Fintech Weekly | Issue 50

Traydstream, an automatic verification platform for transaction documents, completed a $21 million financing

Recently, Traydstream, an automated transaction document verification platform, announced the completion of a $21 million B-round financing, led by American fintech investment companies Pivot Investment Partners and e&Capital.

 

Information link:

https://traydstream.com/traydstream-secures-21-million-in-series-b-funding/

Comment: With the support of machine learning technology, Traydstream software digitizes transaction files and automates transaction and compliance check processes, providing services to several well-known institutions, including Deutsche Bank, Standard Bank, and Mitsui Property.

 

AI startup Anthropic received investment from Amazon, with a total amount of up to $4 billion

In order to strengthen competition with peers such as Microsoft, Meta, Google, and Nvidia, technology giant Amazon has agreed to make significant investments in artificial intelligence startup Anthropic. It is reported that Amazon plans to invest $1.25 billion in Anthropic to acquire a minority stake in the latter, and plans to gradually increase the investment amount to $4 billion in the future.

 

Information link:

https://edition.cnn.com/2023/09/25/tech/amazon-invests-anthropic-ai/index.html

Comment: Earlier this month, Antiopic launched its first consumer oriented chat robot Claude 2 advanced subscription program, which plans to establish a "cutting-edge model" (tentatively named "Claude Next") with capabilities that will reach 10 times that of today's most powerful artificial intelligence.

 

Strengthening employee welfare services, Credit Agricole acquired start-up Worklife

On September 27, 2023, Cr é dit Agricole announced the acquisition of Worklife, a French fintech start-up, on undisclosed terms.

 

Information link:

https://www.morningstar.com/news/dow-jones/202309273247/credit-agricole-acquires-french-fintech-startup-worklife

Comment: Worklife was established in 2020 and aims to integrate various employee benefits (such as meal vouchers, mobile packages, transportation cards) into one platform using an application and a unified payment card.

 

OpenAI may plan to seek a new valuation of $90 billion by selling existing shares

According to insiders, OpenAI is in discussions with investors about a stock sale, and the artificial intelligence startup's valuation will be between $80 billion and $90 billion, almost three times that of earlier this year. Currently, Microsoft holds approximately 49% of the shares in OpenAI

 

Information link:

https://openai.com/

Comment: It is expected that the transaction will allow employees to sell existing stocks instead of the company issuing new stocks to raise additional funds. Insiders said that OpenAI representatives have started promoting the transaction to investors, but the terms may change.

Cooperation between FinTech Wavestream and French company Wakam

Wagestream, a British employee welfare company, is partnering with Wakam, a French insurance company, to launch an income protection insurance product. According to the cooperation content, employees can retain funds based on their income level in the Wagestream application. In the event of a week long illness or accident, employees can receive up to half of their salary for up to 90 consecutive days.

 

Information link:

https://fintechmagazine.com/articles/sick-pay-protection-fintech-wagestream-partners-with-wakam

Comment: Wagestream was founded in 2018 and provides welfare solutions for over 3 million employees. As of now, it has received $370 million in equity and debt financing.

 

Embedded insurance company Clearcover launches new car insurance products

Embedded insurance company Clearcover is launching a new insurance solution, Choice, to provide customized end-to-end solutions for non insurance companies. This new product is built on Clearcover's proprietary API technology platform, helping customers directly embed insurance products into existing e-commerce checkout processes.

 

Information link:

https://clearcover.com/

Comment: Their platform offers products from multiple insurance companies, making it easier for consumers to compare product prices and terms. At present, the first partner is Goodcover Leasing Insurance Company.

 

 

Aon Launches FI Protect 360 Insurance Solution for Financial Institutions

Aon has partnered with several well-known insurance companies in the London market to launch its groundbreaking insurance solution, FI Protect 360. This innovative product aims to comprehensively address the key operational risks faced by modern financial institutions (FIs) and fundamentally change the risk management decisions of the industry.

 

Information link:

https://www.insurancejournal.com/news/international/2023/09/27/741935.htm

Comment: Since its launch, FI Protect 360 has provided $100 million in risk capacity per customer, combining various traditional insurance product lines to provide comprehensive insurance coverage to meet the constantly changing needs of financial institutions.

 

ABAX, Eir, and Greater Than innovate car insurance through data links

ABAX is a leading enterprise in the field of remote information processing in Europe, dedicated to innovation that seamlessly integrates technology with the automotive industry. The strength of Greater Than lies in its ability to determine the probability of driver collisions, assess environmental impacts, and provide a detailed perspective on road safety and ecological management.

 

Information link:

https://www.prnewswire.com/news-releases/abax-combines-forces-with-eir-and-greater-than-to-revolutionize-motor-insurance-301927811.html

Comment: In the field of digital insurance, Eir has emerged as a pioneer, leading the industry towards a more interconnected, responsive, and modern era.

Chase Bank will prohibit users from engaging in cryptocurrency related transactions

Faced with escalating fraud concerns, Chase UK recently announced that it will prohibit users from engaging in cryptocurrency related transactions (such as transferring funds from Chase accounts to cryptocurrency websites) through its mobile applications.

 

Information link:

https://www.chase.co.uk/gb/en/

 

Mercedes and Mastercard launch their first fingerprint payment service in Germany

On September 25, 2023, MasterCard announced the launch of an in car payment service for German Mercedes drivers. MasterCard credit or debit card users who intend to use this service need to first register in their Mercedes me user account and activate the card in their vehicle through the MBUX infotainment system Mercedes pay+.

 

Information link:

https://www.mercedes-benz.com/en/vehicles/service-parts/service-mercedes-me/

 

Fujitsu conducts generative artificial intelligence experiments in the Japanese banking industry

Recently, Japanese technology giant Fujitsu announced a collaboration with Hokuhoku Financial Group to conduct generative artificial intelligence experiments. In this experiment, Fujitsu Kozuchi, Fujitsu's artificial intelligence platform, will be applied to the banking business of Hokuriko Bank and Hokkaido Bank, two subsidiaries of Hokkaido, responsible for responding to internal queries, generating and verifying business documents, and creating programs.

 

Information link:

https://www.fujitsu.com/global/about/resources/news/press-releases/2023/0922-01.html

 

To build the safest and most convenient bank in Hong Kong, Zhongan Bank has released its first technical white paper

Unlike traditional banks, Zhong'an Bank mainly adopts online service methods. Through Zhong'an Bank's APP ZA Bank, customers can enjoy various financial services without leaving their homes. The efficient, convenient, safe, and flexible services also enable Zhongan Bank to have over 700000 customers within more than three years of establishment, with a penetration rate of 10% in the Hong Kong market. Its biggest advantage is speed, and the power of technology is the foundation for continuous breakthroughs and providing users with diverse services.

 

Information link:

https://juejin.cn/post/7283418392958173221

Contrary remarks, the UK's climate policy has regressed, sparking widespread criticism

British Prime Minister Richie Sunac announced in a speech delivered in Downing Street recently that he will adopt "new methods" to achieve net zero emissions, including delaying the ban on the sale of new gasoline and diesel vehicles from 2030 to 2035, slowing down the phasing out of gas boilers, and not imposing restrictions on North Sea oil and gas extraction, aiming to protect "struggling British families" from the impact of "unacceptable costs".

 

Information link:

http://www.news.cn/world/2023-09/28/c_1129890953.htm

 

Germany's Development of Hydrogen Energy Boosts Energy Transformation

The International Energy Agency released a report on the 26th, stating that the timetable for achieving net zero emissions in the global energy industry is becoming increasingly urgent. However, the possibility of achieving these goals and controlling global warming within 1.5 degrees Celsius through advances in new energy technology and strengthening international cooperation still exists.

 

Information link:

https://hope.huanqiu.com/article/4Eii9rv5iCR#

 

Pan European Exchange Releases First Biodiversity Promotion Index

Recently, Euronext released the world's first Biodiversity Promotion Index (BEI), aimed at measuring the positive impact of investment targets on biodiversity. The Biodiversity Promotion Index will select companies from the Euronext World Index that outperform their peers in the field of biodiversity and have a positive impact, while excluding companies that perform poorly in the biodiversity footprint.

 

Information link:

https://www.euronext.com/en

 

The First National Light Decoration and Carbon Reduction Certificate for Taiwanese Residents Issued in Xiamen

On September 21st, according to Xiamen Daily, in order to deeply implement the "Opinions of the Central Committee of the Communist Party of China and the State Council on Supporting Fujian in Exploring a New Road for Cross Strait Integration and Development and Building a Cross Strait Integration and Development Demonstration Zone", which supports the participation of Taiwanese in the development of various undertakings such as ecological and environmental protection in Fujian, The Xiamen Property Rights Trading Center (Xiamen Carbon and Emission Trading Center) under Jinyuan Group has issued the country's first "Light Installation and Carbon Reduction Certificate" to Taiwanese citizens participating in Xiamen Airlines' "Light Installation Travel Activity".

 

Information link:

https://www.fjdaily.com/app/content/2023-09/21/content_2073116.html

CFTC Announces Special Event to Explore Combating Social Media Investment Fraud

On September 25, 2023, the Office of Customer Education and Outreach (OCEO) and Office of Technology Innovation (OTI) under the United States Commodity Futures Trading Commission (CFTC) jointly announced that a special event titled "Technology and Fraud: Preventing Fraud in the Digital World" will be held online on October 4.

 

Information link:

https://www.cftc.gov/

 

South Korea Established Generative Artificial Intelligence Entrepreneurship Association

On September 25, 2023, the establishment ceremony of the Korean Association of Generative Artificial Intelligence Startups was held at the Seoul News Center. It is reported that the association is composed of 20 start-up companies, and Lee Seong, the representative director of WrtnTechnologies in South Korea, was elected as the first president.

 

Information link:

https://www.sohu.com/a/723480423_120578424

 

Hangzhou Asian Games supports Alipay and 10 overseas wallets for mobile payment

Under the guidance and support of the head office of the People's Bank of China and the State Administration of Foreign Exchange, Alipay has worked closely with the Bank of China, China Netlink Clearing Corporation and other partners to ensure the convenient mobile payment services of overseas individuals in China through the two service schemes of "downloading Alipay App and binding overseas bank cards" and "directly using overseas electronic wallets", helping the Hangzhou Asian Games become the first Asian Games with mobile payment connectivity.

 

Information link:

https://www.hangzhou.gov.cn/art/2023/9/20/art_812262_59087658.html

 

Kissinger: China and the United States must take AI seriously and lead the development of relevant rules

On September 23, 2023, at the 5th Bund Financial Summit, former US Secretary of State Kissinger expressed his views on topics such as artificial intelligence and world governance during the international dialogue segment. He believes that in the process of developing artificial intelligence, various countries must ensure the prevention of related technological risks posed by intelligent technology, and at the same time, use technology reasonably to play a positive role and avoid any impact on human society.

 

Information link:

https://www.nbd.com.cn/articles/2023-09-24/3032698.html

September 2023 Chief Economist Outlook Report Release

The latest issue of the World Economic Forum's "Chief Economist Outlook" conducted a survey of chief economists. The interviewed economists believe that geopolitics will be one of the biggest reasons for this turbulence. But the report also points out that the situation is very delicate

 

Information link:

https://cn.weforum.org/agenda/2023/09/chief-economists-outlook-september-2023/

 

Media tycoon Murdoch announces retirement, eldest son Lackland will take over

Fox and News Corporation have stated that Rupert Murdoch, the eldest son of Murdoch, will become the sole chairman of News Corporation and continue to serve as the executive chairman and CEO of Fox Corporation.

 

Information link:

https://finance.jrj.com.cn/2023/09/22013237894738.shtml

 

Experts suggest establishing overseas family offices for ultra-high net worth individuals to strengthen financial regulation

The central government has repeatedly emphasized the need to improve the distribution system and solidly promote common prosperity. The report of the 20th National Congress of the Communist Party of China clearly states that "the distribution system is the fundamental system for promoting common prosperity", "regulating the order of income distribution, regulating the mechanism of wealth accumulation, protecting legitimate income, regulating excessive income, and banning illegal income". From the perspective of financial regulation, the report of the 20th National Congress of the Communist Party of China emphasizes that "all types of financial activities shall be included in regulation in accordance with the law". Therefore, it is necessary to strengthen regulatory response in a timely manner based on fully understanding its basic situation.

 

Information link:

https://www.163.com/dy/article/IFGU61GD0530HI7R.html

 

BEPS2.0 triggers significant tax changes in Singapore in 2025

With the arrival of 2023, Singapore, as a gateway city in Asia, has attracted many high net worth individuals (HNWIs) to consider it an ideal base for family offices and private wealth management due to its outstanding commercial hub status and convenient access to Asia. However, with the launch of the second pillar rule of "Second Generation Prevention of Tax Base Erosion and Profit Transfer" (BEPS2.0), family offices located in Singapore and subject to its constraints may face unprecedented challenges.

 

 

Information link:

https://www.oecd.org/tax/beps/a

Seoul Financial Technology Week 2023 will be held from October 4th to 6th

Recently, the Seoul City Government announced that this year's Seoul Financial Technology Week will be held from October 4th to 6th at the Seoul East Gate Design Plaza (DDP). The theme of this event is "Financial Technology Transforms Life", with multiple segments including international conferences, challenge award ceremonies, entrepreneurship model demonstrations, financial technology investor promotion meetings, and industry experts' lectures.

 

Information link:

https://www.qufair.com/news/2023/01/12/32929.shtml

 

The Meta Developer Conference is about to open: the latest metaverse and AI plans will be announced

The Meta Developer Conference "Meta Connect" will kick off at 10:00 am Pacific time on the 27th (1:00 am Beijing time on the 28th). It is reported that an important highlight of this conference is how Zuckerberg will respond to the shift in investor enthusiasm from augmented reality (AR) and virtual reality (VR) technology to artificial intelligence.

 

Information link:

https://www.metaconnect.com/en/home

 

Getty Images will launch an image generation tool that allows users to train with authorized images

On September 25, 2023, Getty Images, the world's largest commercial image library, announced that it would collaborate with Nvidia to launch the generative AI tool Generate AI by Getty Images. It is reported that this tool allows users to train in the vast library of Getty Images, which also means that anyone who uses this tool to create images for commercial publication will be protected by law.

 

Information link:

https://developers.gettyimages.com/ai-generation/

 

Financial startup Sensible Weather has received strategic investment from American Express in response to adverse weather conditions

Recently, the well-known climate finance platform Sensible Weather announced the completion of an important strategic investment round, led by the venture capital department of American Express, with institutions such as Wonder Ventures and Infinity Ventures participating. By integrating weather data, financial tools, and risk management technologies, Sensible Weather is committed to enhancing consumer experiences in tourism, events, and outdoor business through its products and services, offsetting the impact of disruptive weather.

 

Information link:

https://www.benzinga.com/pressreleases/23/09/b34857479/climate-finance-platform-sensible-weather-announces-strategic-investment-from-amex-ventures

 

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