Fintech Weekly | Issue 41

Promoting Artificial Intelligence Innovation, Wealth Management Platform Tifin Received Investment from JPMorgan Chase

Tifin is an enterprise group that operates numerous fintech businesses in the wealth management industry. Recently, global banking giant JPMorgan announced an investment in a new artificial intelligence centric company under Tifin.

Information link:

https://tifin.com/

Comment: This organization named Tifin.AI is based on Tifin Studios and will focus on AI innovation in investment advisory, Alternative investment, innovative insurance products and other fields in the future. Tifin stated that its institutional template can be used for repeated innovation, which can improve the efficiency of enterprise development and the speed of going public.

Salary prepayment platform Immediate received $16 million in financing

Recently, the salary prepayment platform Immediate announced that it has received $16 million in financing support. This financing is led by Castle Creek Launchpad, a joint fund managed by Castle Creek Capital and Launchpad Capital, primarily investing in fintech companies that innovate financial services through partnerships with regulated financial institutions.

Information link:

https://finance.yahoo.com/news/immediate-closes-16-million-round-125800901.html

Comment: Immediate was established five years ago and is committed to providing liquidity support for users and employees facing unforeseen expenses, allowing them to receive their monthly salary in advance without waiting for the payday. Immediate stated that in the current economic situation, employees are facing increasing financial challenges, which have also created momentum for the company's development.

Dutch emerging bank Bunq raised 44.5 million euros with a valuation of 1.65 billion euros

Recently, Bunq, a Dutch emerging banking platform, announced a financing of 44.5 million euros, with participation from Bunq CEO Ali Nickman, Chief Information Officer Raymond Kasiman, and Pollen Street Capital. After this financing, the total financing amount of Bunq this year has approached 100 million euros, and the platform valuation remains unchanged at 1.65 billion euros.

Information link:

https://www.finextra.com/newsarticle/42683/bunq-raises-445m

Comment: Currently, the platform has over 9 million registered users in Europe and will continue to expand its international market space in the future. It is reported that Bunq has submitted a banking license application in New York in April 2023 and hopes to promote its services to the United States.

Artificial intelligence giant Contract oversees compliance start-up OneTrust, receiving $150 million in financing

On July 25, 2023, Atlanta based regulatory compliance startup OneTrust announced a $150 million financing, led by Generation Investment Management, with Sands Capital, TCV, Insight Partners, and Coat participating. OneTrust was established in 2016, coinciding with regulatory regulations such as the European Union's General Data Regulation and the California Consumer Privacy Act. The regulatory compliance industry saw the emergence of many related startups, including One Trust, TrustArc, and BigID.

Information link:

https://techcrunch.com/2020/12/21/onetrust-nabs-300m-series-c-on-5-1b-valuation-to-expand-privacy-platform/

Comment: OneTrust primarily helps user businesses manage privacy, security, and governance requirements in a constantly changing regulatory environment. Currently, the platform is valued at $4.5 billion, a decrease from the $5.1 billion valuation after the 2021 C-round financing.

Nationwide Launches Pet Health Zone

Nationwide is launching Pet HealthZone, a new information website that utilizes over 40 years of national claim data from millions of pets to provide in-depth information about specific health risks for pets. This website provides insights on pet age and breed, interesting facts, and expert advice on how to best take care of pets.

Information link:

https://www.nationwide.com/ 

Comment: "By relying on data-driven insights provided nationwide, we can help pet owners understand the potential for health issues with their pet and facilitate important conversations with their veterinary medical team." - Dr. Jules Benson, Vice President and Chief Veterinary Officer, Nationwide Pet Health.

Insurance technology company Trigger launches home insurance

Eggle, a subsidiary of American insurance company Farmers, has launched homeowner insurance products in Arizona, Illinois, and Oregon, underwritten by Eggle Insurance. Toggle was founded in 2018 and is a D2C insurance technology company that provides rental insurance products. It began launching car insurance products in 2021.

Information link:

https://toggl.com/

Comment: Their clients include Toyota Motors, which is assisted by Trigger in launching car insurance products in 12 states. During the period from June 2022 to May 2023, the monthly traffic to the Toggle website reached 160000 people.

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://cn.technode.com/post/2022-05-11/covergo-a/

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.

Overview of QBE Insurance Group's Performance Expectations for the First Half of the Year

QBE Insurance Group has released its performance forecast for the first half of 2023. The series of North American convective storms that occurred in the second half of June has put additional pressure on disaster costs beyond previously outlined, "said the global insurance company." QBE currently estimates a net disaster cost of approximately $700 million in the first half of 2023.

Information link:

https://www.qbe.com/us

Comment: The Australian company added: "It is expected that the performance in the first half of 2023 will include the negative net impact of asset liability management activities of about $30 million, which means that the rise in the Risk-free rate of core fixed income assets will bring about about $200 million, partially offset by the impact of about $170 million in favorable claims liabilities."

Saudi Central Bank and Hong Kong Monetary Authority strengthen financial cooperation

The Special Central Bank and the HKMA discussed a number of cooperation plans, mainly involving four major areas: financial infrastructure development, Open market operation, market interconnection between the two places, and sustainable development

Information link:

https://www.hkma.gov.hk/gb_chi/news-and-media/press-releases/2023/07/20230727-7/

Nigeria will modify the eNaira model to promote CBDC application

On July 26, 2023, Folashodun Adebisi Shonubi, Acting President of Bank of Nigeria (CBN), tweeted that the Bank of Nigeria will make model modifications to its central bank digital currency, eNaira, to promote an increase in the total number and usage of wallet holders. According to the news from foreign media such as CoinDesk, the new version of eNaira may allow Contactless payment.

Information link:

https://www.cbn.gov.ng/currency/enaira.asp 

Bank of India opens three branches dedicated to serving domestic startups

Recently, Bank of India announced the opening of three branches dedicated to serving start-up companies in the country. It is reported that these three branches are located in Bangalore, Mumbai, and New Delhi, and each branch will be equipped with a dedicated startup customer relationship manager.

Information link:

https://bankofindia.co.in/

Three top regulatory agencies in the United States may raise capital requirements for large banks significantly

On Thursday (July 27th) Eastern Time, the highest banking regulatory authority in the United States announced its most comprehensive capital reform plan in years, requiring large banks to increase their capital to cope with potential unexpected losses. And this measure has been criticized by industry insiders as' foolish behavior '.

Information link:

https://usstock.jrj.com.cn/2023/07/28033137722201.shtml

The Singapore Sustainable Development Report Advisory Committee proposes to mandate listed and large non listed companies to submit climate reports

In July 2023, the Accounting and Corporate Regulatory Authority of Singapore (ACRA) and the Singapore Exchange Regulatory Corporation (SGX RegCo) launched a public consultation on the recommendations made by the Sustainable Development Report Advisory Committee (SRAC) to promote Singapore's climate report.

Information link:

https://www.acra.gov.sg/accountancy/sustainability-reporting/sustainability-reporting-advisory-committee

The US Environmental Protection Agency announced $20 billion in funding support for clean technology projects

According to Reuters on July 14th, the US Environmental Protection Agency (EPA) has launched two competitive grant programs aimed at funding clean energy projects in winter areas across the country, especially in low-income communities. These two grant competitions will provide a total of $20 billion in funding, of which $14 billion will be used to support cooperation between two to three national clean finance institutions and the private sector, providing financing for tens of thousands of clean technology projects across the country.

Information link:

https://lpi.oregonstate.edu/mic/other-nutrients/essential-fatty-acids#: ~: text=Humans% 20can% 20synthesize% 20long chain% 20% 2820% 20cars% 20or% 20more% 29,% 28DHA% 3B% 2022% 3A6n-3% 29% 2C% 20from% 20ALA% 20% 28see% 20Metabolism% 20and% 20Bioavailability% 29

The European Investment Bank has committed to provide 800 million euros of financing for climate projects in Argentina, Brazil and Chile

The European Investment Bank (EIB) has committed 800 million euros (about 896 million dollars) to Argentina, Brazil and Chile for a series of projects aimed at tackling climate change. The financing plan will provide a loan of 200 million euros to the National Bank of Chile to fund the development of new and more energy-efficient housing units, as well as 100 million euros to support Chile's renewable hydrogen manufacturing industry.

Information link:

https://www.eib.org/en/about/procurement/calls/all/ir-896.htm

ESCWA and the Government of Sweden launched a platform for biodiversity conservation

The biodiversity of the Arab region is under pressure due to water scarcity, land degradation, desertification, and climate change. Despite the diversity of ecosystems in the region, including deserts, mountains, coastal areas, wetlands, and forests, public investment in nature conservation and restoration is still limited. In this reality, the United Nations United Nations Economic and Social Commission for Western Asia (ESCWA) and the Government of Sweden launched a multi stakeholder platform to protect biodiversity in the Arab region at the launch meeting held at the United Nations House in Beirut on July 12 and 13.

Information link:

https://www.unescwa.org/

US State Department officials: Developing AI management standards should be agreed with all major AI countries such as China

According to a report by Russian satellite news agency on July 27th, Seth Center, Deputy Special Envoy of the Office of the United States State Department's Key and Emerging Technologies Special Envoy, recently stated that China is a leading country in artificial intelligence, and therefore should reach agreement with all major artificial intelligence countries, including China, in formulating various management standards for artificial intelligence.

Information link:

https://www.thenationalnews.com/world/us-news/2023/01/03/us-state-department-looks-to-bolster-tech-diplomacy/

The US Securities Regulatory Commission Releases New Regulations on Information Disclosure of Cybersecurity Incidents

On July 26, 2023, the U.S. Securities and Exchange Commission (SEC) issued new regulations, requiring registrars to disclose major cyber security events they have experienced, and to disclose major information about their cyber security risk management, strategy and governance every year. In addition, the SEC has also passed rules requiring foreign private issuers to make similar disclosures.

Information link:

https://www.sec.gov/

The Monetary Authority of Singapore will support online designation of insurance beneficiaries

On July 26, 2023, the Monetary Authority of Singapore (MAS) announced that it would allow policy holders to select their insurance beneficiaries online in accordance with the revised version of the Insurance (Beneficiary Designation) Ordinance (2009), effective from January 2, 2024. Currently, designated insurance beneficiaries need to witness on-site and submit physical printed documents.

Information link:

https://www.mas.gov.sg/statistics/exchange-rates

South Korea plans to open up the emerging financial product "securities token" market next year

According to reports, "securities based tokens" based on blockchain technology have broad prospects as an emerging field in the financial industry. Citibank predicts that the global token securities market size will expand from the current 20-30 trillion won to 5200-6500 trillion won by 2030.

Information link:

http://kr.mofcom.gov.cn/article/jmxw/202307/20230703423439.shtml

“Global Wealth and High end Life Report "released

Recently, the fourth issue of the Global Wealth and High end Life Report was released by Baer Sheng. According to the report, the Cost of living of global consumers has increased in the past 12 months as prices continue to rise. According to the Swiss Baosheng High end Living Index, prices have increased by an average of 6% in US dollars and 13% in local currency terms, reflecting the sustained high global inflation rate and the rising costs of raw materials, energy, fuel, and labor.

Information link:

https://finance.sina.com.cn/jjxw/2022-06-17/doc-imizmscu7197752.shtml

China CITIC Bank Digital Human Wealth Advisor Appears at the World AI Conference

The 2023 World Artificial Intelligence Conference (WAIC) will be held in Shanghai from July 6th to 8th. During this period, CITIC Group held the "Smart CITIC Joint Innovation Possibility" AI+Industry Finance Collaborative Development Forum, inviting government leaders, Chinese and foreign academicians, industry and financial experts to better promote industry finance collaborative development around cutting-edge artificial intelligence technologies, share the latest viewpoints and research results, and contribute wisdom to the innovation of key artificial intelligence technologies, industrial applications, and industry investment and financing, helping to build a digital China.

Information link:

http://www.news.cn/money/20230707/11a71946958041f2a4986e1c2336f42f/c.html

Boston Consulting: AI has been widely applied in wealth management, and there is still a long way to go before it can completely replace manual labor

Recently, WeBank and Boston Consulting (BCG) jointly released the "China Digital Wealth Management Market 2022" (hereinafter referred to as the report). The report points out that there are four major factors in the development of China's digital wealth management market, including intergenerational changes, the impact of the epidemic, technology empowerment, and regulatory guidance.

Information link:

https://fund.eastmoney.com/a/202212112584656042.html

Shandong Guoxin's First "FGT+Listed Company Stock" Family Trust

Recently, Shandong Guoxin launched its first "FGT (Foreign Grantor Trust)+Listed Company Stock" family trust in the industry, achieving significant innovation in trust structure and property delivery. The implementation of this business marks a new breakthrough in the family trust field for Shandong Guoxin. As of the end of June, the scale of family trusts managed by Shandong Trust was 34.702 billion yuan, a year-on-year increase of 46.29%.

Information link:

http://stock.10jqka.com.cn/20230718/c648957804.shtml

Softbank's involvement in AI warehousing: establishing a joint venture with American warehouse robot manufacturers

On July 24, 2023, SoftBank Group of Japan announced that it would establish a joint venture with Symbolic, an American warehousing supply chain service provider, to operate the warehousing business based on AI technology. In addition, SoftBank Group would also increase its stake in this joint venture partner.

Information link:

https://finance.sina.com.cn/stock/usstock/c/2023-07-24/doc-imzcuyrp8763932.shtml

Musk renamed Twitter as X and added payment and banking functions

On July 24th local time, Twitter launched a new logo, name, and domain name. Users can log in using the new domain name "x.com", and the original "Little Blue Bird" logo has become history. Subsequently, Musk posted an explanation of why he changed Twitter's name to "X". Musk stated that this move is aimed at reshaping the business into a broad communication and financial trading platform. "In the coming months, we will increase our ability to comprehensively communicate and manage your entire financial world.

Information link:

https://usstock.jrj.com.cn/2023/07/25232037716333.shtml

The Financial Conduct Authority is considering revising the social media guide

On July 17, 2023, the Financial Conduct Authority (FCA) plans to further crack down on illegal and non compliant financial promotions. The proposal for a new social media guide will modernize the information companies should use when promoting financial products or services online. The FCA is consulting on expanding its guidance to reflect the current use of social media to promote financial services and products.

Information link:

https://finance.stockstar.com/IG2023072500011357.shtml

US Commodity Futures Trading Commission Meets to Discuss Voluntary Carbon Market Issues

On July 19, 2023, the Commodity Futures Trading Commission held a seminar at the CFTC headquarters in Washington, D.C., to discuss issues such as the voluntary carbon market, including the current trends and development of Carbon credit cash and derivatives markets; Public sector initiatives related to the carbon market; Recent private sector initiatives on high-quality Carbon credit; And the views of market participants on how CFTC promotes the integrity of high-quality Carbon credit derivatives.

Information link:

https://finance.stockstar.com/IG2022051800000608.shtml

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.a