FinTech Weekly | Issue 58

Hamilton announces the end of IPO

Hamilton announced the completion of its IPO, issuing a total of 15 million shares of Class B common stock, including 6.25 million shares of Class B common stock sold by the company and 8.75 million shares of Class B common stock sold by some existing shareholders of the company, at an issue price of $15 per share. The common stock began trading on the New York Stock Exchange on November 10, 2023, with the stock code "HG".

 

Information link:

https://www.msn.com/en-us/money/companies/ipo-update-hamilton-insurance-group-readies-255-million-us-ipo/ar-AA1jexcb

Comment: After deducting underwriting discounts and commissions, as well as estimated issuance fees payable by the company, the net proceeds from the issuance are approximately $80.6 million. The company plans to use the net proceeds from this issuance to inject capital into its insurance and reinsurance operating subsidiaries for use by its three operating platforms. This will make the public

 

IBM announces that the AI model management platform will be fully launched in early December

On November 15th, IBM announced that watsonx. governance will be fully launched in early December. It is reported that watsonx.governance provides a toolkit for businesses and organizations to manage risks, improve transparency, and predict compliance for future AI regulation.

 

Information link:

https://www.ibm.com/products/watsonx-governance

Comment: This platform includes the next-generation enterprise development platform watsonx.ai for AI builders, as well as the open, hybrid, and regulated data storage watsonx.data.

 

Web3 e-commerce reward system Gomdori receives $20 million in financing

According to NewsBTC, the Web3 e-commerce reward system Gomdori has completed a total financing of approximately $20 million through four rounds of transactions.

 

Information link:

https://blockonomi.com/gomi-malls-gomdori-secures-20-million-in-funding-to-revolutionize-e-commerce-through-web3-reward-systems/

Comment: Gomdori mainly collaborates with e-commerce platforms, providing token rewards for platform shopping users and sales merchants based on the concepts of "buy earn" and "sell earn", thereby establishing a mutually beneficial symbiotic partnership.

 

Singapore fintech company LENDELA receives $5 million in financing

According to Technode Global, Lendela, a digital loan matching platform headquartered in Singapore, announced on Thursday that it has successfully completed a Series A financing of $5 million. Lendella stated in a statement that this round of oversubscription is led by Singapore's Chocolate Ventures, and Lendella's seed investor Cocoon Capital is also involved.

 

Information link:

https://technode.global/2023/11/23/singapore-fintech-firm-lendela-secures-5m-in-oversubscribed-series-a-round/

Comment: Lendela is a Singaporean lending platform that simplifies the loan application process by opening up a one to many loan application model, allowing borrowers to apply for private loans from multiple credit institutions at once, making it more convenient.

Shift Technology launches decision solutions based on generative artificial intelligence

Shift Technology, a decision optimization solution service provider based on artificial intelligence, announced that it will add generative artificial intelligence technology to its entire product line. These new technologies will incorporate targeted and highly accurate insight analysis into the risk monitoring and investigation phase, greatly improving the speed and accuracy of underwriting and claims decision-making.

 

Information link:

https://www.shift-technology.com/

Comment: Shift represents generative artificial intelligence analysis of suspicious fraud patterns in big datasets, generating new content including text, images, and other types of media content. They use data and text from the insurance industry, as well as unique information from insurance companies, to train large language models.

 

CLARA Analytics launches the industry's first intelligent loss claims platform

CLARA Analytics, a claims optimization technology company, has launched the CLARAty.ai platform to promote the insurance claims process and assist claims personnel in their daily work. This new platform adopts a comprehensive claims approach, providing users with intelligent insights, obtaining the necessary information, and solving claims cases with higher operational efficiency and lower costs.

 

Information link:

https://claraanalytics.com/

Comment: The CLARA platform is not only suitable for individual claims for personal insurance, but also supports work injury compensation, vehicle insurance, and general liability insurance claims activities, and will add more services in the future.

 

John Hancock adds the new Apple Watch to the Vitality program

John Hancock is providing the latest Apple Watch models to eligible life insurance clients in the Vitality program. Starting from this autumn, Vitality PLUS members can earn Apple Watch Series 9, Apple Watch SE, or pay extra to purchase Apple Watch Ultra 2 through regular exercise. This plan motivates a healthier lifestyle by providing rewards for daily health activities.

 

Information link:

https://www.johnhancock.com/life-insurance/vitality/apple-watch.html

Comment: A recent study showed that Apple Watch users who participated in the program were significantly more engaged, earning 8 times more points than users who did not use the device.

 

American insurance software solution service provider Guidewire announces partnership with CNA

American insurance software solution service provider Guidewire announced that CNA has joined its cloud platform's claims and policy centers to accelerate claims processing, policy management, and underwriting operations. This move is expected to simplify CNA's IT operations, accelerate its adaptability to changes in market demand, and promote frequent interaction with agents and consumers. So as to promote the continuous development of CAN's business.

 

Information link:

https://www.guidewire.com/about-us/news-and-events/press-releases/20231106/cna-selects-guidewire-cloud-to-enhance-claims-and-underwriting-operations/

Comment: CAN has been cooperating with Guidewire for over 20 years and has recently decided to migrate its commercial insurance business to the Guidewire cloud platform. In the future, it will gradually add lawyer's liability insurance and professional insurance.

Scottish Challenger Bank Alba Bank has chosen nCino's cloud banking platform to support its loan business for small and medium-sized enterprises (SMEs) in the UK

Alba integrates the nCino platform into its core banking engine provided by Mambu, with the aim of utilizing the platform to comprehensively manage its loan activities. This includes submitting and monitoring loan applications, as well as digital delivery of final loan decisions. The platform is expected to bring a new level of automation to bank credit review personnel and ultimately accelerate the speed of fund distribution.

 

Information link:

https://www.ncino.com/news/alba-bank-adopts-ncino-cloud-banking-platform-for-sme-lending

 

Blue Ridge Bank is preparing to reduce its number of Bank As a Service (BaaS) partners to a "limited number"

Founded in 1893, Blue Ridge Bank, headquartered in Virginia, is a community bank that provides banking, loan, and savings product services to consumers and businesses in the Mid Atlantic states of the United States. In an investor demonstration earlier this month, the bank revealed its plan to "reduce the risk of its secondary partners to a limited number of core BaaS partners" and promote "strong commercial attention to strong consumer attractiveness at contract expiration.".

 

Information link:

https://www.mybrb.bank

 

Mexican fintech startup Trafalgar has partnered with Thought Machine to leverage its core banking technology

Thought Machine claims that by using its core banking platform Vault Core, Trafalgar will become Mexico's first fintech company to deploy cloud native core banking technology. This marks the first entry of Thought Machine into the Mexican market. Trafalgar, founded in 2021 and headquartered in Mexico City, will focus on serving the small and medium-sized enterprise sector in the country. This

 

Information link:

https://www.thoughtmachine.net/press-releases/trafalgar

 

South Korean financial authorities are testing the availability of CBDC, including digital vouchers and RWA payments

On November 23rd, the Bank of Korea, the Financial Services Commission, and the Financial Supervisory Authority announced that they have developed a detailed plan to test the availability of Central Bank Digital Currency (CBDC). This plan will experiment with various measures, such as using the smart contract function of blockchain to issue digital certificates, settling real-world asset (RWA) tokens with CBDC, and issuing token securities within the CBDC blockchain.

 

Information link:

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

JPMorgan Chase is set to achieve its net zero emissions target by 2050

JPMorgan Chase announced an update to its medium-term financing emission reduction targets for three carbon intensive industries, including oil and gas, electricity, and automotive manufacturing, elevating the ambition of each industry to a level consistent with the path required to achieve net zero emissions by 2050.

 

Information link:

https://www.jpmorganchase.com/

 

Scania and SSAB sign an agreement to use 100% fossil fuel free steel by 2030

Swedish truck and bus manufacturer Scania and Swedish global steel company SSAB have announced a new agreement involving fossil free steel, which includes delivering all steel from SSAB to Scania's heavy-duty vehicles to achieve decarbonization targets by 2030. SSAB is the main steel supplier for Scania vehicles.

 

Information link:

https://www.scania.com/group/en/home/newsroom/press-releases/press-release-detail-page.html/4679777-scania-and-ssab-agree-on-far-reaching-steel-decarbonisation

 

Apple and Nike Initiative Adopt Supply Chain Clean Energy

The Alliance of Major American Companies has announced the establishment of a Clean Energy Procurement College, a new initiative aimed at addressing supply chain emissions issues by providing companies with the skills and knowledge needed to explore and adopt clean energy. This project was initiated by Apple and Nike through the non-profit Clean Energy Buyers Association (CEBI), with Amazon, Meta, Pepsi, and REI Co op as founding organizations.

 

Information link:

Www.tanjiaoyi. com/article 57449-1. HTML

 

Unilever's first investment in sustainable perfume: seven virtues

Unilever Ventures and True Beauty Ventures, a venture capital division under the Unilever Group, are American investment firms focused on expanding the scale of beauty and health brands. They have just completed the first round of institutional financing for The 7 Virtues. This is the first time that investors choose to invest in the perfume category, reflecting their confidence in the seven virtues and the growing beauty and health industry.

 

Information link:

https://www.prnewswire.com/news-releases/unilever-ventures-and-true-beauty-ventures-make-inaugural-investment-in-fragrance-with-the-7-virtues-the-clean-fragrance-pioneer-301974346.html

Japan announces plans to increase birth rates by changing health insurance premiums

The Japanese government has announced a proposal to implement a new system aimed at addressing the declining birth rate in the country. This plan involves medical insurance surcharges, which will vary depending on the individual's financial ability. This initiative is part of the government's broader strategy to address population challenges and is under review by children and family institutions. The institution's goal is to finalize the framework of the system by the end of this year.

 

Information link:

http://ijs.cssn.cn/xsyj/xslw/rbsh/202210/t20221009_5545889.shtml

 

The International Organization of Securities Commissions issues recommendations on cryptocurrency regulation

Golden Finance reported that the International Securities Commission released cryptocurrency regulatory recommendations on Friday. The International Organization of Securities Commissions (IOSCO), the global standard setter for securities market regulation, has been consulting on the rules of the cryptocurrency industry since May, covering issues such as market abuse, conflicts of interest, customer asset protection, information disclosure, and risks related to cryptocurrencies. These suggestions aim to help develop global regulatory responses to the risks posed by cryptocurrency asset service providers.

 

Information link:

https://finance.sina.com.cn/blockchain/roll/2023...

 

Argentine presidential candidate proposes using blockchain for national financial supervision

On November 18th, Argentine presidential candidate Sergio Massa proposed using blockchain for national financial supervision, proposing the implementation of a blockchain based system to monitor the execution of national accounts and budgets. Massa stated that the system will benefit citizens and the country by providing this data to the public, increasing transparency in expenditure and income.

 

Information link:

https://www.coincarp.com/zh/flash/88dybbsk/

 

PantherTrade, a subsidiary of Futu, has submitted an application for a virtual asset trading platform license to the Hong Kong Securities and Futures Commission

According to a report by Golden Finance, the list of applicants for the Hong Kong Securities Regulatory Commission's virtual asset trading platform shows that a total of 6 companies are currently applying for virtual asset trading platform licenses. Panthertrade (Hong Kong) Limited, a wholly-owned subsidiary of Futu Holdings, submitted its license application on the 15th, and its virtual asset trading platform is called PantherTrade.

 

Information link:

https://www.panthertrade.com/en/v

New applications for the Quebec Investment Immigration Program in Canada will be accepted starting from January 2024

Quebec Immigration Minister Christine Fr é chette decided in late March to extend the closure period for new applications under the program from April 1 this year to January 1, 2024. The plan has been closed for new applicants for many years. The Immigration Department pointed out that the de la Francisco et de l'Int é migration (MIFI) decision released earlier this year stated that "due to Quebec's intention to propose modifications to the plan to enhance the Canadian social, economic integration, and personal stability of Quebec's selected investors, there is reason to suspend applications for the plan.".

 

Information link:

https://www.lifeca.com/quebecs-latest-immigration-policy/

 

Performativ, a Copenhagen company, has successfully raised 5.5 million euros to reform the wealth management sector in Europe

Performativ, a leading Danish wealth management technology company, has received a seed round investment of 5.5 million euros led by FinTech Collective. This investment will accelerate Performativ's mission to reform the outdated and underserved wealth management industry throughout Europe. Performativ offers unique solutions for wealth management departments in Europe. Its cutting-edge technology provides financial institutions with an intuitive framework that combines best services with local mobile applications for end customers. The simplicity and user friendliness of this platform have significantly reduced onboarding time by 200%. Compared to the industry average, once onboarding, operating costs can be reduced by up to 70%.

 

Information link:

https://fintech.global/2023/11/09/copenhagen-based-fintech-performativ-lands-e5-5m-in-new-investment/

 

Jack Ma Family Trust plans to reduce its stake in Alibaba

On November 16th, according to 144 documents disclosed on the official website of the Securities and Exchange Commission (SEC), Jack Ma's two family trusts, JC Properties Ltd (a British Virgin Islands company) and JSP Investment Ltd (a British Virgin Islands company), each plan to reduce their holdings of 5 million shares of Alibaba founder shares on November 21st. The total is 10 million shares, with a market value of 870.7 million US dollars based on the latest stock price calculation.

 

Information link:

https://www.thepaper.cn/newsDetail_forward_25336641

 

Wall Street bear Chanos closes his hedge fund and turns it into a family office

As the US stock market rebounded, Wall Street's most well-known bear surrendered nearly 40 years after founding his hedge fund. According to media reports, renowned short seller Jim Chanos will transform his hedge fund Chanos&Co. into a family office and consulting firm. Chanos's hedge funds short companies they believe are overvalued or fraudulent.

 

Information link:

https://www.163.com/dy/article/IK15N0JT0530HI7R.html

Nvidia Releases Strongest AI Chip H200

Recently, Nvidia launched the latest AI chip H200 at the 2023 Global Supercomputing Conference (SC23) for training AI large models. Compared to the previous generation product H100, H200's performance has improved by about 60% to 90%.

 

Information link:

https://www.yicai.com/news/101910946.html

 

Meta launches AI based video editing tools

On November 16th, Meta launched two new AI based video editing features that can be used to post videos on Instagram or Facebook. The first feature is called "Emu Video", which can generate videos based on pure text, pure images, or a combination of text and image inputs. Another one is called "Emu Edit", which allows users to edit freely through text commands.

 

Information link:

https://cloud.tencent.com/developer/news/1247441

 

The world's largest fintech event has come to a perfect conclusion

Known as the "world's largest financial and technology festival," the Singapore Fintech Festival (SFF) just concluded on November 17th last week. The theme of this year's SFF is "The Application of Artificial Intelligence in Financial Services", with a focus on the development and application of artificial intelligence, as well as the potential impact of this technology in financial services.

 

Information link:

https://www.fintechfestival.sg/

 

Seminar on Financial Support for China Africa "the Belt and Road" Cooperation Held in Ethiopian Capital

On November 15 local time, the African Union Commission, the United Nations Economic Commission for Africa, as well as representatives of several major Chinese and African financial institutions and think tanks gathered in Addis Ababa, the capital of Ethiopia, to participate in the "Seminar on Financial Support for China Africa 'the Belt and Road' Cooperation" held by the Chinese Mission to the African Union, review China Africa cooperation under the "the Belt and Road" initiative, and explore more positive, effective Sustainable financing measures are being implemented in Africa.

 

Information link:

https://www.thepaper.cn/newsDetail_forward_25329363

 

 

 

 

 

 

 

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.