Fintech Weekly | Issue 45

Charging pile service company Tre Yahoo announced acquisition of social investment platform Commonstock

On August 23, 2023, Yahoo announced its acquisition of the social investment platform Commonstock, but the specific terms of the transaction were not disclosed to the public. Commonstock was launched in August 2020 and provides social services on top of existing brokerage firms. Users can use this platform to link their brokerage accounts and share their real-time investment portfolios, performance, and transactions.

 

Information link:

https://commonstock.com/

Comment: When friends make transactions, Commonstock will also remind users in real-time, encourage communication of investment strategies, and create a collaborative investment environment.

 

Better.com, a digital mortgage lending agency, will be merged and listed through SPAC

On August 23, 2023, digital mortgage lender Better.com announced that it would enter the NASDAQ market in SPAC mode through a transaction with Aurora Acquisition Corp. Better.com stated that this listing is expected to release approximately $565 million in capital. This funds will be used to continue developing applications in the technology field, including its proprietary loan issuance platform Tinman.

 

Information link:

https://www.housingwire.com/articles/better-closes-merger-with-spac-aurora-unlocks-565m-in-fresh-capital/

Comment: In addition, Better.com has launched a one day mortgage loan that allows customers to obtain pre approval online, lock in interest rates, and obtain a binding mortgage commitment letter within 24 hours. The company believes that once interest rates rise, this product will be highly popular.

 

 

Brazilian startup Nomad received $61 million in financing

Recently, Brazilian fintech innovation Nomad announced a $61 million financing, led by Tiger Global, with existing investors Stripes, Monashees, Spark Capital, Propel, Globo Ventures, and Abstract participating. After this financing, the platform's valuation reached approximately $364 million.

 

Information link:

https://www.nasdaq.com/articles/brazil-fintech-nomad-raises- $61 million in tiger led round

Comment: Nomad was established in 2019 and is headquartered in S ã o Paulo. It mainly provides Brazilian users with channels to access financial services in the United States, including digital bank accounts, debit cards, foreign exchange, cross-border remittances, and investment products in the United States.

 

Chip design giant Arm applies for listing, hitting the largest IPO in the US stock market in 2023

According to Bloomberg, on Monday local time in the United States, ARM, a British chip design company under Japanese Softbank Group, submitted an initial public offering (IPO) application to the Securities and Exchange Commission (SEC).

Information link:

https://fortune.com/2023/08/22/arm-chip-maker-ipo-nasdaq-softbank-owned/

Comment: Benefiting from the wave of artificial intelligence development, Arm's application for a Nasdaq listing is expected to become the largest IPO of the US stock exchange this year, which will also become the third largest IPO in the history of the US stock market after Alibaba and Facebook.

Insurance Technology Company Coterie Insurance Collaborates with VRC to Combat Insurance Fraud

MGA Coterie Insurance today announced the establishment of a partnership with VRC Investments to help investigate and combat insurance fraud. In order to support Coterie's fully digital platform, the VRC survey adopts a data-driven approach to provide special investigation and regulatory compliance support.

 

Information link:

https://coterieinsurance.com/blog/coterie_press/insurance-fraud/

Comment: By utilizing technological solutions to identify fraud hazard signals, VRC will help Coterie reduce interference with the claims process and ensure that legitimate claims are not delayed.

 

Freight insurance service provider Redkik collaborates with Uber

Finnish freight insurance service provider Redkik has announced a partnership with Uber, which will embed the Uber Freight Shipper freight shipper platform and launch a less than truckload freight insurance product when booking space.

 

Information link:

https://redkik.com/news/uber-freight-and-redkik-collaboration/

Comment: This collaboration will simplify the insurance purchase process through intelligent insurance solutions, save Uber shippers a lot of time and money, and ensure that they have insurance coverage 24/7, thereby improving customers' supply chain strategies and enhancing their ability to serve consumers.

 

CB Insights rated Cambridge Mobile Telematics as the "50 Most Promising Insurance Technology Startups"

Cambridge Mobile Telematics (CMT), the world's largest remote information service provider, has announced that CB Insights has named it one of the top 50 insurance technology companies of the year, showcasing the world's 50 most promising private insurance technology companies. In addition to automotive remote information processing companies, this year's winners are also committed to areas such as network insurance, climate risk, and distribution.

 

Zendrive and Aurio Landing Vehicle Remote Communication Project

In June of this year, Zendrive reached a partnership with audio entertainment application Audio. According to the cooperation content, Audio users can choose to join the Audio Drive&Save in car remote communication project.

Information link:

https://fintech.global/2023/07/03/zendrive-and-autio-join-forces-changing-the-game-for-auto-insurance-and-audio-entertainment/

Comment: Registered users need to upload their driving scores to receive a 25% -40% discount on car insurance premiums. Users who complete the test drive can receive a free one-year subscription. Now their partnership has been officially launched, and users can join the project for free on the account page.

Bank of Australia Announces Completion of Central Bank Digital Currency Joint Research

On August 24, 2023, the Reserve Bank of Australia and the Digital Finance Collaborative Research Center (DFCRC) jointly released a research report on central bank digital currencies (CBDCs).

Information link:

https://www.rba.gov.au/

Bank of India plans to establish a credit technology platform

Recently, the Reserve Bank of India announced plans to develop a credit trading public technology platform through its Reserve Bank Innovation Hub. It is reported that the platform will adopt an open architecture and API to achieve "plug and play".

Information link:

https://rbihub.in/

Colombian Central Bank Supports Setting Consumption Restrictions on Retail Central Bank Digital Currency

Recently, the Colombian Central Bank released a special report titled "Expected Macroeconomic Impact of Issuing Retail Central Bank Digital Currency (CBDC)". The report points out that in the process of promoting CBDC, "consideration should be given to limiting the possibility of users holding and/or consuming CBDC. These restrictions can protect users from network attacks targeting their balances or transactions, and reduce retail CBDC operations

The need to compete with bank accounts for storage methods.

Information link:

https://www.cebnet.com.cn/20230609/102886467.html

HSBC's New Energy Transformation Platform Investment in Solar Developer Tekoma Energy

The HSBC asset management company Tekoma Energy team is investing in Tekoma Energy, a solar platform located in Tokyo. This investment marks the first investment in HSBC's ETI platform, which was established earlier this year after the asset management company added an investment team focused on energy transformation infrastructure to its alternative investment department in Asia, and signed a business transfer agreement with Hong Kong asset management company Green Transition Partners.

Information link:

https://www.tekoma.energy/

Implementation Rules for the Transition Phase of the Carbon Border Adjustment Mechanism (CBAM) by the European Commission

The European Commission has approved the implementation rules for the CBAM transition phase, which starts on October 1st of this year and ends at the end of 2025. CBAM is a core component of the EU's "Fit for 55" emission reduction package. EU importers need to purchase CBAM electronic vouchers for the carbon emissions included in their goods. Currently, the CBAM bill will apply to products imported from the EU, such as steel, cement, aluminum, fertilizers, electricity, and hydrogen. The future goal is to cover all goods under the ETS.

Information link:

https://www2.deloitte.com/cn/zh/pages/tax/articles/eu-cbam.html

The EU achieves a 90% natural gas storage target before winter approaches

According to the latest data released by Gas Infrastructure Europe on August 18th, the European Union has achieved its goal of increasing the gas storage facility's installation rate to 90% by the November 1st deadline, about two and a half months in advance. In order to optimize the EU's preparations for the upcoming winter, the June 2022 natural gas storage regulations set a binding goal for the EU to increase the gas loading rate of storage facilities to 90% by November 1st each year, and set mid-term targets for EU countries.

Information link:

https://military.china.com/important/64/20230821/45328734.html

The US Environmental Protection Agency announces federal enforcement priorities to protect communities from pollution

On August 17th, the US Environmental Protection Agency announced the 2024-2027 National Law Enforcement and Compliance Initiative, which for the first time includes initiatives to mitigate climate change, address PFAS pollution exposure, and protect communities from the impact of carcinogenic coal ash. To advance the Biden Harris government's commitment to protecting vulnerable communities, the Environmental Protection Agency will also incorporate environmental justice factors into every national law enforcement and compliance initiative.

Information link:

https://www.epa.gov/newsreleases/huanbaojucaiquzhongyaocuoshiezhidexiashuimeihuiwuran

Bayer, GenZero, and Shell launch plans to address emissions from rice farming

Bayer Life Sciences, GenZero, an investment platform focused on carbon reduction solutions, and Shell Energy India Private Limited, a shell subsidiary, have announced the launch of a new partnership aimed at addressing methane emissions from rice cultivation.

Information link:

https://www.tzh-portal.com/2023/0821/1366.shtml

Brazil is considering providing tax incentives for green hydrogen projects

Sources have revealed that Brazil is considering providing tax incentives for the production of green hydrogen, which is a crucial step for the country's energy sector to launch renewable fuel projects and keep pace with international competitors investing in the industry.

Information link:

https://36kr.com/newsflashes/2402708059496839 

Saudi Arabia Launches $200 Million Early Venture Investment Fund

Recently, Saudi Arabia announced the launch of a $200 million fund to invest in local and global early stage high-tech enterprises. It is reported that this fund is part of the strategy of King Abdullah University of Science and Technology (KAUST), which aims to transform research into productive innovation that can meet health and well-being, sustainable environment and basic needs, energy and industrial leadership, and future economic development by focusing on national priorities for research, development, and innovation.

Information link:

https://www.thepaper.cn/newsDetail_forward_14901572

The UK government solicits opinions from media and creative industries on AI's impact on copyright risks

According to the Financial Times, the UK government is seeking opinions from the country's media and creative industries on the risks posed by AI to copyright. Officials from the UK Department of Digital, Culture, Media and Sports have written to corporate executives seeking to "establish our understanding of our concerns and interests in the latest developments in artificial intelligence".

Information link:

https://finance.eastmoney.com/a/202308222820540638.htmlOfficial

Suspected of misleading investors, investment advisory platform Titan has been punished by the US Securities and Exchange Commission

On August 21, 2023, the Securities and Exchange Commission (SEC) accused Titan Global Capital Management USA, a financial technology investment advisor, of using performance indicator advertising to mislead investors. The SEC stated that between August 2021 and October 2022, Titan provided various complex strategies to retail investors through its mobile trading application and made misleading statements on its website regarding assumed performance, including promoting its encryption strategy with an "annualized" performance result of up to 2700%.

Information link:

https://www.sec.gov/news/press-release/2023-153

2023 Global Private Wealth Migration Report released: More than 120000 wealthy individuals have migrated to other countries. Recently, a globally renowned investment and immigration consulting company

Henley&Partners released the "2023 Global Private Wealth Migration Report". The report makes a full year forecast based on data from January to June 2023: there will be 122000 high net worth individuals applying for immigration globally in 2023.

Information link:

https://www.henleyglobal.com/publications/henley-private-wealth-migration-report-2023

Hong Kong Relaxs Application Conditions for Tax Resident Identity Certificate

Recently, the Hong Kong Inland Revenue Department has revised its requirements and processing methods for issuing Hong Kong tax residency certificates, and updated the relevant application forms, effective from June 12, 2023. After this revision, the above review process has been greatly simplified. Companies/partnerships/trusts/groups established in Hong Kong generally do not need to provide details of their structure and business activities. In other words, the Hong Kong Inland Revenue Department will no longer review the commercial substance of the applicant enterprise.

Information link:

https://www.ird.gov.hk/chs/ppr/archives/23060801.htm

The UK government is in negotiations on whether to abolish the estate tax, and the highest level of the Conservative government is discussing the abolition of the estate tax. It is preparing to include this idea in the party's election manifesto to win the support of voters in southern England. A group of Conservative lawmakers has jointly called on Prime Minister Sunak and Chancellor of the Exchequer Hunter to abolish the estate tax before the next election.

Information link:

https://news.cctv.com/2023/07/16/ARTIxTRvqc33sTLOPFh508QN230716.shtml

Singapore will strictly enforce the conditions for single family offices to enjoy tax incentives. Recently, Ravi Menon, Executive Director of the Monetary Authority of Singapore, stated at a press conference that Singapore will strictly enforce the conditions for single family offices to enjoy tax incentives, strengthen guidance and incentives for local investment in single family offices, in order to increase local employment rates, promote green transformation, and develop charitable undertakings in Singapore.

Information link:

https://www.163.com/dy/article/ID0I683205537S6M.html

Gartner: AI chip market size reached $67 billion in 2024

According to market research firm Gartner, the chip market used to execute artificial intelligence (AI) workloads is growing at a rate of over 20% annually. Market analysts predict that the AI chip market size will reach $53.4 billion in 2023, an increase of 20.9% compared to 2022, and a growth of 25.6% in 2024 to reach $67.1 billion. By 2027, AI chip revenue is expected to be more than twice the market size of 2023, reaching $119.4 billion.

Information link:

https://www.gartner.com/en/articles/what-s-new-in-artificial-intelligence-from-the-2022-gartner-hype-cycle

British media: The UK is in negotiations with technology giants on artificial intelligence chips

According to a report by the Daily Telegraph on Sunday, British government officials have discussed purchasing national artificial intelligence research equipment with technology giants Nvidia, Advanced Micro Devices, and Intel. According to reports, the UK government has allocated £ 100 million (approximately $127 million) to develop artificial intelligence chips.

Information link:

https://finance.sina.com.cn/jjxw/2023-08-22/doc-imzhzmff3092914.shtmlOfficial

The New York Times prohibits its news coverage from being used for AI model training and is considering suing OpenAI

According to reports, OpenAI may face lawsuits from The New York Times because the company used The New York Times articles and images to train its artificial intelligence model, which violates The New York Times' terms of service. If the lawsuit is successful, OpenAI may suffer huge losses.

Information link:

https://www.npr.org/2023/08/16/1194202562/new-york-times-considers-legal-action-against-openai-as-copyright-tensions-swirl

Two digital banks in South Korea refuse to provide mortgage loans to users with foreign spouses

On August 22, 2023, Kakao Bank and K Bank, two Korean internet banks, confirmed that they were unable to provide mortgage loan services to Koreans with foreign spouses. Toss Bank, another South Korean internet bank, stated that it can allow foreign citizens to open bank accounts using its application, but the platform currently does not offer mortgage loan products.

Information link:

https://m.kakaobank.com/

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