch in Shenzhen

Shenzhen issued the Notice on Implementing the Implementation Plan of Financial Support for Qianhai to Comprehensively Deepen Reform and Opening up, which proposed 115 specific measures, including expanding the opening of the banking, securities and insurance industries, accelerating the establishment and operation of the Guangdong–Hong Kong–Macao Greater Bay Area Insurance Service Center in the Qianhai Cooperation Zone, and orderly promoting cross-border transactions of insurance and other financial products.

Information link:

https://www.sohu.com/a/697187167_120528939

Apple is building a big language model and has developed the Chatbot "Apple GPT"

According to sources quoted by Bloomberg, Apple has established its own framework to create a big language model, using the infrastructure called "Ajax", and has also developed a Chatbot service, which some engineers call "Apple GPT".

Information link:

Www.imore. com/apple gpt is the companies answer to chat and it could drive ne

CEO of the three major chip giants in the United States lobbies Biden to abandon new export restrictions to China

Bloomberg reported on the 15th that the CEOs of the three major US chip giants will travel to Washington this week to hold talks with US government officials and lawmakers, lobbying Biden to abandon new restrictions on chip exports to China, citing insiders.

Information link:

News.cctv.com/2023/07/15/ARTIChrZSulcoBXJbMgRozfV230715.shtml

CEO of Stability AI: AI will become the largest foam ever

Last week, Emad Mostaque, CEO of Stability AI, a startup affiliated to the image Generative model Stable Diffusion, said on the conference call that AI will be one of the biggest investment themes in the next few years, containing investment opportunities worth $1 trillion, and AI will be the largest foam ever. He added that artificial intelligence is currently in the "early stages" of development and is not yet ready for large-scale deployment in industries such as banking.

Information link:

Obse rverhttps://observer.com/2023/07/stability-ai-cofounder-shares

The Revolut vulnerability on the UK financial platform has been exploited, resulting in the theft of nearly 20 million yuan of funds

According to multiple insiders, Revolut, a well-known financial technology company in the UK, suffered a loophole in its US payment system last year. Cybercriminals stole over $20 million (approximately RMB 144 million) of the company's funds within a few months. The vulnerability stems from differences in payment systems in Europe and America. When certain transactions are rejected, Revolut will mistakenly refund the account and hand over its funds to the account owner.

Information link:

https://thehackernews.com/2023/07/hackers-steal-20-million-by-exploiting.html

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.