FinTech Weekly | Issue 55

Matic Insurance raised $20 million

Matic Insurance announced a $20 million B-round financing, led by IA Capital, with participants including TruStage Ventures, Asset Ventures, Nationwide Ventures, and Allstate Strategic Ventures. Matic was founded in 2014 and mainly sells home insurance and car insurance products through partners.

 

Information link:

https://matic.com/blog/matic-raises-20m-series-b-extension-up-round-with-new-investors/

Comment: It is reported that Matic has reached cooperation with 20% of the housing loan service companies in the US market, including over 100 lending companies and banks. Matic will expand its insurance trading market and launch life insurance products in the future.

 

Ascend Money raised $150 million to become Thailand's first fintech unicorn

Ascend Money received $150 million in financing with a valuation of $1.5 billion, becoming Thailand's first fintech unicorn. The financing funds will be used to expand the user base of its electronic wallet application TrueMoney Wallet, upgrade the scope of digital financial services, including digital lending, digital investment, and cross-border remittance functions in Southeast Asia.

 

Information link:

https://techcrunch.com/2021/09/26/thailands-fintech-startup-ascend-money-lands-150m-at-a-1-5b-valuation/

Comment: Ascend Money's main mission is to promote the coverage and inclusiveness of financial services within the region.

 

Farm World successfully acquired by global blockchain game leader Oxalis Games

Recently, British blockchain game developer Oxalis Games announced a successful acquisition of Farm World, which has sparked a new wave in the global blockchain game market. Farm World, a blockchain metaverse farm game that combines farm farming gameplay with cryptocurrency economics, is moving globally and becoming an innovation in the gaming and financial fields.

 

Information link:

https://playtoearn.net/news/oxalis-games-reveals-beautiful-trailer-for-free-to-play-blockchain-farming-rpg-moonfro

Comment: After the acquisition of Farm World, the management structure of Farm Global has been comprehensively adjusted and optimized, obtaining a solid core team and a strong expert consulting team.

 

Databricks Announces Acquisition of Arcion for $100 million

Ali Ghodsi, CEO and founder of Databricks, officially announced on CNBC on Monday evening that the company will acquire enterprise data company Arcion for $100 million. Ghodsi pointed out that Databricks' main product is an artificial intelligence based data analysis tool, but at the time of customer registration, the Databricks platform may not have enough data to analyze.

 

Information link:

https://www.databricks.com/company/newsroom/press-releases/databricks-agrees-acquire-arcion-leading-provider-real-time

Comment: However, once Databricks integrates Arcion's technology, customers will be able to more easily import data from software systems such as Salesforce into Databricks for analysis.

Insurance Technology Bolttech Collaborates with Hong Kong Travel Company Trip.com

Bolttech, a Singaporean insurance technology company, has reached a partnership with Trip.com, a Hong Kong travel company, to produce embedded travel insurance products. Trip's Hong Kong customers can purchase Bolttech's travel insurance products directly on their mobile phones, simplifying the insurance consumption process, and directly providing electronic policies to reduce travel worries.

 

Information link:

https://www.lifeinsuranceinternational.com/news/trip-com-bolttech-travel-insurance/

Comment: Bolttech's TravelCare insurance products can be purchased in a single purchase or subscribed annually. The coverage includes professional sports or business sports events, mobile phone insurance, travel delay or cancellation insurance and COVID-19 medical insurance.

 

Mylo collaborates with Gainbridge on insurance products

Mylo and Gainbridge announced a partnership to launch the Gainbridge Protect insurance product. According to the cooperation content, Mylo's car insurance and housing insurance products will be integrated into the Gainbridge platform, which provides consumers with simple and intuitive digital financial products.

 

Information link:

https://choosemylo.com/article/gainbridge-protect-launch

Comment: Users will access Mylo's insurance platform through a codeless tool to obtain insurance product recommendations and product quotes from over 100 insurance companies.

 

LULA's generative AI has become the first artificial intelligence to pass the insurance practice exam

Fleet operator insurance software provider Lula Technologies announced that its generative artificial intelligence (GAIL) has become the first AI to pass the insurance practice exam. In order to pass the exam (equivalent to the lawyer exam in the insurance industry), GAIL conducted "rigorous training" using LULA's internal dataset and national insurance regulations, with a focus on regulatory guidelines, legal framework, and workflow.

 

Information link:

https://www.lula.com/blog/GAIL-passes-exam

Comment: GAIL's insurance knowledge once became so "important" that it began to correct the hiring of mentors to train it and passed four exams with "excellent results".

 

Daxin to Launch Global Network Practice

Daxin announced the launch of a new professional global network practice, integrating all of Daxin's network capabilities in global insurance, risk intelligence, event management, and cybersecurity.

 

Information link:

hhttps://www.marsh.com/cn/zh/about/about-marsh.html

Comment: This practice will be officially launched on January 1, 2024, led by Tom Reagan, who is currently the head of network practice at Marsh Specialty in the United States and Canada.

Finastra supports CQUR Bank's new enterprise portal

Supported by Finastra's enterprise channels and trade innovation solutions, the portal aims to provide its customers with host to host integrated solutions and digital workflows. Finastra's corporate channels serve as a digital banking platform, providing comprehensive services such as cash, supply chain financing, loans, trade, and financial services.

 

Information link:

https://www.finastra.com/press-media/cqur-bank-selects-finastra-enhance-its-digital-transaction-banking-offering

 

IndusInd Bank utilizes Viamericas to provide digital inward remittance services

IndusInd Bank of India has established a strategic partnership with Viamericas Corporation to provide digital inward remittance services from the United States to India for Indians residing in the United States. The Indus Fast Remit platform facilitates remittance to India, especially for non resident Indian populations overseas. It will now allow Indians residing in the United States to book remittance transactions through automatic debit payment mode and transfer funds through overseas bank accounts.

 

Information link:

https://www.indusind.com/in/en/about-us/mediabrand/FY/2023-2024/October/indus-fast-remit.html

 

Atom Bank is steadily advancing its balance sheet growth after completing a £ 100 million equity fundraising

The UK challenger bank Atom Bank has raised over £ 100 million through equity fundraising as part of its "accelerated loan and balance sheet growth" plan. Atom stated that the newly raised funds will be used to "increase" its lending capacity, and claimed that since its establishment in 2013, it has borrowed £ 4 billion from UK homeowners and over £ 1 billion from small businesses.

 

Information link:

https://www.atombank.co.uk/

 

Swiss National Bank will collaborate with SDX and six commercial banks to carry out wholesale CBDC pilot projects

On November 2nd, it was reported that the Swiss National Bank (SNB) is collaborating with SIX Digital Exchange (SDX) and six commercial banks to launch a pilot wholesale central bank digital currency (CBDC). SDX stated that the pilot project, called Helvetia Phase III, will create a tokenized version of the Swiss franc as a settlement tool for digital securities trading between financial institutions on digital exchanges.

 

Information link:

https://www.sdx.com/?trk=organization -Update_ Share update_ Update text

Brazil will mandate disclosure of sustainable development reports

The Brazilian Ministry of Finance and the Brazilian Securities and Exchange Commission (CVM) have announced the inclusion of the International Sustainability Standards Board (ISSB)'s International Financial Reporting Standards Sustainability Disclosure Standards into the Brazilian regulatory framework, and have developed a roadmap for voluntary use starting from 2024 and mandatory use starting from January 1, 2026.

 

Stellantis invests 1.5 billion euros to accelerate global expansion of electric vehicles

Stellantis N.V. and Leapmotor announced that Stellantis plans to invest 1.5 billion euros to acquire approximately 20% of Leapmotor's shares, making Stellantis a significant shareholder of the company. The transaction also stipulates the plan to establish Leapmotor International, a 51/49 Stellantis led joint venture with exclusive rights to export, sell, and manufacture Leapmotor products outside of Greater China. This will be an industry-leading global electric vehicle relationship, a collaboration between a leading automaker and a Chinese pure electric vehicle manufacturer.

 

MSCI report shows that global listed companies may run out of carbon budgets to control temperature increases within 1.5 ℃in three years

The latest MSCI Net Zero Tracking Report ("Report") shows that although the number of listed companies making net zero commitments continues to rise, it is expected that their direct emissions of greenhouse gases into the atmosphere this year will reach new highs and exhaust their global emission budget share to control temperature increases within 1.5 ° C by the end of October 2026.

 

The Hong Kong Securities Regulatory Commission supports and advocates the development of voluntary code of conduct for ESG rating and data product suppliers

On October 31st, the Hong Kong Securities Regulatory Commission announced its support and advocacy for the development of a set of ethical standards for environmental, social and governance (ESG) rating and data product suppliers who provide products and services in Hong Kong to voluntarily comply with. The voluntary code of conduct will be developed by an industry leading working group, namely the Hong Kong ESG Rating and Data Product Supplier Voluntary Code of Conduct Working Group.

The Monetary Authority of Singapore collaborates with regulatory agencies in Japan, Switzerland, and the UK to promote digital asset innovation

The Monetary Authority of Singapore (MAS) has issued a document stating that it has collaborated with the Financial Services Agency of Japan (FSA), the Swiss Financial Market Regulation Authority (FINMA), and the Financial Conduct Authority (FCA) to promote pilot digital assets for fixed income, foreign exchange, and asset management products.

 

Information link:

https://www.mas.gov.sg/news/media-releases/2023/mas-partners-policymakers-to-foster-responsible-digital-asset-innovation

 

UK legislators pass legislation to help law enforcement agencies seize illegal cryptocurrency

British lawmakers passed the Economic Crime and Corporate Transparency Act on Thursday, which will help law enforcement agencies seize and freeze cryptocurrencies used for crimes without conviction. It is expected to receive King's approval and take effect on Thursday, and was first introduced in September last year.

 

Information link:

https://www.cov.com/zh-cn/news-and-insights/insights/2022/03/the-economic-crime-transparency-and-enforcement-act-2022

 

US state regulators intervene in the Coinbase unregistered securities case

Regulatory agencies and legal experts from various states in the United States have intervened in the case of the Securities and Exchange Commission (SEC) suing Coinbase. According to the newly submitted documents, the parties involved believe that apart from speculation, the vast majority of digital assets do not have specific or widely adopted actual economic use cases, and cryptocurrencies are neither important nor special. The SEC can regulate digital assets in accordance with current laws.

 

Information link:

https://www.sec.gov/news/press-release/2023-102

 

The first global AI regulatory declaration, signed by 28 countries including China, the United Kingdom, and the United States

On November 2nd, it was reported that the world's first AI Security Summit was held yesterday at Bletchley Park in the UK. 28 countries, including China, the United States, and the European Union, signed the Bletchley Declaration, agreeing to establish artificial intelligence (AI) monitoring methods through international cooperation.

 

Information link:

https://www.msn.cn/zh-cn

Love Breaks 2023, 10 Listed Company Bosses Divorce, Total Breakup Fee 28.8 Billion

The sudden surge in divorce cases has attracted widespread attention from the market, especially the phenomenon of "stock prices rising sharply in the early stages and bosses immediately getting divorced", which has attracted widespread questioning from investors. The latest case of a "high ranking divorce" is the divorce of Shu Hongrui, a 72 year old actual controller of Shanghai Shanggong. Prior to the announcement of divorce, the stock price of Shanghai Shanghai Industrial and Commercial Corporation had reached three limit hikes in the past six trading days, and has risen by over 40% since September 21st. In this year's divorce cases, the top 7 are all AI related.

 

Information link:

https://www.163.com/dy/article/IIAUHNIQ0530HI7R.html

 

The latest report from the central bank: The internationalization of the RMB is steadily progressing, presenting a series of new developments and changes

Last week, the central bank released the "2023 RMB Internationalization Report", which introduced the international use, policies, and related reform progress of the RMB since 2022, and provided an outlook on the trend. The ability of cross-border RMB business to serve the real economy has been enhanced. In 2022, the total cross-border payment and receipt amount of RMB for bank clients was 42.1 trillion yuan, a year-on-year increase of 15.1%. From January to September 2023, the cross-border payment amount of RMB was 38.9 trillion yuan, a year-on-year increase of 24%. Among them, the proportion of RMB cross-border receipts and payments in goods trade to the total domestic and foreign currency cross-border receipts and payments during the same period was 24.4%, a year-on-year increase of 7 percentage points, which is the highest level in recent years.

 

Information link:

https://news.cctv.com/2023/10/28/ARTIHdv96VKopcCF2iTujVzG231028.shtml

 

Xinhua Trust Initiates Bankruptcy Liquidation

On October 25th, the reporter learned from the Alibaba Asset Trading Platform that a group of bankruptcy targets of Xinhua Trust have recently been listed on the Alibaba Asset Platform, including Xinhua Trust's buildings, equity, vehicles, and other assets totaling nearly 1.2 billion, all of which will start filming at 10:00 am on November 1st. As early as the end of August this year, Xinhua Trust's 35.31% stake in Xinhua Fund, worth 271 million yuan, had been successfully auctioned and sold.

 

Information link:

https://www.thepaper.cn/newsDetail_forward_23250509#

 

KPMG Releases 2023 Hong Kong Private Wealth Management Report

Recently, KPMG China United Private Wealth Management Association (PWMA) released its eighth annual report on private wealth management in Hong Kong. The report reveals that the private wealth management industry in Hong Kong continues to face the impact of the macroeconomic and geopolitical environment: interest rates may maintain an upward trend in the medium term, which will have an impact on investment returns. Geopolitical uncertainty may pose long-term challenges to the industry.

 

Information link:

https://assets.kpmg.com/content/dam/kpmg/cn/pdf/zh/2023/10/hong-kong-private-wealth-management-report-2023.pdfv

British Prime Minister Sunac to increase spending on artificial intelligence chips to £ 400 million

On October 30th, according to a report by the British Telegraph cited by Jin Shi, British Prime Minister Sunac will increase spending on artificial intelligence chips to £ 400 million.

 

Information link:

https://www.163.com/dy/article/II9QFFRI05198086.html

 

Biden Releases US Government's First Artificial Intelligence Executive Order

On October 30th, US President Biden issued an executive order on artificial intelligence. This executive order is based on voluntary commitments obtained from leading artificial intelligence companies before the White House, and represents the first major binding action taken by the US government in this field of technology.

 

Information link:

http://www.xinhuanet.com/world/2023-10/31/c_1129950426.htm

 

France and Germany claim to strengthen cooperation in artificial intelligence

On October 31st, the French Ministry of Economy, Finance, Industry, and Digital Sovereignty released a press release on the 30th stating that France, Germany, and Italy have decided to strengthen cooperation in the field of artificial intelligence. France, Germany, and Italy unanimously believe that it is necessary to reduce administrative fees, simplify project procedures, and ensure that European startups can fully participate in digital and ecological transformation projects.

 

Information link:

https://news.cctv.com/2023/10/31/ARTIPzhZZGrpFnoCpO1cK4zp231031.shtml

 

The new CEO of PayPal promises to bring improvements

The new CEO of PayPal, Alex Chris, clarified his priorities in a call with analysts on Wednesday, with the aim of developing the digital payment company into a more profitable growth enterprise, only a few weeks after he took over the senior position. This new leader, who took over from his long-term predecessor, Dan Schulman, in September, explained that he will streamline business and strengthen cost control to move the company towards more profitable growth.

 

Information link:

https://www.cnbc.com/2023/08/14/intuits-alex-chriss-named-new-paypal-ceo.html#: ~: text=Intuit% E2% 80% 99s% 20Alex% 20Chris% 20named% 20PayPal% E2% 80% 99s% 20new% 20CEO% 20PayPal, PayPal% E2% 80% 99s% 20long time% 20CEO% 20Dan% 20Schulman% 20beginning% 20Sept.% two thousand and twenty-seven

 

 

 

 

 

 

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