KakaoBank acquires approximately 10% stake in Southeast Asian digital bank Superbank
Recently, South Korean digital banking giant KakaoBank announced that it will establish a strategic partnership with Southeast Asian super application operator Grab Holdings Limited to enter the Southeast Asian market. As part of this collaboration, KakaoBank announced its intention to acquire approximately 10% of the shares of the Indonesian digital bank Superbank.
Information link:
https://www.mobileworldlive.com/asia-pacific/kakaobank-to-take-stake-in-indonesia-based-superbank/#: ~: text=South% 20Korea based% 20KakaoBank% 20laid% 20out% 20plans% 20to% 20take, a% 20consortium% 20comparing% 20Grab% 2C% 20Singtel% 20and% 20Emtek% 20Group
Comment: According to a report from the World Bank, Indonesia has a population of 270 million, but due to factors such as a shortage of physical banking services, the bank account ownership rate of residents aged 15 and above in the country is less than half. However, this populous Southeast Asian country has already achieved complete popularization of mobile phones, which also represents the enormous development potential of the digital banking industry in this region.
Investing in the application platform Stash to complete a $40 million financing and plan an IPO
Recently, the investment application platform Stash announced that it had raised $40 million through the "convertible notes" (also known as "convertible bonds") mechanism, with early and existing investors T. Rowe Price leading the way.
Information link:
https://www.finsmes.com/2023/10/stash-raises-40m-in-funding.html#: ~: text=Stash% 2C% 20a% 20NYC based% 20provider% 20of% 20an% 20investing% 20app% 2C, funds% 20to% 20accelerate% 20growth% 20and% 20its% 20business% 20reach
Comment: Stash was founded in 2015 and headquartered in New York. It is committed to providing zero stock investment services for stocks and funds to low - and middle-income consumers through mobile platforms, similar to the business of financial technology startups such as Acorns and Robinhood.
OpenAI is currently negotiating to sell stocks based on a valuation of $86 billion
According to insiders, the artificial intelligence startup OpenAI behind ChatGPT is negotiating to sell shares of existing employees, valued at $86 billion. Insiders say OpenAI is in negotiations with potential investors regarding this transaction, known as a takeover offer.
Information link:
https://openai.com/
Comment: Some insiders say that the company has not yet finalized its sales plan and the terms may still be changed.
Enigo, a Swedish blockchain company, received a € 6 million financing from Lloyd's Bank Group
Lloyd's Bank Group announced an investment of 3 million euros in Enigo, leading the latest round of financing of 6 million euros, with existing investors Stockhorn Capital and MOOR also participating in the financing.
Information link:
https://enigio.com/
Comment: Enigo will use this financing to promote the digitization process in the trade field, helping trade finance companies better digitize original documents such as promissory notes, bills of exchange, and bills of lading.
Allianz Group Announces Partnership with Bolttech
Allianz Partners and Bolttech Insurance announced the establishment of a partnership to provide embedded devices and device protection insurance in the Asia Pacific region and the United States.
Information link:
https://www.allianz-partners.com/en_global/in-the-news/press-releases/Allianz-Partners-announces-strategic-partnership-with-bolttech.html
Comment: The collaboration between Allianz Partners and Bolttech will provide embedded solutions for business partners such as electronics and home device retailers and electronics retailers, telecommunications providers, banks, insurance companies, and OEMs.
Castlelake and Fidelis MGU Create Aviation MGA
Castlelake is an international investment management company with 18 years of performance in the aviation industry, collaborating with Pine Walk Capital Limited ("Pine Walk"), a subsidiary of Fidelis MGU. They jointly launched a new entity focused on the aviation industry: Itasca MGA.
Information link:
https://www.fidelismgu.com/media/news/corporate
Comment: The main responsibility of Itasca MGA is to oversee and manage the risks related to the secured commercial aviation financing of Fidelis MGU Group and Itasca Re Limited, an insurance company created by Castlelake.
Business data platform Planck launches a generative artificial intelligence underwriting tool
The commercial insurance data platform Planck has launched a new underwriting tool, Planck PLUS, based on generative AI technology. Users can query comprehensive information content based on the basic information input by the underwriting company.
Information link:
https://www.space.com/what-is-the-planck-time
Comment: This intuitive platform can provide insightful advice, and its PLUS Chat function supports users to follow up on specific details of risks. This underwriting tool runs in a closed data ecosystem, addressing common issues related to data privacy while also reducing common errors on other generative platforms.
American financial institution Truist is negotiating to sell insurance business for $10 billion
SmartSky is partnering with artificial intelligence lightning prediction company FLASH Weather AI to sell its massive insurance brokerage business to private equity firm Stone Point for approximately $10 billion, with the aim of responding to new and stricter regulations to avoid bank failures in the future.
Information link:
https://www.bankrate.com/banking/savings/truist-savings-rates/
Comment: According to insiders, Stone Point purchased a 20% stake in the business earlier this year and is currently negotiating to acquire the remaining portion.
MasterCard Participation in the Reserve Bank of Australia CBDC Pilot Project
On October 13, 2023, MasterCard participated in the Central Bank Digital Currency (CBDC) pilot project between the Reserve Bank of Australia and the Digital Finance Collaborative Research Center, exploring the potential use cases of CBDC in Australia.
Information link:
https://www.mastercard.com/news/ap/en/newsroom/press-releases/en/2023/mastercard-demonstrates-interoperable-cbdc-for-trusted-web3-commerce-in-australia-and-beyond/
FinTech Unicorn Slice to merge with North East Small Finance Bank in India
Indian credit card fintech company Slice has obtained approval from the Reserve Bank of India (RBI) to merge with North East Small Finance Bank (NESFB) in order to provide services to the poorest financial services in the country.
Information link:
https://techcrunch.com/2023/10/03/slice-north-east-bank
Citibank collaborates with Navan to launch a new travel and expense management system
This system is designed for cardholders of Citi Commercial Bank, a strategic collaboration that combines Navan's one-stop solution with Citibank's commercial advantages, showcasing the innovation of banking technology in improving customer experience.
Information link:
https://www.citigroup.com/global/news/press-release/2023/citi-and-navan-launch-first-complete-travel-and-expense-system-for-citi-commercial-bank-clients
The State Administration of Financial Regulation has organized a special work to remind and remind banks of "sleeping accounts"
Securities Times Online News: According to the website of the State Administration of Financial Regulation, the State Administration of Financial Regulation has organized a special work to remind and remind banks of "sleeping accounts", and to do a good job in practical matters that affect the vital interests of consumers. A 'sleeping account' mainly refers to an individual bank account that has not engaged in active transactions for 5 years or more and has a balance in the account.
Information link:
http://www.news.cn/fortune/2023-10/13/c_1129914710.htm
The Governor of California will visit China, focusing on climate action, economic development, and cultural exchange
On October 18th local time, the California Governor's Office released a press release stating that California Governor Gavin Newsom will lead a one week visit to China next week, focusing on climate action and the partnership between the world's two major economies, including promoting economic development and tourism, as well as promoting cultural exchanges between the United States and China.
Information link:
https://www.jiemian.com/article/10250719.html
ESG was not mentioned in the focus of the US SEC annual report review
The U.S. Securities and Exchange Commission (SEC) did not directly mention ESG (Environmental, Social, and Governance Investment) in its 2024 fiscal year priority review report for investment advisors, brokers, and other members of the securities industry released on Monday (October 16). Previously, the SEC had listed ESG as a review focus in its reports for 2023, 2022, and 2021.
Information link:
https://www.sec.gov/securities-topics/climate-esg
The International Coral Reef Initiative has pledged to raise $12 billion to fund coral reef conservation
The International Coral Reef Initiative (ICRI) is a network of 45 countries representing over 75% of global coral reefs. The organization collaborated with the Global Coral Reef Fund (GFCR) and the Advanced Climate Champion (HLCC) to launch the Coral Reef Breakthrough Program. The Coral Reef Breakthrough Program aims to ensure the future of at least 125000 square kilometers of shallow tropical coral reefs and support the resilience of over 500 million people worldwide through an investment of at least $12 billion by 2030.
Information link:
https://www.icri.org/
10 European cities have received EU rewards for planning to achieve climate neutrality by 2030
Ten European cities have been awarded one of the labels for the EU's "Climate Neutral and Smart Cities" mission as part of the "Vision Europe" initiative. The EU mission label is an important milestone as it recognizes the city's plan to achieve climate neutrality by 2030 and aims to promote access to public and private funding to achieve this goal.
Information link:
https://wri.org.cn/insights/zero-carbon-cities-100...
Brazilian securities regulatory authorities plan to continue conducting tokenization trials in 2024
Tokenization refers to the process of converting ownership of real-world assets into digital tokens. The assets that can be tokenized in the real world include various financial products such as stocks, bonds, stocks, and debts. Previously, the Brazilian Securities and Exchange Commission (CVM) had explored some technical details and related use cases to promote tokenization of assets worth over 185 million reais (approximately $36 million).
Information link:
https://techflowpost.com/newsletter/detail_31993.html
The Australian government plans to incorporate digital wallet providers into the financial regulatory system
Recently, the Australian government announced plans to incorporate digital wallet providers into the country's financial regulatory system. The proposal is expected to be submitted to parliament this year and will redefine the interpretation of terms such as "payment" and "payment system" in the country's 1998 Payment System Act.
Information link:
https://www.sbs.com.au/language/chinese/zh-hans/article/australia-to-toughen...
The UK government recruits AI policy experts with an annual salary of £ 75000
According to reports, the UK government is attempting to recruit a 'Department Director for AI International' with an annual salary of £ 75000 ($92000). Compared to this, Meta offers similar positions with an annual salary of $1.175 million. It is reported that the incumbent will play a key role in maintaining the momentum created by the Artificial Intelligence Security Summit, continue to strengthen international cooperation, and actively guide international discussions on artificial intelligence to ensure that the UK remains at the forefront of development and emerging risks and opportunities.
Information link:
https://www.civilservicejobs.service.gov.uk/csr/jobs.cgi?jcode=1880720
US officials: The US will "fill the loophole" to prevent US companies from bypassing restrictions on exporting AI chips to China
According to Reuters, a US official recently stated that the United States will take more measures to prevent US chip manufacturers from bypassing government restrictions on selling semiconductor products to China, in order to "fill the loophole". This is part of the Biden administration's upcoming action to prevent more exports of artificial intelligence (AI) chips.
Information link:
https://www.thepaper.cn/newsDetail_forward_24946919
Hong Kong is expected to surpass Switzerland this year and become the world's largest wealth management center
Recently, Bloomberg industry research has shown that benefiting from more convenient cross-border investment, widening interest rate differentials between Hong Kong and mainland China, and the Hong Kong government's talent entry plan, it is expected that the net inflow of funds into Hong Kong's private wealth management industry will surge by more than four times in 2023, surpassing Switzerland as the world's largest wealth management center.
Information link:
https://www.163.com/dy/article/I0EE0AVH0519CD0B
New progress in Cainiao Hong Kong's listing, with Shen Guojun, the second largest shareholder, establishing a family trust
On the evening of October 13th, according to information disclosed on the website of the China Securities Regulatory Commission, the Commission received the registration materials for Cainiao Intelligent Logistics Network Co., Ltd. (hereinafter referred to as "Cainiao") to be listed in Hong Kong on October 10th. Cainiao submitted a prospectus to the Hong Kong Stock Exchange on the evening of September 26th, becoming the first business group of Alibaba Group to launch an IPO after "1+6+N", with co sponsors being Citibank, CITIC Securities, and JPMorgan Chase.
Information link:
https://www.sohu.com/a/728343956_121687424
Five insurance capital institutions enter the pilot site to pilot ABS and REITs businesses
The ABS and REITs market has welcomed 5 new "players". Recently, the Shanghai Stock Exchange and Shenzhen Stock Exchange announced that under the coordinated guidance of the China Securities Regulatory Commission and the State Administration of Financial Regulation, they have recently extended their services to Guoshou Asset, Taikang Asset Management Co., Ltd. (hereinafter referred to as "Taikang Asset"), Pacific (3.660, -0.02, -0.54%) Asset Management Co., Ltd. (hereinafter referred to as "Taibao Asset") The first batch of five insurance asset management companies, China National Insurance Corporation (5.730, -0.05, -0.87%) Asset Management Co., Ltd. (hereinafter referred to as "PICC Asset") and Ping An Asset Management Co., Ltd., issued no objection letters agreeing to pilot asset securitization (ABS) and real estate investment trust fund (REITs) businesses.
Information link:
https://finance.sina.com.cn/cj/2023-10-17/doc-imzrkyrq3581699.shtml
2023 China's New Rich Group Wealth and Health Index released
Recently, the 2023 China New Rich Group Wealth Health Index was released, which mainly found that the new rich in China are becoming more confident in their own wealth management abilities, but the actual financial planning level still needs to be improved; Faced with future economic uncertainty, the newly affluent are gradually adjusting their economic expectations and lifestyle; The investment style and strategy of the newly wealthy tend to be conservative; Insufficient elderly care planning may pose hidden dangers to the wealth and health of newly wealthy individuals after retirement.
Information link:
http://www.schwab.com.cn/assets/media/Charles-Schwab_Press-Release-for-2023-China-Index---CN.pdf
US Stock Market Financial Reporting Season Begins, Wall Street Warns of Weakening Earnings Prospects
The third quarter financial reporting season for US listed companies has recently kicked off, with some large banks taking the lead in disclosing their third quarter results. According to financial reports from JPMorgan Chase, Wells Fargo, Citigroup, Bank of America, Goldman Sachs, and others, the overall performance of banking stocks exceeded expectations.
Information link:
http://intl.ce.cn/sjjj/qy/202310/19/t20231019_38756377.shtml
Netflix's net increase in paid streaming users in the third fiscal quarter was higher than expected
Netflix's third quarter revenue was $8.54 billion, with analysts expecting $8.53 billion; Earnings per share for the third fiscal quarter were $3.73, with analysts expecting $3.49; In the third fiscal quarter, the net increase in paid streaming users was 8.76 million, with analysts expecting an increase of 6.2 million;
Information link:
https://www.thepaper.cn/newsDetail_forward_203
Half of Singapore's top ten startups come from the fintech industry
Affected by the macroeconomic environment, venture capital investors have gradually reduced their investment scale since 2022. A report from research firm Tracxn shows that the total financing volume of Southeast Asian startups in the first half of 2023 decreased by 71% compared to the same period last year, to only $2.3 billion. And at least half of these investments have gone to Singapore.
Information link:
https://www.yan.sg/dujiaoxijiagongshi
The State Administration of Financial Supervision, the Central Bank, and the China Securities Regulatory Commission have released typical cases of financial consumer rights protection
During the "Financial Consumer Rights Protection Education and Promotion Month", the State Administration of Financial Regulation, in conjunction with the People's Bank of China and the China Securities Regulatory Commission, released typical cases of financial consumer rights protection. In the next stage, the financial management department will continue to strengthen the supervision and protection of the rights and interests of financial consumers, guide and promote the financial industry to adhere to the people-centered development concept, provide richer financial products, safer, more convenient, and efficient financial services to financial consumers, and effectively safeguard the legitimate rights and interests of financial consumers.
Information link:
http://www.xinhuanet.com/money/20231011/28782b5994854d029...
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.
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