Fintech Weekly | Issue 44

Treehouse, a charging station service company, raised $10 million in financing

Treehouse is a startup company that provides home electric vehicle charging and installation services. This Detroit based startup was established in 2021 and allows electric vehicle owners to receive an evaluation of installing an electric vehicle charger within "two minutes". If the car owner has not yet purchased a charger, Treehouse can also recommend and provide a charger.

Information link:

https://www.crainsdetroit.com/technology/treehouse-home-ev-charging-startup-raises-10m

Comment: In addition to providing quotes on its website, Treehouse also collaborates with partners to provide quotes at sales points in automotive retail stores and when applying for automotive financing.

OpenAI acquires Global Illumination, an AI infrastructure service provider

On August 16, 2023, OpenAI announced the acquisition of Global Illumination, an artificial intelligence creative tool, infrastructure, and digital experience development platform. The latter team will be included in OpenAI and engaged in the research and development of its core product ChatGPT.

Information link:

https://openai.com/blog/openai-acquires-global-illumination

Comment: Global Illumination was established in 2021 and its founding team previously worked on Instagram. It is reported that this is also the first time OpenAI has completed an external acquisition. In the autumn of 2022, the launch of ChatGPT pushed the development of generative artificial intelligence to a climax, and OpenAI received $10 billion in investment from technology giant Microsoft as a result.

Persefoni, a US climate technology startup, received $50 million in C-round financing

Recently, Persefoni, a US climate technology startup, announced a $50 million C-round financing, led by TPG Rise, and participated by multiple institutions such as Alumni Ventures and Bain&Co. Persefoni is headquartered in Arizona and primarily provides climate management and accounting platform services for financial institutions and businesses.

Information link:

https://www.verdantix.com/insights/blogs/persefoni-raises-50-million-dollars-series-c-1-funding-and-doubles-down-on-ai

Comment: The company stated that it will use the latest round of financing to launch the artificial intelligence tool PersefoniGPT, which will align the capabilities of generative artificial intelligence with environmental, social, and governance

FDIC Releases 2023 Risk Assessment Report, Adding Section on Stable Currency Risk

Recently, the Federal Deposit Insurance Corporation (FDIC) of the United States released a risk assessment report for 2023, comprehensively examining the main developments and risks faced by banks. A new section focused on crypto asset risk was added, and the FDIC listed the "volatility" of crypto assets as one of its top concerns, pointing out that it is difficult to assess the impact of crypto assets on the financial system.

Information link:

https://www.fdic.com/

Comment: In response to the bankruptcy events of Silvergate and Signature Bank, the FDIC criticized that "the interconnectivity between participants in the crypto asset market may bring concentration risk to all relevant banks".

Cross border payment company Payoneer acquires insurance technology startup Spott

Payoneer, a cross-border payment company, has acquired Spott, an Israeli insurance startup. As part of the transaction, Spott's co founder, CEO Amit Batzir, and CTO Roma Bronstein will join Payoneer's technical team, which is also located in Israel.

Information link:

https://www.nasdaq.com/press-release/payoneer-adds-capabilities-with-acquisition-of-data-platform-spott-2023-08-03

Comment: Spott was founded in 2022 and has launched pay as you go insurance. This means that people selling things online only pay for insurance based on how much they have sold. It raised over $8 million and established partnerships with Hartford and Next Insurance.

Zurich Insurance Announces TikTok Strategy to Attract Generation Z

Zurich Insurance is launching a new TikTok strategy aimed at making it easier for Generation Z to understand insurance concepts. They have launched the character "El Suizo de Zurich", which uses real-life examples to briefly explain the differences in insurance, with a focus on advice, protection, and humor. The content will incorporate popular TikTok trends, music, and emoticons to attract users.

Information link:

https://zhuanlan.zhihu.com/p/471273978 

Comment: This measure not only unveils the mystery of insurance, but also provides users with a platform to share concerns and feedback, enabling Zurich to improve its products.

Wefox Announces New Strategy

German insurance startup Wefox is discussing the launch of various insurance products and the development of risk prevention technologies.

Now, according to multiple German media reports, Wefox has a new plan - to shrink its underwriter activities while expanding its brokerage business.

Information link:

https://www.wefox.com/en-de 

Comment: As part of the new strategy, Wefox will limit its underwriter share and focus on niche insurance, such as sick leave insurance in Switzerland and electric bicycle insurance in Germany. The startup company stated that it will also launch car insurance in selected countries. The existing property insurance policy will no longer be renewed.

MasterCard Launches Central Bank Digital Currency (CBDC) Partner Program

According to data from the Bank for International Settlements, many central bank institutions are currently engaged in some form of central bank digital currency (CBDC) research and development, and there are currently four retail versions in use. In 2020, MasterCard established a virtual testing platform to assist central banks in evaluating and exploring national digital currencies, and has collaborated with several central banks on pilot projects.

Information link:

https://www.120btc.com/zixun/qukuai/381281390.html

Multiple institutions such as Microsoft and Visa will participate in the Brazilian Central Bank's digital currency testing

Recently, the Brazilian central bank announced that its central bank digital currency Drex will be officially launched in 2024. At present, the Brazilian central bank is preparing to carry out the first phase of pilot testing. This stage will test privacy and programmable functionality by implementing a specific use case - the Delivery and Payment (DvP) protocol for federal government bonds between different institutional clients.

Information link:

https://www.ithome.com/0/695/412.htm

The Bank of India plans to add artificial intelligence functionality to the UPI real-time payment system

Recently, the Reserve Bank of India announced a series of financial technology development measures, including adding artificial intelligence driven "conversational" payment functions to the country's UPI real-time payment system. It is reported that the service will be available to the public through smartphones and mobile based UPI channels, while also providing Hindi and English versions.

Information link:

https://www.mpaypass.com.cn/news/202308/17150425.html

Bank of Canada paper raises doubts about the value of central bank digital currency

A discussion paper recently released by the Bank of Canada questioned the effectiveness of the Central Bank's Digital Currency (CBDC) in addressing unmet payment needs in a cashless environment. In the past few years, the Bank of Canada has been studying a digital currency and what design features would be relevant to citizens with different payment needs and situations. In a new paper, Canadian bank staff pointed out that most Canadians do not encounter problems when using a range of payment methods, and almost all (98%) of Canadian adults have bank accounts.

Information link:

https://www.weiyangx.com/427835.html

The United Arab Emirates plans to establish a national carbon credit system based on blockchain technology

Recently, the Ministry of Climate Change and Environment of the United Arab Emirates, Industrial Innovation Group LLC, and Venom Foundation jointly signed a memorandum of understanding, planning to collaborate to establish the world's first national carbon credit system using blockchain technology.

Information link:

https://wam.ae/en/details/1395303184757

TNFD Releases Global Natural Data Report

Recently, the Task Force on Nature related Financial Disclosures (TNFD) released a global natural data report aimed at studying the collection, construction, and use of natural data and related infrastructure in sustainable development.

Information link:

https://www.iasplus.com/en/news/2021/06/tfnd#: ~: text=The% 20Taskforce% 20on% 20Na% C2% ADture re% C2% ADlate% 20Financial% 20Dis% C2% ADclo% C2% ADsupplies% 20% 28TNFD% 29% 20is, complete% 20picture% 20of% 20their% 20en% C2% ADvi% C2% ADron% C2% ADmen% C2% ADtotal% 20risks% 20and% 20op% C2% ADpor% C2% ADtu% C2% ADni% C2% ADties

The world's first low-carbon cruise ship launches its maiden voyage

On August 14th, the Silver Nova, a luxury cruise ship brand under the Royal Caribbean Group, launched its maiden voyage in Venice, Italy. It is reported that this cruise ship is the 12th of the Silver Sea cruise ships and the first cruise ship in its new Nova series. The most unique feature of this luxury cruise ship is that it is the world's first cruise ship to achieve zero port emissions using new energy, and its departure signifies that a low-carbon trend is prevailing in the cruise industry.

Information link:

https://www.21jingji.com/article/20230815/herald/51f82189d1ab3a2322170bcd72f9fd22.html

S&P removes ESG metrics from credit rating reports

Recently, credit rating agency S&P Global Ratings announced that it will stop using ESG credit metrics in credit rating reports. The ESG credit indicator has been launched since 2021, originally aimed at summarizing the correlation between ESG factors and their credit analysis for investors, with a score of 1-5

The Canadian government solicits opinions on the voluntary code of conduct for generative artificial intelligence

According to VentureBeat, citing the National Mail, the Canadian government plans to seek public opinion on developing a "voluntary code of conduct" for artificial intelligence companies. It is reported that the voluntary code of conduct for generative artificial intelligence systems will be developed through the Canadian Department of Innovation, Science, and Economic Development (ISED), aiming to ensure that participating companies adopt security measures, testing protocols, and disclosure practices.

Information link:

https://www.chinaz.com/2023/0817/1552002.shtml 

Dubai plans to issue AI and Web3 business licenses

According to reports, Dubai plans to issue business licenses to companies engaged in artificial intelligence and Web3 businesses to help related enterprises carry out business and promote the entire industry to attract more investment. It is reported that the license will be issued by AI and Web3.0 Campus of Dubai International Financial Center (DIFC), with a focus on companies providing distributed ledger technology services, professional artificial intelligence research and consulting, IT infrastructure builders, technology research and development, and public network services.

Information link:

https://news.cnyes.com/news/id/5289581

Hana Finance collaborates with South Korean financial institutions to cultivate young digital experts

On August 13, 2023, Hana Financial Group and the South Korean Financial Supervisory Authority (FSS) jointly announced that the first phase of the Hana Digital Power On project had successfully ended last month, and the two sides continued to jointly organize the second phase of the project to cultivate young employees proficient in digital technology in South Korea and meet the needs of various sectors of South Korean society for digital capabilities.

Information link:

https://hanafn.com/ir_ebook/2021/main/main.html

Promote the development of fintech, establish a £ 1 billion special fund in the UK

The Kalifa Review released in 2021 pointed out that the development of the UK fintech industry faces a funding gap of £ 2 billion. Recently, with the support of institutions such as Barclays, London Stock Exchange Group, MasterCard, NatWest, and Peel Hunt, a brand new UK Fintech Growth Fund was officially established. The fund has a total size of £ 1 billion and is mainly aimed at growing UK fintech companies from the B-round to pre IPO stage. It is expected to make four to eight investments annually, ranging from £ 10 million to £ 100 million, and will only make minority equity investments in stocks and stock related securities.

Information link:

https://thenextweb.com/news/so-you-received-the-bitcoin-masturbation-vid-emai

The minutes of the July meeting of the Federal Open Market Committee indicate that the Federal Reserve may further raise interest rates in the future

The July meeting minutes of the Federal Open Market Committee (FOMC) in the United States indicate that the Federal Reserve may further raise interest rates in the future, with its core focus on how to strike a balance between curbing inflation and ensuring economic stability. The meeting minutes also showed that in a survey of major traders and market participants in July, respondents believed that the likelihood of the US economy falling into recession by the end of 2024 was high.

Information link:

https://www.federalreserve.gov/monetarypolicy/fomc.htm

UBS&Credit Suisse Releases 2023 Global Wealth Report

On August 15th, Credit Suisse and UBS jointly released their 14th Global Wealth Report. The report shows that in current nominal US dollars, as of the end of 2022, private net wealth has decreased by $11.3 trillion (– 2.4%), totaling $454.4 trillion.

Information link:

https://www.ubs.com/global/sc/media/display-page-ndp/sc-20230815-global-wealth-report.html

The scale of venture capital in South Korea decreased by 41.9% year-on-year in the first half of the year

According to statistics from the South Korean Ministry of Small and Medium Risk Enterprises and the Financial Commission, the amount of venture capital in South Korea in the first half of this year was 4.4447 trillion won, a significant decrease of 41.9% compared to the same period last year, but an increase of 25% and 40% compared to the first half of 2019 and 2020, respectively. From the perspective of investment field, Information and Communication Technology (ICT) is 877.6 billion won, a year-on-year decrease of 61%; Biomedical expenses amounted to 596.1 billion Korean won, a decrease of 54.7%; Circulation services amounted to KRW 410.4 billion, a decrease of 63%; Game 71.9 billion won, a decrease of 58.4%.

Information link:

http://kr.mofcom.gov.cn/article/jmxw/202308/20230803433708.shtml

Digital mortgage company Better.com plans to go public through the SPAC model this month

A document submitted by digital mortgage company Better.com on August 11, 2023 shows that the company plans to merge with a company called Aurora Acquisition Corp. and go public around August 23. According to relevant reports from TechCrunch, Better.com attempted to apply for SPAC listing in 2021, but the plan was ultimately postponed. Some analysts have also raised doubts about Better.com's IPO plan, as the company has experienced challenges such as layoffs, high-level resignations, and a slowdown in the real estate industry in the past two years.

Information link:

https://fortune.com/202

Ripple Joins the Cross border Payment Working Group of the Bank for International Settlements

According to Cointelgraph, the Bank for International Settlements (BIS) recently announced the establishment of a Cross border Payment Interoperability and Extension (PIE) working group, which includes Ripple, a blockchain based digital payment network. The working group aims to strengthen cross-border payments and achieve the cross-border payment goals recognized by the G20. The working group will improve access to payment systems, extend runtime, and establish connections between different payment systems, including linking APIs and messaging.

Information link:

https://www.mpaypass.com.cn/news/202308/11105154.html

OpenAI may go bankrupt in 2024, with ChatGPT spending approximately $700000 per day

According to a recent report released by Analytics India Magazine, ChatGPT services consume around $700000 in daily costs. Although OpenAI has been trying to achieve profitability through GPT-3.5 and GPT-4, it has not yet been able to generate sufficient revenue and achieve breakeven. While the prospects for commercialization gains are not ideal, the user base of ChatGPT is also gradually decreasing. In July, the user base of the product plummeted by 12%, from 1.7 billion to 1.5 billion.

Information link:

https://downdetector.com/status/openai/

Egypt signs a $500 million wheat import financing agreement with the United Arab Emirates

On the 15th, the Egyptian Ministry of Finance signed a five-year financing agreement with the Abu Dhabi Export Office, an export credit agency under the Abu Dhabi Development Fund of the United Arab Emirates, to provide $500 million in financial support for Egypt's wheat imports.

Information link:

http://paper.dzwww.com/dzrb/content/20230817/Articel05005MT.htm

Alex Chris takes over as PayPal's new CEO

According to CNBC, PayPal has recently announced that Alex Chris will replace Dan Schulman as the company's new CEO starting from September this year. Alex Chris currently serves as the General Manager of Intuit Small Business and Individual Business Group. Dan Schulman announced earlier this year that he will resign as CEO but will continue to serve on PayPal's board of directors.

Information link:

https://newsroom.paypal-corp.com/2023-08-14-PayPal-Names-Alex-Chriss-as-Next-President-and-CEO

Disclaimer: The content is from the Internet, WeChat official account and other public channels, and we are neutral about the point in the article