Fintech Weekly | Issue 46

Israeli AI startup AI21 Labs received investment from giants such as Nvidia

AI21 Labs, an artificial intelligence startup headquartered in Israel, recently stated that the company has raised $155 million in the C-round financing, with technology giants such as Google and Nvidia under Alphabet participating.

Information link:

https://venturebeat.com/ai/ai21-labs-raises-155m-to-accelerate-genai-for-enterprises/

Comment: The company stated that the cumulative financing scale has reached 283 million US dollars, and the company's valuation is 1.4 billion US dollars.

Open AI Seeks 100 Billion USD Financing in the Middle East

According to insiders in the venture capital industry, OpenAI CEO Sam Ultraman went to Abu Dhabi, the capital of the United Arab Emirates, and other places in the second half of the year to seek financing for no less than $100 billion. It is reported that Sam Ultraman described that the goal of OpenAI may be to achieve higher intelligence than humans.

Information link:

https://openai.com/

Comment: However, achieving the goal of Super Intelligence is still very far away, and the scale of funds required for OpenAI is unimaginable.

Goldman Sachs sells its personal financial management unit

Driven by its CEO David Solomon, Goldman Sachs acquired its personal financial management business for $750 million in 2019. The department serves the affluent public through an internal network of registered investment advisors, with a current asset management scale of approximately $29 billion.

Information link:

https://edition.cnn.com/2022/03/22/investing/david-solomon-goldman-sachs-lollapalooza/index.html

Comment: Recently, the group announced the sale of its personal financial management business to wealth management company Creative Planning, which had previously established a strategic custody relationship with Goldman Sachs.

Insurance management system company Irys raised $3.5 million

Insurance management system provider Irys Insurtech has completed a seed round financing of $3.5 million. Irys was founded in 2021 and its software utilizes machine learning and generative artificial intelligence to accurately provide critical information to brokers when needed.

Information link:

https://iryscloud.com/about/

Comment: Under the leadership of CEO Margeaux Giles, Irys Insurtech has provided an open APi cloud based management system that utilizes machine learning (ML) and generative artificial intelligence (AI) to help insurance brokers simplify workflow and ensure data accuracy.

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.

 

CLARA Analytics Launches Artificial Intelligence Tools

CLARA Analytics, an insurance technology company based on artificial intelligence technology, announced the launch of an intelligent tool for insurance companies to help them extract important information from legislative documents. CLARA Optics can automatically generate textual records from medical records and legal correspondence, and extract key information through specialized artificial intelligence tools.

 

Information link:

https://claraanalytics.com/

Comment: Insurance companies can use this to identify high-risk legislative documents. Claims workers can extract and summarize medical data that will be distributed to downstream systems with the help of technology.

 

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. 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.

 

Information link:

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

Comment: Their partnership has officially been launched, and users can now join the project for free on the account page.

 

Digital car insurance company Clearcover expands its embedded insurance strategy

The next generation automotive insurance company Clearcover today announced the launch of its embedded insurance solution "Choice", providing customizable end-to-end automotive insurance integration for brands. Through Clearcover's proprietary API based technology platform, this integration enables brands to seamlessly provide price and insurance comparisons from different operators, allowing customers to choose the option that provides them with the best value.

Information link:

https://clearcover.com/

Comment: Just a few months ago, Clearcover collaborated with Experian to launch an embedded insurance solution. Consumers who purchase car insurance through the company's comparative shopping service will receive a final and binding quote.

The United States' "will before death" reform proposal for large regional banks has been released

On Tuesday, the Federal Deposit Insurance Corporation (FDIC) of the United States officially announced a series of proposed rules, including so-called "living wills," which will increase the debt and repayment requirements for banks with assets exceeding $100 billion, including requiring them to issue billions of dollars in unsecured bonds as a buffer against potential losses.

Information link:

https://www.federalreserve.gov/supervisionreg/resolution-plans.htm

Faced with significant solvency risks, there will be a sequel to the bankruptcy of small and medium-sized banks in the United States

More large banks will act as "white knights" for small and medium-sized banks, and regulatory authorities will also release a more friendly and open attitude towards mergers and acquisitions in the banking industry. Following Moody's downgrade of the credit ratings of 10 small and medium-sized banks in the United States, Standard&Poor's has recently downgraded several banks, and Fitch International has also stated that it will comprehensively downgrade the ratings of dozens of banks in the United States.

Information link:

https://fund.eastmoney.com/a/202308252823938026.html

JPMorgan Chase invests in Brazilian digital bank C6 Bank, with a shareholding ratio of 46%

According to Reuters, JPMorgan Chase announced an additional investment in Brazilian digital bank C6 Bank on August 29, 2023, but the exact amount was not disclosed. In December 2020, the platform valuation of C6 Bank reached R $11.3 billion. Six months later, C6 Bank received its first investment from JPMorgan Chase, which held a 40% stake. Afterwards, C6 Bank achieved significant growth, with a surge in customer numbers from 8 million to 25 million, and launched new products such as car loans.

Information link:

https://fintech.global/2023/08/30/jpmorgan-boosts-its-stake-in-brazilian-fintech-c6-bank-to-46/

Saudi Arabian Central Bank approves draft regulatory rules for insurance technology

After public consultation held by the Saudi National Competitiveness Center, the draft regulatory rules for insurance technology in Saudi Arabia were officially approved by the Saudi Central Bank (SAMA) on July 30, 2023. It is reported that this regulatory draft will comprehensively manage the basic business and activities related to insurance technology, allowing relevant institutions to operate flexibly within an innovative regulatory framework. While clarifying the obligations of employees and the accuracy of customer information, it will safeguard customer rights and urge relevant institutions to comply with compliance requirements.

Information link:

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

Bloomberg survey shows increasing demand for ESG data

According to a survey by Bloomberg and Adox Research of over 100 portfolio managers, climate risk executives, and data management executives, ESG data demand is growing. Almost all executives (92%) plan to increase their ESG expenses by at least 10%, with 18% planning to increase their expenses by 50% or more.

Information link:

https://esgnews.com/zh-CN/

The United Nations warns that only 11% of treated wastewater is reused

The United Nations Environment Programme (UNEP) stated that wastewater has long been seen as a threat to the environment and health, but it has untapped potential as an alternative energy source and clean water source to offset the use of fertilizers. In its new report "Wastewater: From Problems to Solutions," the United Nations Environment Programme warns that only 11% of treated wastewater is reused, while about half of the world's untreated wastewater still enters rivers, lakes, and oceans.

Information link:

https://www.unep.org/

Mooral launches the world's first environmentally friendly ice cream

This innovative ice cream is called MaxiMooral and is made from milk purchased from Mooral's farm in Lancashire. Mooral significantly reduces methane emissions produced by cows by utilizing its natural feed supplements. Mooral's revolutionary feed supplement is called Mooral Ruminant, which contains a combination of compounds extracted from garlic and citrus.

Information link:

https://gizmodo.com/the-maximortal-is-a-chilling-fable-about-how-superman-s-1822609731

Ø rsted donates $2 million to conservation organizations to protect native grasslands

The leading clean energy company in the United States has announced the launch of an industry-leading biodiversity initiative. Ø rsted donated over $2 million to The Conservation Fund and The Nature Conservancy to support voluntary land conservation and restoration activities on high grassland habitats within the Flint Hills of Utah, covering an area of up to 3000 acres.

Information link:

https://us.orsted.com/renewable-energy-solutions/solar-and-battery-storage

7 US states approve X (formerly Twitter) payment financial system

According to the US Licensing System (NMLS), seven states in the United States (including Arizona, Missouri, Georgia, Maryland, Michigan, New Hampshire, and Rhode Island) have approved Elon Musk's X payment financial system to provide services.

Information link:

https://www.163.com/dy/article/IDIOUJ9S05198086.html

The US Senate holds its first AI Insight Forum next month

Sources say that CEOs of several large US technology companies will visit Capitol Hill next month to participate in the first AI Insight Forum chaired by Senate Majority Leader Schumer. This closed door forum is scheduled to be held on September 13th.

Information link:

https://www.ithome.com/0/715/441.htm

BRICS Declaration: Encouraging Further Dialogue on Payment Instruments

Recently, the Ministry of Foreign Affairs released the Johannesburg Declaration of the 15th BRICS Leaders' Meeting, which provides relevant descriptions of payments. The Declaration states that "we recognize the broad benefits of a fast, affordable, transparent, secure, and inclusive payment system. We look forward to the report of the BRICS Payment Working Group (BPTF) on promoting the relevant elements of the G20 Roadmap for Improving Cross border Payments in BRICS countries.

Information link:

https://www.mfa.gov.cn/zyxw/202308/t20230825_11132502.shtml

MasterCard opens a global center for artificial intelligence and network technology in Dubai

Recently, the UAE Office of Artificial Intelligence, Digital Economy, and Remote Work Applications signed a memorandum of understanding with MasterCard to establish a global center for advanced artificial intelligence and network technology in Dubai, to strengthen the development of artificial intelligence for financial crime, inclusive growth, and the cultivation of digital ecosystems.

Information link:

https://m.163.com/dy/article/ID00T5MN05198CJN.html

The Hong Kong licensed virtual asset exchange has officially launched retail services that comply with the "Hong Kong float" regulations and are tradable

According to Caixin, as one of the two licensed virtual asset exchanges in Hong Kong, HashKey Exchange officially opened its services to retail investors on August 28, 2023. According to regulatory requirements, the exchange does not provide services to mainland Chinese residents, but "Hong Kong drifters" holding Hong Kong resident identity cards and overseas Chinese in regions where virtual asset trading is allowed can participate in trading after passing compliance qualification checks.

Information link:

https://finance.caixin.com/2023-08-29/102097677.html

Bank of America: Investors who long US bonds will bear greater pain

Bank of America believes that after Federal Reserve Chairman Powell emphasized that interest rates will remain high, asset management managers who will hold on to long-term US Treasury bonds this summer will bear more pain until interest rates begin to decline. Meghan Swiber, an interest rate strategist, said that from the position indicators of Bank of America as of June, "the most striking thing is that global benchmark investors have highly exceeded their duration

Information link:

https://finance.ifeng.com/c/8Sd9Tyu889o

The US economic growth rate in the second quarter has been revised down to 2.1%

The revised data released by the US Department of Commerce on August 30th shows that the US Gross Domestic Product (GDP) grew at an annual rate of 2.1% in the second quarter of this year, a decrease of 0.3 percentage points from the initial estimate. The US Department of Commerce announced that the downward revision of the economic growth rate in the second quarter mainly reflected the decline of private inventory investment and non residential fixed assets investment.

Information link:

http://www.news.cn/world/2023-08/31/c_1129837027.htmOfficialv

The impact of soaring mortgage interest rates in the UK has not yet fully emerged

Ashley Webb, a UK economist at Kaitou Macro, believes that as the Bank of England further raises interest rates, the drag on UK bank lending from rising interest rates will further intensify. Although the monthly net growth rate of mortgage loans in July increased for the third consecutive month, from £ 150 million in June to £ 230 million, it remains very weak.

Information link:

https://www.brown.edu/academics/neuroscience/graduate/people/ashley-webb

Foreign media: IMF President to visit China

According to Singapore's Lianhe Zaobao on the 29th, the head of the International Monetary Fund (IMF) Georgieva will start her visit to Asia on August 30. China is her first stop.

Information link:

https://news.china.com/socialgd/10000169/20230830/45372102.htmlOfficial

2023 General Artificial Intelligence Computing Power Forum held in Beijing

One of the leading activities of the Trade Fair in Services, the "General Artificial Intelligence Computing Power Forum", was held in Beijing on the 28th, and multiple new achievements in artificial intelligence were released, including the "Research Report on the Development of Artificial Intelligence Computing Power in China (2022-2023)". The results show that the average annual growth rate of China's total computing power in the past five years has been nearly 30%.

Information link:

https://cn.chinadaily.com.cn/a/202309/01/WS64f1760ba310936092f1fd34.html

Mainstream media such as CNN and Reuters have started blocking OpenAI web crawler GPTBot

According to reports, several mainstream news media, including The New York Times, CNN, Reuters, and others, have started blocking OpenAI's GPTBot web crawler on their websites to restrict their continued access to these media content. Among them, CNN confirmed that it has recently blocked all GPTBot products, but did not comment on whether the brand plans to take further action regarding the use of its content in artificial intelligence systems.

Information link:

https://accesspath.com/ai/5867263

Microsoft President: Without human intervention, AI could be weaponized

Microsoft President Brad Smith warned in an interview with CNBC that artificial intelligence may "become both a tool and a weapon". Smith stated that he believes that every invented technology has the potential to become a tool and weapon, but people must ensure that artificial intelligence remains under human control.

Information link:

https://www.xuehua.us/a/64edd85324b3d1869f6aa92b

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.