Fintech Weekly | Issue 51

Financial automation platform Ramp received $300 million

Ramp, a financial automation and corporate credit card startup, announced a $300 million financing, led by existing investor Thrive Capital and new investor Sands Capital. After the completion of this financing, Ramp raised a total of $970 million in equity financing and $700 million in debt financing, with a platform valuation of $5.8 billion, a decrease from the $8.1 billion raised in March 2022.

 

Information link:

https://techcrunch.com/2023/08/22/fintech-startup...

Comment: Ramp was established in 2019 and initially primarily served small and medium-sized enterprises by providing official card services. Later, it gradually expanded to various fields such as advanced expense management software, procurement, travel, accounts payable, and working capital.

 

Brazilian startup Nomad received $61 million in financing

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 transactions, cross-border remittances, and investment products.

 

 

Li Ka shing donated 60 million yuan to develop AI medical teaching

On September 26th, according to Hong Kong's Sing Tao Daily, Hong Kong's richest man, Li Ka shing, donated a total of HKD 60 million to two major medical schools to develop the application of artificial intelligence (AI) in medical teaching and research.

 

Information link:

https://ai.cnmo.com/news/761064.html

Comment: Li Ka shing stated that AI is changing the world and vigorously promoting effective application of AI in medical research, courses, and services is indispensable.

 

Beam Benefits in the United States raised $40 million

Beam Benefits in the United States has just reached a financing round of $40 million, with a total financing round exceeding $200 million. The valuation has increased by 25% compared to the 2021 E-round financing, led by existing investor Georgian. Beam's annual revenue growth rate has reached 40%, continuously investing in research and development platform new features, and expanding employee welfare insurance coverage.

 

Information link:

https://www.beambenefits.com/articles/beam-benefits-closes-on-40-million-fundraise

Comment: In the past 18 months, Beam has launched 6 new welfare insurance products and will launch more personalized products in the future. Beam was founded in 2012 and is a full stack dental insurance company.

Velocity Risk Writers Launches Guidewire InsuranceNow

Velocity Risk Underwriters, a mixed management general agency for catastrophe property insurance, has adopted the system of earnings insurance company Guidewire InsuranceNow to quickly launch new products, which are conducive to business development and generate more value for consumers and brokerage companies.

 

Information link:

https://www.guidewire.com/products/insurancenow/

Comment: At the beginning of last year, they had already deployed the InsuranceNow system in their small commercial insurance business. According to this collaboration, Velocity can leverage Guidewire's continuous technological updates and innovative products to embed the latest insurance technology solutions into its workflow.

 

Planitar and Verisk Collaborating Claims Adjuster Workflow

IGUIDE's subsidiary, Planitar, announced a strategic partnership with Verisk to accelerate the insurance claims process. The collaborative project iGUIDE Instant Sketch between both parties helps insurance claims officers accelerate the claims processing process while ensuring accuracy.

 

Information link:

https://www.businesswire.com/news/home/20230828858271/en/Planitar-Inc.-and-Verisk-Join-Forces-to-Revolutionize-Insurance-Adjusters-Workflow-with-iGUIDE-Instant-Sketch

Comment: Planitar is a real estate technology company that can provide comprehensive property documents before and after accidents occur. This product utilizes optical imaging, radar measurement, and deep learning artificial intelligence technology to quickly record internal losses and automatically generate comprehensive floor plans.

 

Verisk collaborates with AXA on Egyptian health insurance

AXA Reinsurance Group collaborates with Verisk to promote the development of the Egyptian health insurance market, automating the health insurance underwriting process based on the existing illnesses of policyholders. Verisk plans to use machine learning platforms and artificial intelligence modules to identify potential risk areas and provide valuable insights and solutions for personal injury insurance claims processing.

 

Information link:

https://www.verisk.com/newsroom/verisk-enters-egypt-health-insurance-market-through-axa-deal/

Comment: It is understood that this cooperation project is the first project for Verisk, a global insurance technology company, to enter the Egyptian market, helping insurance companies make more informed underwriting decisions in the insurance consumption process.

 

Swiss insurance company Mobiiar launches Mobi-ChatGPT chat robot

Swiss insurance company Mobiiar has launched Mobi Chat GPT service, which is a chat robot service designed for enterprise employees based on Microsoft OpenAI. According to their statement, Mobi-GPT can create, edit, and summarize text content, as well as provide feedback and answer user questions.

 

Information link:

https://coverager.com/mobiliar-introduces-mobi-chatgpt/

Comment: The insurance company will collect feedback and suggestions from employees in the coming weeks and launch more applications accordingly. In July of this year, AXA Group also launched AXA Secure GPT based on Microsoft's OpenAI service, which includes functions such as generating text, summarizing content, translating, modifying text, images, and code.

The European Central Bank is exploring the use of ChatGPT like models for document analysis testing

Recently, it was reported that the European Central Bank is exploring the use of a large language model similar to ChatGPT for document analysis and software testing. Myriam Moufakkir, Chief Service Officer of the European Central Bank, stated in a blog post that the European Central Bank is "cautious" about the use of artificial intelligence and is considering issues such as data privacy, legal constraints, and ethical considerations.

 

Information link:

https://www.ecb.europa.eu/press/pr/date/2023/html/ecb.pr230217 ~4a21b2612e.en.html

 

Hong Kong Monetary Authority: The Multilateral Central Bank Digital Currency Bridge Project is steadily advancing and will launch the "simplest feasible product"

Recently, at the Bund Financial Conference, the President of the Hong Kong Monetary Authority, Yu Weiwen, stated that their mBridge project, which is being carried out in collaboration with multiple central banks, including the People's Bank of China, is steadily advancing.

 

Information link:

Www.fx678.com/C/20230923/202309231421091058.html

 

The Hong Kong Monetary Authority has released a report titled "A Retail Level Central Bank Digital Currency Ecosystem that is Widely Available and Secure"

Recently, according to the website of the Hong Kong Monetary Authority, the Hong Kong Monetary Authority, in collaboration with the Bank of Israel and the Hong Kong Centre under the Bank for International Settlements Innovation Hub (BISIH), released a report titled "Project Sela Project - A Widely Used and Secure Retail Level Central Bank Digital Currency Ecosystem" and participated in a press conference hosted by the Bank of Israel in Tel Aviv.

 

Information link:

https://www.hkma.gov.hk/gb_chi/

 

The Central Bank and the State Administration of Financial Supervision and Administration of China release the list of systemically important banks in China

In order to strengthen macro prudential management and improve the supervision of systemically important banks, in accordance with the requirements of the "Measures for the Evaluation of Systemically Important Banks", the People's Bank of China and the State Administration of Financial Supervision and Administration recently conducted the 2023 evaluation of systemically important banks in China, identifying 20 domestic systemically important banks, including 6 state-owned commercial banks, 9 joint-stock commercial banks, and 5 urban commercial banks.

 

Information link:

Www.nbd.com.cn/articles/2023-09-22/3031721.html

Macron announces that France will rid itself of coal-fired power generation by 2027

To promote ecological transformation and achieve greenhouse gas emission reduction goals; French President Maxim recently announced that France plans to close and renovate its last two coal-fired power plants by 2027. These two power plants located in Koldemay and St. Arwald will be transformed into biomass power plants.

 

Information link:

https://www.ccpit.org/france/a/20230928/20230928ynz3.html

 

The Implementation Rules for the EU Carbon Tariff Transition Period officially came into effect on October 1, 2023

The European Commission has announced that the implementation rules for the transitional period of the EU Carbon Border Regulation Mechanism (CBAM) will officially come into effect on October 1 of this year. The transitional period will run until December 31, 2025, and will officially start on January 1, 2026, with full implementation before 2034.

 

Information link:

https://taxation-customs.ec.europa.eu/carbon-border-adjustment-mechanism_en

 

Nature Action 100 will focus on addressing biodiversity and natural loss issues

Nature Action 100 is an investor engagement program initiated by 190 institutional investors representing nearly $24 trillion in assets, announcing a list of 100 companies that will be focused on in an event aimed at promoting corporate action to address natural loss and biodiversity decline.

 

Information link:

https://www.natureaction100.org/

 

Under Secretary of State of the United States: China cannot be excluded from the critical mineral supply chain

On Friday local time, Jose Fernandez, the US Under Secretary of State for Economic Growth and Environmental Affairs, said at a briefing in New York: "We are very happy to cooperate with China in this area, and currently we have purchased many mineral products from many Chinese companies, which is related to diversification.

 

Information link:

http://news.cnfol.com/zhengquanyaowen/20230923/30404325.shtml

The US government plans to provide $12 billion in funding for the transformation of existing traditional car factories

According to Reuters, the US Energy Secretary Yu stated that the US government will provide $12 billion in grants and loans to automakers and suppliers to renovate factories to produce electric vehicles and other advanced vehicles.

 

Information link:

https://news.smm.cn/news/102368499# !

 

The European Union's Digital Services Law is now applicable to 19 ultra large platforms

Le Monde, a French newspaper, reported that the European Union's Digital Services Act (DSA) began applying to 19 designated super large platforms and search engines on the same day, in order to encourage businesses to strengthen their scrutiny of illegal content and protection of user data.

 

Information link:

https://www.thepaper.cn/newsDetail_forward_24351884

 

Deputy Prime Minister of the UK: AI risks are comparable to nuclear war and will cooperate with China

Recently, British Deputy Prime Minister Oliver Dawden pointed out that the risk of extinction brought by artificial intelligence to humanity is comparable to that of an epidemic and nuclear war, and it is necessary for the UK to cooperate with China to control this social level risk. Dawden attended the general debate of the United Nations General Assembly and delivered a speech.

 

Information link:

https://tech.ifeng.com/c/8TMQuPaPtty

 

IDC: 26% of digital native enterprises in the Asia Pacific region have invested in generative artificial intelligence

On September 27th, according to a recent report released by International Data Corporation (IDC), 26% of digital native enterprises (DNBs) in the Asia Pacific region have invested in generative artificial intelligence (GenAI) in 2023, and 44% of DNBs are currently exploring potential use cases for GenAI. These DNBs expect GenAI technologies to have the greatest impact in product development/design, research and development, customer engagement, sales, and marketing.

 

Information link:

https://www.idc.com/

Strengthening tax enforcement for high-income individuals in the United States

The US Internal Revenue Service has announced that it will use funding from the Inflation Reduction Act to shift more attention to high-income individuals, large partnerships, large corporations, and those promoting aggressive tax planning schemes through a series of measures, in order to improve the fairness of tax enforcement.

 

Information link:

Www.irs.gov/zh-hans/newsroom/news-releases-for-current month

 

Real estate tax legislation suspended

Recently, the "Legislative Plan of the 14th National People's Congress Standing Committee" (hereinafter referred to as the "Plan") was publicly announced in the field of finance and taxation. The "Plan" clearly states that value-added tax law, consumption tax law, tariff law, etc. will be submitted for review during the term of the current National People's Congress Standing Committee; However, the highly anticipated real estate tax legislation and the revision of the personal income tax law did not appear in this legislative plan.

 

Information link:

Www.ce.cn/xwzx/gnsz/gdxw/202309/19/t20230919_ 38720763. shtml

 

White Paper on Wealth Management Legal Services for Medium to High Net Worth Individuals Released

The White Paper on Wealth Management Legal Services for Medium to High Net Worth Individuals has been officially released. This white paper was jointly produced by the Taikang Family Office, Wuhan University's Great Health Legal Research Center, and Zero Point Youshu. It conducted in-depth interviews and questionnaire surveys on the medium to high net worth individuals with investable assets of over 1 million in China, fully revealing their legal risks in family wealth management and inheritance, and gaining insight into their understanding and needs for legal services.

 

Information link:

https://insurance.jrj.com.cn/2023/09/10200637835483.shtml

 

HSBC to acquire Citigroup's consumer wealth management business in China

According to Reuters, people familiar with the matter revealed that HSBC Holdings will acquire Citigroup's Chinese consumer wealth management business, which manages assets worth over $3 billion. The transaction will greatly promote HSBC's business in China. The financial details of the transaction are not yet known, and HSBC will also take over "hundreds" of Citi's employees in China.

 

Information link:

https://m.mpaypass.com.cn/news/202310/07095831.html

微软联手约翰霍普金斯大学，推出专注翻译工作的大模型ALMA

9月25日讯，Arxiv页面显示，约翰霍普金斯大学的研究者近日联手微软，推出了一款全新的大语言模型ALMA，专注于翻译工作。

 

资讯链接：

https://helloalma.com/

ChatGPT终于“联网”！不再局限于旧数据

当地时间周三（9月27日），OpenAI在X（前身为推特）上宣布，其聊天机器人产品ChatGPT可以通过微软的必应搜索引擎进行网络搜索，将不再局限于2021年9月之前的数据。OpenAI称：“现在ChatGPT Plus和Enterprise（企业版）用户可以使用浏览功能，将很快扩展到所有用户。

 

资讯链接：

http://3g.cnfol.com/news/zhengquanyaowen/20230928/30412451.shtml

  

毕马威发布报告《金融科技动向2023年上半年》

近日，毕马威发布了《金融科技动向2023年上半年》报告。报告显示，2023年的头六个月对全球金融科技市场而言极具挑战性。全球金融科技投资总额及交易宗数从2022年下半年的632亿美元、2885宗下跌至2023年上半年的524亿美元、2153宗。

 

资讯链接：

https://assets.kpmg.com/content/dam/kpmg/cn/pdf/zh/...

  

许家印因涉嫌违法犯罪已被依法采取强制措施

9月28日，中国恒大在港交所公告称：本公司接到有关部门通知，本公司执行董事及董事会主席许家印先生因涉嫌违法犯罪，已被依法采取强制措施。但因此前的“技术性离婚”争议，市场担心他的“配偶”丁玉梅是否已分离许家印的资产远走。

 

资讯链接：

https://www.nbd.com.cn/articles/2023-09-28/3040326.html

 

 

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