FinTech Weekly | Issue 56

Upfort, an online insurance technology platform, received $8 million in financing

Upfort, an online insurance technology company, has reached an A-round financing of $8 million, led by SYN Ventures, with participants including Eniac Ventures. Upfort's mission is to simplify the insurance sales process for insurance brokerage and insurance companies, and to help customers resist cyber threats.

 

Information link:

https://www.businesswire.com/news/home/20231026788741/en/Cyber-Security-and-Insurance-Platform-Upfort-Raises-8-Million-in-Series-A-Funding

Comment: Upfort was established in 2017 and provides network security services to insurance companies through its own data and automation tools.

 

Sprout.ai financing £ 5.4 million

Artificial intelligence insurance claims automation company Sprout.ai recently received £ 5.4 million, led by Amadeus Capital Partners and others. Sprout.ai has developed an automated claims process solution to help insurance companies and third-party management companies improve operational efficiency. By automating key links, the cost of claims processing has been reduced by 50%, and the claim processing time has been reduced from a few weeks to a few minutes.

 

Information link:

https://sprout.ai/news/sprout-ai-raises-5-4m-from-global-investors-to-transform-claims-processing/

Comment: Sprout.ai combines generative artificial intelligence and large language models for claims assessment and artificial intelligence model training.

 

Layr financing of $10 million

Insurance technology provider Layr has completed a $10 million financing led by Cota Capital, co invested by The K Fund, HSCM Ventures, Sandbox Industries, and Flyover Capital. Layr was founded in 2016 and provides a range of solutions to modernize the complex manual workflow of small business insurance.

 

Information link:

https://www.globenewswire.com/news-release/2023/11/01/2770846/0/en/Layr-Secures-10-Million-Investment-to-Bridge-the-Small-Business-Insurance-Tech-Gap-for-Brokers.html

Comment: With Layr, brokers can provide policyholders with an online center that includes account management, insurance file access, comprehensive view of policies, online quotes and claims, and electronic payments.

 

Next Insurance raised $265 million

Next Insurance announced the establishment of a strategic partnership with Allstate Insurance Company, combining their expertise in small business insurance to develop innovative one-stop small business insurance products for the market, and committed to deepening the reinsurance partnership with Allianz. These partners brought $265 million in strategic investments from Allstate and Allianz X to Next Insurance.

 

Information link:

https://www.cnbc.com/2023/11/01/allstate-allianz-invest-265-million-in-next-insurance.html

Comment: Next's total financing amount reached $1.1 billion. According to the partnership, Next will jointly develop commercial vehicle insurance products in Allstate.

AXA XL expands customer access to the ecosystem

AXA XL has extended access to its ecosystem to customers of its property and casualty insurance and professional insurance product lines. The AXA XL ecosystem is a business solution that leverages partnerships and services to help customers drive risk management and support sustainable business growth.

 

Information link:

https://axaxl.com/

Comment: By utilizing these solutions, enterprises can enhance their security protocols, protect personnel and property, minimize responsibility, and improve overall performance.

 

Sumitomo Mitsui prepares artificial intelligence home protection services

According to insiders, Sumitomo Mitsui will launch a groundbreaking security service next month that combines cameras and artificial intelligence to detect potential home intruders. According to reports, this development coincides with the company's goal of expanding its business beyond the main property insurance field and entering the field of smart home services.

 

Information link:

https://www.smbc-card.com/mem/index.js

Comment: In response to the expected decline in the Japanese insurance market due to population decline, the company is seeking to diversify its sources of income. Sources say they expect a surge in demand for home safety services.

 

At Bay Launches a New Network Insurance Solution

At Bay has announced the launch of a managed detection and response product aimed at helping small and medium-sized enterprises enhance their network security and threat resistance capabilities. This product combines the latest network security technology and manual analysis methods to timely detect and take action before upgrading network risks.

 

Information link:

https://www.at-bay.com/

Comment: The solution will be launched as a standalone product in January 2024.

 

SaaS platform DGTAL launches insurance data acquisition and process automation tool diagram

The SaaS platform DGTAL provides artificial intelligence based audit tools for the insurance industry and has launched a new intelligent document processing tool GRABBER. This tool can understand, extract, and validate data from sources such as invoices, bank statements, quotations, etc., reducing repetitive and error prone tasks, improving automation levels, and reducing the possibility of fraud.

 

Information link:

https://www.digitalguardian.com/products/saas

Comment: GRABBER provides over 95% accuracy in data extraction and direct processing, and reduces processing time by 80%, demonstrating the enormous potential of artificial intelligence in generating insights into unstructured data of insurance companies.

Truist CFO: Structural restructuring is key to achieving a $750 million cost reduction plan

Truist CFO Mike Maguire suggests that a comprehensive reform of the company's organizational structure will be key to achieving $750 million in cost savings. He said at the Boston Association of Banking Analysts meeting last Friday, "Avoiding any form of isolation or inefficient decision-making... will create productivity and also help guide many of the decisions we make around organizational design.

 

Information link:

https://ir.truist.com/2022-09-07-Truist-names-Mike-Maguire-as-chief-financial-officer

 

HSBC plans to launch non encrypted digital asset custody services in 2024

HSBC plans to launch a custody service next year to store blockchain based tokens representing traditional financial assets, but not including cryptocurrencies or stable currencies, the bank said on Wednesday. HSBC will use the technology of Swiss digital asset company Metaco, which agreed to be acquired by Ripple in May, to store bonds and other securities, in a move aimed at supplementing the bank's Orion platform, which will issue digital assets. In addition, the bank also launched a service to tokenize gold last week.

 

Information link:

https://cn.cryptonews.com/news/hsbc-announces-plans-to-launch-digital-asset-custody-service-in-partnership-with-metaco.htm

 

New York now requires banks to report on ransom payments

A new regulation recently implemented in New York State requires banks to report any ransom payments. In addition, the regulation also includes expanding the use of validated protective measures, such as multi factor authentication, to enhance security. This information was provided by Adriana Harris, the director of the New York State Financial Services Department.

 

Information link:

https://new.qq.com/rain/a/20211007A01JGU00

 

Lloyd's Bank Launches Hyderabad Operations

Lloyds Bank Group has recently taken an important step in its digital transformation journey by opening a technology center in Hyderabad, India. This facility is a key part of the bank's £ 3 billion, three-year digital transformation plan.

 

Information link:

http://www.baivc.com/3-116050/xccDpn4Monsg.html

Virgin Airlines will fully utilize sustainable aviation fuel for transatlantic flights

According to Reuters on November 6th, Virgin Air has obtained permission from the British Civil Aviation Authority to use 100% Sustainable Aviation Fuel (SAF) for transatlantic flights from London to New York on November 28th. SAF is made from waste materials such as used edible oil, which can reduce emissions by up to 70% compared to fossil fuels.

 

Information link:

https://www.cannews.com.cn/2023/1107/371306.shtml

 

Bene Meat Technologies laboratory has obtained EU approval for pet food cultivation

According to Reuters on November 8th, BTL Group subsidiary and Czech start-up Bene Meat Technologies have obtained EU registration for laboratory grown meat products used in the pet food market. The company is a highly regarded participant in the rapidly developing meat industry, and its innovation is stimulated by ethical and environmental issues.

 

Information link:

http://www.ayoueryi.com/news/show-87928.html

 

Singapore's KinRoss Company will carry out soil remediation projects in Mongolia to earn carbon credits

According to a report by the Straits Times on November 4th, KinRoss, an environmental solution provider headquartered in Singapore, will collaborate with its Mongolian partner Clean BotanEco to carry out a project to restore degraded land in Mongolia. The two companies have signed a memorandum of understanding on this project. Specifically, Kinross will utilize its liquid microbial culture to compost feces and plant waste in black soil.

 

Information link:

https://www.businesswire.com/news/home/20230607005401/zh-CN/

 

The US Forest Service is considering allowing carbon capture and storage projects on national forest land

According to Reuters on November 4th, the US Department of Agriculture's Forest Service has proposed a new regulation that allows the agency to include proposals for carbon capture and storage (CCS) projects in national forests and grasslands in its planning. If the proposed rules are ultimately approved, they will allow the Forestry Bureau to accept and consider applications for permanent carbon sequestration projects in national forests and grasslands

 

Information link:

https://esgnews.com/zh-CN/

Amazon and Meta promise fair competition after investigation by UK regulatory authorities

According to the Guardian on November 3rd, the UK Competition and Market Authority (CMA) has obtained a commitment from Amazon [AMZN: US] and Meta [META: US] to ensure that their retail platforms adhere to the principle of fair competition. Amazon has now agreed to provide equal opportunities for independent sellers to receive recommendations for their products in the 'Buy Box'.

 

Information link:

https://www.ithome.com/0/730/183.htm

 

Singapore's Xinfa Industry has invested $7.76 billion to promote renewable energy development and reduce carbon emissions

According to Reuters on November 6th, Singapore's Singaporean Industrial Corporation (SCI: SP) has released its 2023-2028 strategic plan, emphasizing the strong promotion of renewable energy and decarbonization. Xinfa Industry announced plans to invest approximately SGD 10.5 billion (approximately USD 7.76 billion), accounting for 75% of its total investment from 2024 to 2028, to support the growth of renewable energy.

 

Information link:

https://zhuanlan.zhihu.com/p/439091831

 

European regulatory agencies have released joint standards on the independence of regulatory agencies

The European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA), and the European Securities and Markets Authority (ESMA) have jointly issued joint standards on the independence of regulatory agencies, aiming to ensure that regulatory agencies operate without undue influence and have appropriate resources for fair, effective, and transparent decision-making.

 

Information link:

https://caifuhao.eastmoney.com/news/20210713182238731625670

 

The Reserve Bank of India has issued a regulatory amendment on "Understanding Your Customers"

The Reserve Bank of India (RBI) has issued regulatory amendments regarding 'Know Your Customer' (KYC). Regarding KYC's regulations, regulated entities are required to conduct customer due diligence on their clients in accordance with the prescribed procedures. This amendment reflects recent changes in Indian legislation and the recommendations of the Financial Action Task Force on Money Laundering.

 

Information link:

https://kpmg.com/cn/zh/home/insights/2021/12/global-fs-regulation-monthly-update-05.html

Multiple securities firms are working hard to provide comprehensive financial services for high net worth clients through home run businesses

On the evening of November 8th, CICC Wealth announced that the family trust service scale of its CICC Global Family Office had exceeded 20 billion yuan. According to the introduction, the main service scope of CICC Global Home Office includes four major sectors: investment banking, investment management, consulting, and family affairs. Among them, family trust and family service trust are two business types of wealth management service trust, which have functions such as risk isolation, wealth protection, and planning and distribution. In addition to CICC, several domestic securities firms have also established business departments related to family wealth management in recent years. At present, securities firms such as CITIC Securities, Industrial Securities, China Galaxy Securities, Haitong Securities, and CITIC Construction Investment have established home run business related departments. The specific names are slightly different, but the common feature of their businesses is to provide comprehensive management services for corporate and family assets for high net worth clients.

 

Information link:

http://www.zqrb.cn/jrjg/quanshang/2023-11-09/A1699527346104.html

 

The Action Plan for Capital Market Investment Reform is being formulated as soon as possible

According to reports, the China Securities Regulatory Commission is brewing an unprecedented reform, including the formulation of the "Action Plan for Capital Market Investment Reform", which is expected to be a historic process. This measure means that the Chinese capital market will gradually move from the previous "heavy financing, light investment" towards a balance between investment and financing, bringing huge disruption and innovation to the market.

 

Information link:

Www.yicai. com/brief/101852471. html

 

Huanya Technology is seeking an IPO on the ChiNext, with a total dividend of 7.1 from the Hu Xingguo family. Guangzhou Huanya Cosmetics Technology Co., Ltd. (hereinafter referred to as "Huanya Technology"), which holds brands such as Ziyuan, Meifu Bao, and Franca, is seeking an IPO on the ChiNext. Huanya Technology is a typical "couple store", with the actual controller having absolute control. According to the prospectus, Hu Xingguo and Wu Zhizhi's husband and wife indirectly hold 98.36% of the company's shares through direct ownership of Ample Gain and Neolink's shares, and their son Hu Genhua jointly controls 98.36% of the company's voting rights, making them the actual controllers of the company.

 

Information link:

http://www.changjiangtimes.com/2023/11/634823.html

 

Confidence has increased, and multiple foreign-funded financial institutions have raised their forecast for China's economic growth rate in 2023

After the release of economic data for the first three quarters of China, several foreign financial institutions have recently stated that positive factors in China's economic operation are constantly accumulating, and the overall economic recovery trend is becoming more apparent. UBS Group has raised its forecast for China's Gross Domestic Product (GDP) growth rate in 2023 from 4.8% to 5.2%; Deutsche Bank increased from 5.1% to 5.2%; Nomura Holdings increased from 4.8% to 5.1%; JPMorgan Chase increased from 5% to 5.2%.

 

Information link:

https://www.gov.cn/yaowen/liebiao/202311/content_6913472.htm

The First Financial Technology Unicorn Born in the Middle East

Recently, the Riyadh based buy after pay (BNPL) startup Tabby announced that it raised $200 million in the D-round financing, with a valuation of $1.5 billion. This made the company the first financial technology unicorn company born in the Middle East. The rapid growth of Tabby highlights the enormous growth potential of financial technology in the Middle East region, as global venture capital continues to decline.

 

Information link:

https://new.qq.com/rain/a/20231111A04P1U00

 

AI giants agree to undergo security testing

According to the Financial Times website on November 2nd, major artificial intelligence companies have agreed to allow governments in countries such as the UK, the US, and Singapore to test their latest models before releasing them to businesses and consumers to assess national security and other risks.

 

Information link:

https://www.163.com/dy/article/IIQ25MEK0514BQ68.html

 

The "BRICS" mechanism may end the dominance of the US dollar

Former Special Advisor to the White House Council of Economic Advisers, Joe Sullivan, wrote in this week's issue of the US Foreign Policy magazine that the BRICS countries are facing increasing challenges to the US dollar. The BRICS countries are expanding their membership and promoting increased use of their own currencies for trade among member countries.

 

Information link:

https://www.thepaper.cn/newsDetail_forward_24193863

 

OpenAI Upgrade GPT Big Model Software Developers Welcome "iPhone Moment"

OpenAI held its first developer conference in San Francisco on November 7th Beijing time, announcing the update of the GPT big model to the GPT-4 Turbo version, emphasizing the three main features of "volume increase, speed increase, and price reduction". The text interpretation length of the new model has been upgraded from 32k to 128k, the processing speed has doubled, and the input and output unit prices have been reduced to 1 cent and 3 cents. The company has launched a "GPT Store" to attract software developers and strengthen attention to copyright and ecological development.

 

Information link:

https://www.21jingji.com/article/20231108/1fb...

 

 

 

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