FinTech Weekly | Issue 54

Untangled Finance, a financial technology company in London, received $13.5 million in equity financing

Untangled Finance, a financial technology company based in London, completed an equity financing of $13.5 million under the leadership of Fasanara Capital. Untangled is working to introduce institutional level private credit, such as invoices and small and medium-sized enterprise loans, into blockchain. By transferring these assets onto the chain through structured credit pools, they can issue mortgaged debt instruments for investors.

 

Information link:

https://www.finextra.com/newsarticle/43101/untangled-finance-raises-135m-to-bring-institutional-grade-private-credit-on-chain

Comment: Fasanara is one of the largest alternative credit investors, managing over $4 billion in assets and investing in debt in everything from accounts receivable financing to real estate.

 

Clearco completed restructuring and obtained $60 million in D-round financing

Canada's growth capital company Clearco raised $60 million in the D-round financing and obtained $100 million in financing tools as part of its financial restructuring strategy. The D-round financing is led by the company's existing investors Inovia Capital and Founders Circle Capital, while the new asset support tool is provided by Pollen Street Capital.

 

Information link:

https://www.pymnts.com/news/investment-tracker/2023/clearco-secures-60-million-in-funding-to-support-ecommerce-businesses/

Comment: Fundraising and financing tools will contribute to Clearco's revenue based financing solution, Invoice Funding, which uses the company's AI and proprietary machine learning based technology to review corporate loans.

 

Taurus expands its European business and receives $65 million in financing

Taurus, a Swiss digital asset company, is expanding its business in Europe to assist institutions in responding to market encrypted asset (MiCA) regulations. The company focuses on providing infrastructure for cryptocurrencies, token assets, and non homogeneous tokens (NFTs), and has established offices in London and Paris.

 

Information link:

https://www.taurushq.com/blog/taurus-raises-usd-65-million-from-strategic-investors/#: ~: text=Taurus% 20rails% 20USD% 2065% 20million% 20to% 20further% 20development, Switzerland% 2C% 20as% 20well% 20as% 20stock listed% 20real estate% 20group% 20Investments

Comment: The London office will be led by J ü rgen Hofbauer, while Arnaud Fleisher will take over in Paris. This measure is aimed at addressing the regulatory changes sweeping across the European financial sector, particularly those affecting digital assets.

 

Investree will launch a lending technology center in Qatar after completing the $231 million D-round financing

Investree, a B2B lending platform in Jakarta, Indonesia, completed a D-round financing of $231 million under the leadership of JTA International Holding in Qatar. This round of financing also received the participation of existing Japanese investor SBI Holdings. Following the completion of the platform's $23.5 million C-round financing in March 2020, it was led by MUFG Innovation Partners and Bank Rakyat Indonesia Ventures.

 

Information link:

https://0xzx.com/2023100915533791156.html Comment: As part of this round of financing, Investree will establish a joint venture with its main investors in the capital of Qatar, Doha, to form JTA Investree Doha Consultancy.

Socotra and partners will host the first insurance network event

Socotra, a leading insurance core technology provider in Texas, announced today that eight members of its collaboration network have collaborated as part of this year's InsureTech Connect conference in Las Vegas, Nevada, presenting a unique and dynamic online event.

 

Information link:

https://cn.bing.com/search?go=Search&q=Socotra +Inisutech&qs=n&form=QBRE&sp=-1&lq=0&pq=socotra+inisutech&sc=1-18&sk=&cvid=1CEA99FF1C614A26AFB632820E99DAB2&ghsh=0&ghacc=0&ghpl=

Comment: Insurance and technology innovators AWS, Cloverleaf Analytics, DataArt, Five Sigma, GhostDraft, MassPrinting, Mendix, and Stripe teamed up with Socotra to welcome insurance companies from around the world at the ITC Vegas conference.

 

Guidewire collaborates with EvolutionIQ to change the process of workers' compensation claims

Guidewire and EvolutionIQ have announced that EvolutionIQ has joined Guidewire PartnerConnect as a new solution partner. The integration built by Guidewire will allow Guidewire users to leverage EvolutionIQ's Claims Guidance within the ClaimCenter, providing users with a unified workflow and simplifying data transfer between systems.

 

Information link:

https://www.guidewire.com/about-us/news-and-events/press-releases/20231026/guidewire-partners-with-evolutioniq-to-transform-workers-compensation-claims/

Comment: This strategic partnership combines market leading technology to help insurance companies change their claim processes, helping sick and injured claimants recover and return to work faster, while reducing claim losses and costs.

 

Boost Insurance launches a new product, Boost Re

The industry's leading insurance infrastructure company announced today the launch of Boost Re, the latest component of Boost's comprehensive insurance as a service suite, which is an innovative new risk transfer platform. Boost Re provides significant benefits to both Boost's customers and reinsurance partners.

 

Information link:

https://boostinsurance.com/blog/introducing-boost-re/

Comment: For MGA (Management General Agent), insurance technology, and embedded insurance customers, Boost Re's one-stop "Captive as a Service" solution provides a highly cost-effective way to establish and expand their own full stack insurance operations.

 

Guidewire and Assurant collaborate to simplify insurance processes and improve customer experience

Guidewire announced a partnership with Assurant. Assurant focuses on creating seamless and frictionless solutions for insurance companies to promote a better customer experience for policyholders. Leveraging its innovative history, proven risk management and compliance expertise, and customer experience focus, Assurant has created two solutions that simplify the once cumbersome processes of insurance companies.

 

Information link:

https://www.guidewire.com/about-us/news-and-events/press-releases/2023112/guidewire-and-assurant-streamline-insurance-processes-and-improve-customer-experience/

Comment: Now, these solutions, HOIVerify ℠ and Carrier Direct Endorsement ℠, can be integrated with Guidewire to improve the efficiency of insurance companies.

OCC applies "supply chain thinking" to review banks

As more and more participants play a role in providing financial products to consumers, the Office of the Comptroller of the Currency (OCC) is working to explore how to customize its supervision scope to cover the new financial services' supply chain '. Bank regulatory agencies, including OCC, have strengthened their review of third-party risks in recent months and issued joint guidelines in June, detailing how companies should monitor their relationships with fintech companies and other third parties.

 

Information link:

https://www.occ.treas.gov

 

CFPB Announces Proposal to Open Banking Business

The Consumer Financial Protection Agency (CFPB) announced its long-awaited proposal to open banking services on Thursday, which stipulates that by requiring banks to share such data with third parties such as fintech companies, consumers will be given greater control over financial data. The proposed rule grants consumers the right to authorize access to information related to credit cards, checks, prepaid and digital wallet accounts to third parties.

 

Information link:

https://www.consumerfinance.gov/

 

NET Credit Union chooses Bankjoy as a digital onboarding solution

The NET Credit Federation, headquartered in Scranton, Pennsylvania, has partnered with Bankjoy to deploy its online and mobile onboarding solutions for new customers. Through this collaboration, the Credit Union will utilize Bankjoy's online account opening solution to simplify the onboarding process, in order to gain new members and increase their deposits.

 

Information link:

https://www.businesswire.com/news/home/20231023025114/en/NET-Credit-Union-Partners-with-Bankjoy-to-Drive-Deposit-Growth-Empower-Members-with-Seamless-Digital-Onboarding-Experience

 

Using banking technology, Capital One surpasses Citibank in terms of satisfaction with small business banks

Through improved digital tools and more supportive relationship managers, it has become more effective in helping small business owners cope with current market conditions, as found in a report released on Thursday by J.D. Power's 2023 Small Business Bank Satisfaction Study in the United States. This year, Capital One squeezed Citibank out of the top spot in the Small Business Bank Customer Satisfaction Index. Bank of America and JPMorgan Chase held second and third positions respectively.

 

Information link:

https://www.capitalone.com/

Japan and Denmark Collaborate to Develop Floating Offshore Wind Power Technology

Japan and Denmark have officially teamed up to develop floating offshore wind power technology. This strategic partnership aims to address urgent climate change issues by promoting the emerging floating offshore wind power industry, which is expected to expand significantly in the next decade.

 

Information link:

http://www.nengyuanjie.net/article/82809.html

 

Amazon has added over 1 gigawatt of renewable energy production capacity in Europe

Amazon announced that it has added 39 new renewable energy projects in Europe so far this year, with a new clean energy capacity of over 1 gigawatt. These new projects consolidate Amazon's position as the largest purchaser of renewable energy in Europe, with 160 wind and solar projects in 13 countries. Once put into operation, it is expected to provide 5.8 gigawatts of clean energy production capacity.

 

Information link:

https://www.energytrend.cn/news/20231027-130668.html

 

Robeco will disclose sustainable information for all investment products

Robeco, an international asset management company, announced that it will begin providing sustainability information for all its investment products and will add information on topics such as climate, zero emissions, biodiversity, and Sustainable Development Goals (SDGs) to its product manuals and web pages.

 

Information link:

https://www.robeco.com/en-int/

 

PRI Initiates the Natural Due Diligence Management Initiative Spring

Recently. At the 2023 PRI in Person Global Responsible Investment Conference held in Tokyo, Japan, PRI announced its latest natural due diligence management initiative, Spring. The initiative aims to maximize the role of the investment community in achieving the goal of halting and reversing biodiversity loss by 2030, with a primary focus on the issues of deforestation and land degradation that lead to biodiversity.

 

Information link:

Finance.sina.com. cn/esg/2023-10/10/doc imzqriaf6880161.shtml

Japan's proposed worker compensation reform will cover more freelancers

The Japanese Ministry of Health, Labour and Welfare has started discussing expanding the coverage of workers' accident compensation insurance, aiming to cover a wider range of freelancers. In a discussion held earlier this week by the Japanese Ministry of Labor, some committee members emphasized the necessity of understanding accident cases in various professions and advocated for adequate safety education for freelancers. Others proposed implementation mechanisms to clarify the regulation, ultimately expanding the scope of job categories eligible for the program.

 

Information link:

https://www.thepaper.cn/newsDetail_forward_23543007

 

Hong Kong will implement measures to encourage small and medium-sized enterprises to apply AI technology

On October 15th, the Financial Secretary of Hong Kong, Chen Maobo, today released his essay "Practicing Cooperation and Win-win Cooperation", which revealed that in recent years, Hong Kong has vigorously promoted the development of financial technology, promoted financial innovation, and allowed citizens to enjoy a more diverse range of products and services.

 

Information link:

https://www.chinanews.com.cn/dwq/2023/10-16/10094898.shtml

 

Payment technology company Modulr agrees to cooperate with regulatory agencies to stop attracting new customers

The Financial Conduct Authority (FCA) in the UK has requested the UK based fintech company Modular to suspend the admission of some new clients due to regulatory concerns. Modular is currently collaborating with regulatory agencies to conduct a review of its' systems and processes'. Due to the implementation of multiple new and revised regulatory regulations in the UK in 2023 and 2024, Modular has decided to temporarily suspend the admission of specific new customer groups in the UK.

 

Information link:

https://www.finextra.com/newsarticle/43135/fca-and-modulr-agree-customer-onboarding-restrictions

 

Public solicitation of opinions on the "Basic Security Requirements for Generative Artificial Intelligence Services"

On October 11th, the National Information Security Standardization Technical Committee issued a notice soliciting opinions on the technical document "Basic Requirements for Security of Generative Artificial Intelligence Services" from the Information Security Standardization Committee. The "Requirements" provide the basic requirements for the security of generative artificial intelligence services, including corpus security, model security, security measures, security evaluation, etc. It is applicable to providers of generative artificial intelligence services to the public within China to improve their service security level, or to providers conducting security assessments themselves or commissioned by a third party, It can also provide reference for relevant regulatory authorities to evaluate the security level of generative artificial intelligence services.

 

Information link:

https://www.tc260.org.cn/front/postDetail.html?id=20231011143225

2024 Global Tax Evasion Report: Levying a 2% tax on the world's top billionaires could generate $250 billion in revenue

On October 23rd, the EU Tax Watch Center released a report stating that imposing a minimum wealth tax of 2% on approximately 2700 of the world's top billionaires would increase taxes by an estimated $250 billion annually. The 2024 Global Tax Evasion Report released by this independent research institution on the same day showed that wealthy individuals with assets exceeding $1 billion usually transfer assets and hide their wealth by establishing "shell companies" and other means. Compared to all other income groups, they actually pay the lowest proportion of personal income tax to their personal assets.

 

Information link:

https://www.thepaper.cn/newsDetail_forward_25027884

 

Looking Forward to Hong Kong Policy Address: Expected to Re promote Investment and Immigration to Attack Home Office

The 2023 Policy Address of the Chief Executive of Hong Kong will be released on Wednesday (October 25th), and market measures are expected to focus on "boosting" the Hong Kong economy and property market. Among them, Meilian Immigration Advisor and Meilian Financial Group expect that the new policy address will introduce measures to attract floating capital to Hong Kong, including re promoting investment immigration and attacking family offices.

 

Information link:

https://www.wenweipo.com/a/202310/21/AP6532def1e4b0fdf828a37952.html

 

Shimao Xu Rongmao's family office handles the sale of Australian cattle farms for 250 million Australian dollars

Another real estate tycoon is disposing of their assets. Market news shows that Xu Rongmao, the chairman of Shimao Group and the actual controller of Shimao Group, has launched a portfolio of cattle farms located in Western Australia, with a farm area of 2.9 million hectares, which is close to the land area of the European country Belgium. It is reported that the investment portfolio is priced at approximately AUD 250 million, equivalent to approximately RMB 1.167 billion.

 

Information link:

http://news.10jqka.com.cn/20231019/c651399970.shtml

 

Macau gambling king family and Li Ning family jointly launch super family office: G70 Global Family Office officially opens

On September 28, 2023, the G70 Global Family Office (G70 MFO) held a grand opening ceremony at the K7 Club in Hong Kong, with five core founding shareholders including Liu Yang, He Chaoqiong, Li Ning, Gao Rongrong, and Ji Shengzhi. G70 MFO's G70 MFO business covers family trusts, wealth management, private lawyers, children's education, high-end medical care, study abroad, taste collection, and other one-stop comprehensive services. We hope to build a super family office ecosystem and a new alliance for wealth management based on Hong Kong's favorable policies in family offices.

 

Information link:

https://www.163.com/dy/article/IGBUQA2R0553TT50.html

2024 Asia Employee Medical Plan Costs Will Soar
Aon has released its 2024 Global Healthcare Trend Rate Report, which represents the insights of Aon professionals on healthcare trend rate expectations, derived from their extensive interactions with customers and insurance companies in each market of the company's healthcare plan business portfolio. The study also revealed important findings, pointing out five mitigation measures that employers are expected to take to curb the rise in healthcare costs and promote a healthy workforce, including health measures, plan design modifications, cost control, access and delivery restrictions, and flexible welfare plans.

Information link:
https://www.mercer.com.cn/insights/workforce-and-careers/global-employee-insurance-benefit-plan-trends-to-2023/

Microsoft CEO calls AI the greatest opportunity and does not agree with Musk's threat theory
Microsoft CEO Satya Nadella recently won the 2023 Axel Springer Award and conducted an in-depth interview with the company's CEO, Mathias Dopfner, at Axel Springer's German headquarters.

Information link:
https://www.toutiao.com/c/user/token/MS4wLjABAAAA_Q07NxeCa4hDPFoRcdphaZOk2X6C8BApfpTPTMLJswI/?

Mass shooting in Maine, USA
In Maine, the police continue to search 24/7 for suspect Robert R. Card suspected of large-scale shooting in a bar and bowling alley in Lewis. This incident resulted in 18 deaths and 13 injuries.

Information link:
https://news.cctv.com/2023/10/27/ARTIqlFOC4yuWVAdZq4y5IOq231027.shtml

Behind Biden's shift in stance on the Israeli Hamas war: Gaza deaths and international pressure
According to Reuters, US President Joe Biden and his team have significantly changed their stance on the Israeli Hamas crisis in recent days, shifting from unconditional support for Israel to emphasizing the need to protect Palestinian civilians in Gaza before an upcoming Israeli ground invasion. Nevertheless, Biden's aides stated that Biden has not changed his basic belief that Israel has the right and responsibility to defend itself after the 1400 deaths caused by Hamas militants in an attack on southern Israel on October 7th.

Information link:
https://www.fx678.com/C/20231027/202310271607092067.html



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